To compound or not to compound, that is the question. I've been going over in my head what I can do to attract more customers to my pharmacy. I keep thinking that I need some kind of hook. I've tried the whole excellent customer service and family pharmacy angle but the neighborhood I'm in doesn't believe it's worth the extra $5-10 dollars on their copays for using a "non-preferred" pharmacy. And I don't blame them, a penny here a penny there starts to add up, especially when you take about 6 medications a month.
So I've been contemplating getting into non-sterile compounding. It seems like a sound idea. For those that may not know what a compound medication is, it is basically a medication that is specially formulated for the individual which pharmacists create at the store. It was best described to me by one of my customers, "gourmet pharmacy." The other thing I thought of getting into was durable medical equipment (DME) like canes, walkers, wheelchairs, etc. The problem I see with this is that dealing with medicaid is like dealing with an older idiot brother who still thinks he's in high school and takes advantage of you ALL the time. With the amount of audits and hoops to jump through just to give someone a box of test strips or give a cane, it's just not worth my time and patience. So I figure I can start compounding. With no real set prices on custom drugs, the profit potential seems limitless. And with the majority of insurances not covering them means better margins and less audits.
Hopefully, I'll get some of these people in the door with this because daddy's gotta eat!