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Chain Drugstore Daily 2 7 Monday, August 21, 2017 SUCCEEDING IN THE SHIFT TO PERFORMANCE-BASED REIMBURSEMENT By Lari Harding, Vice President, Product Marketing, Inmar Performance-based reimbursement is, for better or worse, a fact of life for pharma- cies. But, for all the promise of improved patient care, the shift away from fee-for- service has put many pharmacies in need of intensive (financial) care themselves. To help providers maintain their financial well-being, Inmar has brought to market two robust solutions for ensuring the healthiest-possible margins: Pharmacy Performance Analytics and Carrier P&L. Complexity is intensifying the challenge. The plurality of contracting models rep- resents another challenge to profitabili- ty – making it imperative that pharma- cies be able to accurately model multi- ple contract-specific financial scenar- ios. With the average retail pharmacy at risk of losing $50,000 to $100,000 in reimbursements due to quality-achieve- ment issues, it has never been more important for pharmacies to be able to benchmark reimbursement rates and forecast potential profitability. This functionality is at the heart of Inmar's analytics solution. Further complicating matters for pharmacies is the fact that carrier ratings and rankings are not always timely nor transparent. Given the impact these per- formance metrics have on the bottom line and the lack of standardization in report- ing (and carrier fees), those pharmacies that do not have a clear understanding of where they stand across performance measures are at a significant competitive disadvantage. Insight is a must for success. Inmar's Carrier P&L pairs data from proprietary, best-in-class recon- ciliation and analytics applica- tions to deliver the required insight and provide a complete picture of all carriers – includ- ing how each assesses DIR fees as well as profitability metrics. With the solution's ability to compare and contrast carriers, users can return to the carriers with detailed infor- mation that will inform and enable more favorable, profit-protective contract negotiations. In today's competitive and complex marketplace, pharmacies must find ways to minimize the resources committed to matching claim-level data back to carrier sales. Not only does this distract from pursuing internal KPIs, but leaves open the possibility for any number of costly financial missteps. Clients employing Carrier P&L can rely on Inmar to handle this critical, data-dense activity – freeing up personnel to focus on direct bottom line-building activities. Solutions are within reach. With Inmar's patented solutions for supe- rior forecasting and pharmacy financial management, this onerous task can be fully automated with client review limited to only those claims where reimbursement rates are not compliant with the associated con- tracts. Leveraging this contract prof- itability and performance manage- ment, clients can quickly view carri- er and contract profitability and bench- mark carriers and drugs on key metrics. Built-in comprehensive modeling tools measure the financial impact of contract and industry changes. Without the proper management tools and genuine visibility into overall business activity, pharmacies cannot make informed decisions how to suc- ceed and protect margins in a perform- ance-based marketplace. Inmar's Pharmacy Performance Analytics and Carrier P&L solutions deliver data-driv- en insights, measure quality at the con- tract level, provide forecasts for DIR fees and model financial scenarios so that pharmacies can be assured of suc- cess – regardless of the operational environment. For more information, visit booth #3031. AMNEAL THRIVES ON CUSTOMER FEEDBACK When it comes to customer responsive- ness, most companies talk the talk, but how many prove they can actually walk the walk? Amneal Pharmaceuticals is one. Just recently passing its 10th anniversary, this generic pharmaceutical powerhouse is proud of the track record it's built. Not only does Amneal listen intently to customers and patients, it acts on that feedback with speed and zeal. In fact, it won't rest until an issue is resolved. Not convinced? Check out these three examples. Breaking Out of the Pack Amneal recently launched the first generic for a popular menopause reme- dy. Each applicator comes in individual blisters on a perforated card. Some patients would inadvertently rip the foil on adjacent units when they were sepa- rating a single blister from the card, so Amneal jumped to action on finding a solution. Co-Chief Executive Officer Chintu Patel promptly made a signifi- cant investment in new packaging equipment to improve the finished, con- sumer-focused packages to ensure a smoother tear. Product sporting the new, improved blister cards started shipping this summer. Thinking Single Another scenario happened a few years ago with a product that was cello- wrapped in packs of five cartons. Customers were limited to purchasing the prod- uct in increments of five – not always ideal when wholesalers and distributors looked to fill an order of a different quantity. In response to initial comments, Amneal immediately set out on a plan to elimi- nate the overwrap. It updated the NDC to reflect the new saleable size, reconfig- ured how the outsert was positioned and began selling this product in single packs – again meeting the preferences of wholesaler, distributor and pharmacy buyers. A Nose for Product Improvement Several years ago, Amneal launched a popular diabetes drug with an API known throughout the industry for its unpleasant smell. Sadly, pharmacists and patients agreed that the active ingredient made it a "hard pill to stomach." Something had to change. When Amneal received that feedback from cus- tomers and patients, it set its formulation team on a mission to mitigate the scent. In less than a year, it introduced a new version of the product with a more pleasing berry scent and flavor. As Jim Luce, Executive Vice President Sales and Marketing, explains, "When we hear we could make a service, prod- uct or our packaging better for our cus- tomers and/or their patients, our solution- focused wheels immediately kick into high gear. The quest for continuous improvement is a fundamental part of the Amneal culture." For more information, visit booth #2029 or go to www.amneal.com.