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Thursday, January 28, 2016

PayDay Med Advance

(Another in the series of "If the real world worked the way people believe Pharmacy does".)

My next business model for the phuture of pharmacy is to incorporate a Cash Advance system into our stores. If a person goes to a bank and whines that they are out of money until payday or they will die without $10.00 to get them through the weekend, the bank does not provide them a handout. The bank does not say "we will take it out when you come back with your check on Monday". This led to the proliferation of the Payday Loan establishments.

Initially, our model would open up inside a pharmacy. It would be an adjoining window, like a walk-up teller or ticket booth. Since we would have access to the patients' files, we could provide instant access to their medications. Eventually, and herein lies the beauty of the system, once pharmacists receive their limited prescribing status, our established business model would allow for freestanding stores to be built. Instead of being attached to a pharmacy, we could build on an outparcel in front of the pharmacy. We would be cash only of course.
While I'm shooting for the stars, let's assume we are able to get contracts with the major pharmacies in town to access their software. This way, we could operate one mini-PayDay Med Advance pharmacy in a town with a CVS, Walmart and Walgreen's.

Mr. No Refill Guy: I'm out of refills and I'm going to die.
CP: CP to the rescue. I can write you a prescription for enough medication to last until your appointment next week.
MNRG: Gosh. That'd be swell.
CP: Please see our rates on the board behind me.

Requires CP to write a prescription: $25.00 each
Filling of prescription: $15.00 (this is the dispensing fee w/o medication)
Medication: Cost of med (acquisition cost) plus 20% plus $10.00

MNRG: It's going to cost me $50.00 for this?
CP: Yes. And that is before I put any medication in your bottle.
MNRG: That's ridiculous.
CP: Perhaps. But I don't want you to die.
MNRG: Can you bill my insurance?
CP: For the medication I can. The $50.00 in fees still applies and is cash only.
MNRG: I think I'll just die.
CP: At that point it would be your choice. Keep in mind, as I'm sure we've reminded you in the past, the ER is always an option for those who don't want to die. This is a simpler, faster, cheaper alternative.
<waves bottle of medication in front of patient's face; gives them a taunting shake>
MNRG: Fine. I'll take them.
CP: Good. See you next month.

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