This Pharmacy Went Cash-Only, Lost 70% Of Customers, & Doubled Profits

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Self-Funded With Spencer

Spencer Smith

247 episodes

6 days ago

Self-funded with Spencer shares inspiring conversations with the most successful and influential people in healthcare - company founders, CEOs, entrepreneurs, doctors, sales leaders, and more - to help educate and inspire YOU to become the best version of yourself.

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This Pharmacy Went Cash-Only, Lost 70% Of Customers, & Doubled Profits | With Brad Hart

Self-Funded With Spencer

58 minutes 32 seconds

3 months ago

This Pharmacy Went Cash-Only, Lost 70% Of Customers, & Doubled Profits | With Brad Hart

"I doubled my profit when I lost 70% of my customers, which is insane." - Brad Hart

My guest this week, Brad Hart, owner of Forest Park Pharmacy, came on the show to discuss how he moved his pharmacy from struggling to survive in a broken, insurance-based reimbursement model to thriving as an all-cash, "cost-plus" business.

Brad popped on my radar because of his very popular and informative Instagram profile, where he shows how everyday Americans are getting fleeced by PBMs. We break down the mechanics of his model and discuss the "low copay trap," why the term "specialty generic" is nonsense, and how his pharmacy's Price Checker tool brings radical transparency to a purposefully confusing industry.

We also dive into the exponential overpayments Brad has uncovered in the Medicare system, where a drug that costs his pharmacy $96 is reimbursed for over $3,400.

This is one you won't want to miss!

Chapters:

(00:00:00) This Pharmacy Went Cash-Only, Lost 70% Of Customers, & Doubled Profits

(00:07:28) The "Cost-Plus" Pharmacy Model, Explained

(00:08:49) How Brad Lost 70% of Customers & Doubled Profits

(00:10:45) The Deceptive "Low Copay Trap"

(00:13:29) The Pricing Breakdown: Cost + 15% + $10

(00:34:52) Why the Term "Specialty Generic" is Nonsense

(00:47:53) What is the Average Wholesale Price (AWP)?

(00:52:41) PBM Reform vs. Direct-to-Consumer

Key Links for Social:

@SelfFunded on YouTube for video versions of the podcast and much more - https://www.youtube.com/@SelfFunded

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Listen on Apple Podcasts - https://podcasts.apple.com/us/podcast/self-funded-with-spencer/id1566182286

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