March 10-11, 2024
Welcome!
Thank You
Presenting Sponsor
Resources
Prayer Room
Arts District 1
Go To Booth #404
Sherry Middleton
Schedule Day 1
Morning Break w/Snack 10:30 am
Lunch 1 – 2:30 pm
DDD 4:30 – 6:30 pm
Dinner Time On Your Own
Midnight Mastermind 9:30 pm – Midnight-ish
Drinks, Desserts,
& Drugs Casino Networking Party
Immediately After For 2 Hours
Earn Play Money By Visiting Exhibitors
Buy Prizes @ DiversifyRx Booth
Schedule Day 2
Later Start at 9 am
Break w/Snack 10:45 am
Lunch 12:15 pm
Dismiss 4:30 pm
Qty 1 = 2 Tix
Qty 2 = 4 Tix
No Limits
Profit
is NOT a
4-letter word
I am
unashamed
that we talk about profit
Your #1 Job
is to stay in business
today
Your #2 Job
is to stay in business tomorrow
What Are You Not Supposed To Talk About?
MONEY
Where You Are At
Where You Want To Be
How You’ll Get There
So... How Do You Build Your Ladder?
Your Character Traits
Your Skills
Your Beliefs
Your Skills
Your Character Traits
Your Beliefs
Technical Abilities, Marketing, Sales, Hiring, Firing, Know-How
What’s Possible, I Am Capable, My Pharmacy Can Thrive
Discipline, Focus, Perseverance, Coachable, Humble, Integrity
Which key to success do you need to focus on improving during the summit?
ⓘ Start presenting to display the poll results on this slide.
KEN PATEL
MINDSET SHIFTING DURING TOUGH TIMES
THE 15 INVALUABLE �LAWS OF GROWTH
15 Invaluable Laws of Growth
OVERVIEW
The Law of Pain
The Law of the Rubber Band
15 Invaluable Laws of Growth
THE LAW OF PAIN
“Good management of bad experiences leads to great growth.”
15 Invaluable Laws of Growth �THE LAW OF PAIN:
“Every problem introduces
a person to himself.” �
– John McDowell
“I SHOULD have seen that coming.”
“If I COULD only get that back.”
“I WOULD be at the top if it wasn’t for…”
“What are they doing? They SHOULD of listened to me.”
15 Invaluable Laws of Growth �THE LAW OF PAIN – PAIN FILES
15 Invaluable Laws of Growth �THE LAW OF PAIN:
Become bitter or better?
How to turn pain into gain.
15 Invaluable Laws of Growth �THE LAW OF PAIN:
How do you apply this law to your life & business?
15 Invaluable Laws of Growth �THE LAW OF PAIN:
Ask AND answer the following questions for yourself:
Moving Forward:
15 Invaluable Laws of Growth �THE LAW OF PAIN:
15 Invaluable Laws of Growth
LAW OF THE RUBBER BAND
“Growth stops when you lose the tension between where you are and where you could be.”
15 Invaluable Laws of Growth �THE LAW OF THE RUBBER BAND
“Growth stops when you lose the tension between where you are and where you could be”
v
15 Invaluable Laws of Growth �THE LAW OF THE RUBBER BAND
LET’S REVIEW!
THANK YOU
for making your
personal growth a priority!
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Hola!
Pharmacy Profit Summit
ICBN
myicbn.com
888-341-4314
March 10, 2024
Hello!
About Seth
From�Honduras to Here
NO BITCHING
We all know about challenges!!!
↓ PBM Reimbursement
ALLOWED
↑ Regulations
↓ Cash Flow
↑ Competition
Under certain circumstances, urgent circumstances, desperate circumstances, profanity provides a relief denied even to prayer.
— Mark Twain
He said that!
?
WHO KNOWS?!!
Quick Question:
Melissa?
Jen?
Me?... You?
Who here has the solutions to the American HealthCare system including the impact on pharmacies and patients?
MEDICARE
WHAT’S THAT YOU SAY?
MEDICARE MEDICARE MEDICARE MEDICARE MEDICARE MEDICARE MEDICARE
We’re here to figure out how to work under the circumstances as they presently are and to find a way to make a living and serve our patients.
HOW?
I challenge you to
LEARN A NEW LANGUAGE.
PPP
The first part of learning our new language is going to be the Triple P’s.
myicbn.com
3 WHAT?
Profit Per Patient
OHHH
Standard Pharmacy Model
Net before overhead:
Rx @ 15%GM
Other @ 50%GM
# of Patient: 2,000
Gross PPP: $1,950
Net PPP: $350
Pharmacy�with Medicare Consultation Services
Pharmacy with
Medicare Consultation Services
# of Patient: 2,000
Gross PPP: $2,075
Net PPP: $477.50
Net before overhead:
Rx @ 18%GM
Other @ 50%GM
Net PPP Growth
vs. Standard format
+36%
*Growth illustrated at year 5.
Standard Pharmacy Model
# of Patient: 2,000
Gross PPP: $2,075
Net PPP: $591.00
Net before overhead:
Rx @ 18%GM
Other @ 50%GM
New
Non-PBM Revenue Stream
Net PPP Growth
vs. Standard Model
+69%
*Growth illustrated at year 5.
Pharmacy with
Medicare Consultation Services – In-House
?
WHO KNOWS?!!
Quick Question:
Anyone?
Bueller?
Bueller?
Do you know of any other services or products that you can add to your pharmacy which would increase your PPP by 50-70%?
Background Check
& Application
HERE’S�HOW ITS DONE
Success Beyond Rx
SHOW MORE!
Sign-up with
a FMO
Pre-licensing Education
State Licensing Exam
AHIP & FWA Certification
OOH!
AAHHH!
1.
2.
3.
4.
7.
8.
9.
5.
Insurance Carrier Appointment Initiated
6.
E&O Insurance
Credentialing & Certifying w/ Insurance Carriers
Maintain Your License (CE)
(what?)
Success Beyond Rx Success Beyond Rx Success Beyond Rx Success Beyond Rx
I SEE IT!!
WOW!
1
Step
Sign up for Original Medicare
Federal Government Inpatient Hospital Care
Part A Federal Government Inpatient Hospital Care
Part B Federal Government Outpatient Care & Doctor Visits
2
Step
Select an Option for Additional Coverage
OPTION 1
Medicare Supplement Private Insurance Company Secondary coverage for Out-of-Pocket Medicare costs
Medicare Part D Plan Private Insurance Company Prescription Drug Coverage
READY TO SELL!!
RTS!
OPTION 2 Medicare Advantage Private Insurance Company
Part C Combination of Part A & Part B coverage
Part D Some plans include prescription drug coverage
May offer benefits not covered by Original Medicare
OR .
In 2023, the US population was 334,233,854.
How many residents were in enrolled in Original Medicare Part A and Part B?
SLIDIO SLIDE
In 2023, the US population was 334,233,854. ��What percentage of residents are enrolled in Original Medicare Part A and Part B?
ⓘ Start presenting to display the poll results on this slide.
How many Americans turn 65 on a daily basis?
SLIDIO SLIDE
How many Americans turn 65 on a daily basis?
ⓘ Start presenting to display the poll results on this slide.
?
WHO KNOWS?!!
Quick Question:
Hate them or not, more than 50% of Medicare enrollees are on MAPD and the enrollment numbers continue to increase every year.
Why do you as a pharmacy owner�hate Medicare Advantage plans ?
51% of eligible Medicare beneficiaries are enrolled in Medicare Advantage plans.
Medicare Advantage enrollment as a share of the eligible Medicare population has jumped from 19% in 2007 to 51% in 2023.
Sources: https://www.kff.org/medicare/issue-brief/medicare-advantage-in-2023-enrollment-update-and-key-trends/ https://www.commonwealthfund.org/publications/explainer/2024/jan/medicare-advantage-policy-primer Date Pulled: 2/14/24
NOTE: Enrollment data are from March of each year. Includes Medicare Advantage plans: HMOs, PPOs (local and regional), PFFS, and MSAs. About 60.0 million people are enrolled in Medicare Parts A and B plans in 2023. SOURCE: KFF analysis of CMS Medicare Advantage Enrollment Files, 2010-2023; Medicare Chronic Conditions (CCW) Data Warehouse from 5 percent of beneficiaries, 2010-2016; CCW data from 20 percent of beneficiaries, 2017-2020; and Medicare Enrollment Dashboard 2021-2023. Data: Centers for Medicare and Medicaid Services, Medicare Advantage State/County Penetration File, Mar. 2021. Projected enrollment rates are calculated from CBO projections of Medicare Advantage enrollment and Part A eligibility (July 2021). 2021 Edition of Centers of Medicare and Medicaid Services Statistical Supplement for 1990-2009 data. Source: Steven Findlay, Gretchen Jacobson, and Aimee Cicchiello, "Medicare Advantage: A Policy Primer," explainer, Commonwealth Fund, May 2022.
Projections
Total Medicare Advantage Enrollees, 2007-2023
He said that!
I believe life is a series of near misses. A lot of what we ascribe to luck is not luck at all. It's seizing the day and accepting responsibility for your future. It's seeing what other people don't see And pursuing that vision.
— Howard Schultz
Best Practices
Learn the language!
AEP, OEP, and SEP Year Round Selling Opportunities
Learn ICBN
1
Election Periods
Loss of Plans, New Plans
3
Election Periods
T65/New To Medicare,
Dual Eligible, LIS, LINET
2
Medicare Status
Low margin plans, high DIR plans,
all can be addressed to increase GM.
4
Problem Plans
MO’MONAY
WHERE’S THE MONEY?
SHOW
ME
THE
MONEY!
Summary
Pharmacy Profit Summit
Its still March 10, 2024
ICBN
myicbn.com
888-341-4314
We want to help you make more
Let ICBN be your partner
Together we can ensure independent pharmacies SURVIVE & THRIVE!!!
MONEY!!!
Gracias!
SETH
ICBN
myicbn.com
888-341-4314
Thanks!
Break Time!
10:30 AM – 11:00 AM