Dispense Times Podcast with Waypoint Strategic Advisors
Welcome to the Dispense Times Podcast, where we dive deep into the business of independent pharmacies and the innovative strategies that drive their success. In this episode, Jason sits down with Ben Coakley from Waypoint Strategic Advisors to discuss Waypoint's evolution, their groundbreaking "Every Dollar Counts" campaign, and how independent pharmacies can secure their financial future.
Waypoint's Journey and Pharmacy Focus Ben shares the history of Waypoint Strategic Advisors, founded in 2010 but with roots going back to 1975 through his father’s company, Richard E. Coakley and Associates. Originally centered on wealth management and 401(k)s, Waypoint naturally gravitated toward serving pharmacies, thanks to strong client relationships and a targeted coaching program. Through word-of-mouth referrals, particularly from loyal client Julian Reynolds, Waypoint expanded its pharmacy services across all 50 states.
Empowering Pharmacies with "Every Dollar Counts" A major highlight of the discussion is Waypoint’s "Every Dollar Counts" campaign, designed to help pharmacies cut costs on credit card processing fees, insurance, and other expenses to boost cash flow. Ben reveals plans to roll out this initiative nationwide by summer, offering pharmacies a much-needed financial lifeline.
Medicare Agency Program: A Game-Changer for Pharmacies Ben explains how Waypoint’s Medicare Agency program provides pharmacies with multiple revenue streams, from earning commissions on insurance plans to creating jobs for technicians. By helping patients choose the right plans, pharmacies not only enhance their bottom line but also build stronger relationships with their communities.
Mastering Pharmacy Licensing and Focused Growth The duo tackles the challenges of obtaining pharmacy licenses, with Ben stressing the importance of dedicating focused time to each project. He encourages pharmacy owners to concentrate on one initiative at a time, such as long-term care at home programs, to achieve tangible results without getting overwhelmed.
Pharmacy and Insurance Integration Ben highlights the complexities of merging pharmacy and insurance operations. He underscores Waypoint’s role in guiding pharmacies through licensing, agent development, and marketing strategies. The key to success? Creating scalable workflows and embracing innovation.
The Vital Role of Independent Pharmacies In a heartfelt moment, Ben recounts his grandfather's struggles with medication mismanagement, reinforcing the critical role independent pharmacies play in providing personalized care. Jason echoes this sentiment, sharing his own experience with an independent pharmacist catching a misdiagnosis in his son’s diabetes treatment. Together, they emphasize the unmatched value local pharmacies bring to their communities.
Fighting Back Against PBMs The conversation turns to the fight against Pharmacy Benefit Managers (PBMs). Ben spotlights Arkansas’ HB 150 bill, which aims to stop PBMs from owning pharmacies and steering patients. They discuss the potential ripple effect of this legislation, offering hope for broader reform.
Transforming Pharmacies into Medicare Agencies Jason and Ben celebrate the success stories of pharmacies saving patients significant money by becoming Medicare agencies. This model not only drives pharmacy revenue but also creates jobs and fosters community growth. They urge pharmacy owners to explore this path to better serve their patients and secure their financial future.
Strengthening Marketing and Collaboration To wrap up, Jason and Ben strategize about enhancing Waypoint’s marketing efforts. From consistent email campaigns to proactive follow-ups, they lay the groundwork for a more impactful outreach strategy.
Join the Movement Are you a pharmacy owner ready to take control of your business's financial future? Tune into the Dispense Times Podcast and connect with Waypoint Strategic Advisors for expert guidance on navigating the ever-evolving pharmacy landscape.
Stay informed. Stay empowered. Every dollar counts.
Visit Waypoint at www.waypointus.com.