After years of adding everything from beauty products to snack foods, pharmacies have a new revenue source. Pharmacists are being asked ― and paid by insurance companies ― to monitor their customer’s health. That could include counseling them on chronic diseases, making sure they are taking their medications, and screening for everything from diabetes to high cholesterol. Although pharmacists have been doing more than dispensing pills over the past decade, this is the first time many have been able to offer such a wide range of medical services. This is due to changes in the way that pharmacists are educated along with legislative changes that have cleared the way for an expanded role.
LOWERING HEALTHCARE COSTS
The emphasis on pharmacists makes economic sense. Pharmacists have expertise and often have a customer’s entire medical picture so they can catch prescription overlaps or possible drug interactions. They also do not command the same fees that a physician does from an insurer. The push toward enlisting pharmacists to do more comes as the U.S. is trying to lower healthcare costs. A 2007 study from the New England Healthcare Institute estimated that 13 percent of total healthcare expenditures ― more than $290 billion a year ― arise because people don’t take medications as prescribed. They have a higher likelihood of complications and emergency room visits.
FUTURE TREND
Not everyone is happy with pharmacists treading on the turf once exclusive to physician’s offices and urgent care clinics. In general pharmacists are not reimbursed as much money as doctors are for immunizations and similar services. Most pharmacies are allowed to bill for a vaccine but there is no routine office visit into the pharmacy that gets paid for by the insurance company. Laws in all 50 states allow pharmacists to administer immunizations, clearing the way for expanded services such as dispensing routine medications. Federal plans are now paying pharmacists to counsel Medicare and Medicaid patients in hopes of improving health outcomes. Pharmacists also played a greater role in testing, counseling, and vaccinating patients during the pandemic. Also, students earning a pharmacy degree must now get a year of training on counseling and interacting with patients. This sets the foundation for the industry to focus more on patient care services.
This article is an update of a previous post.