InterMed provides services that augment the pharmacy’s core business of providing quality health care. With InterMed, your pharmacy will be able to find quality staff and offer them leading-edge benefits that only larger corporations currently offer.
To optimize margins, it is important that we understand three critical areas of pharmacy operations as it pertains to drugs.
These three critical areas are:
The terminology that is often used when discussing pricing with a wholesaler is the phrase “Cost ± __%”. The concern with this concept is that this terminology is a somewhat arbitrary value and often varies from wholesaler to wholesaler. Since the pharmacy does not have a clear understanding of each wholesalers cost, it is very difficult (and really unfair) to say a “Cost minus 1%” at one wholesaler is better or worst than a “Cost minus 1 1/4%” at another wholesaler.
To solve this concern and to understand the actual pricing for drugs that are purchased, Intermed has contracted for specific pricing on several thousand separate drugs that are most commonly used. By having the actual prices for each specific drug, an accurate comparison can be done to determine the actual overall cost from each wholesalers.
It is understood that the actual price that we pay for a drug is important, but is it equally important to understand how often we use that drug. If we save $4 on a drug that we use once a month and we save $2 dollars on a drug we use 500 times a month, we can see how a utilization analysis is needed to understand our costs and savings.
For a pharmacy to understand their utilization rates and resulting costs, InterMed, in conjunction with SRS, can conduct a pharmacy utilization study. By using the SRS pharmacy management system, pricing information and the specific utilization rate at a pharmacy can be combined to determine the resultant cost or savings for a specific pricing schedule. This information is a key element in helping a pharmacy analyze the effects that price changes have to profit margins.
To address inventory control as it relates to our operating costs, we need to consider the amount of money we have committed to maintaining an inventory, the cost of that money and the potential risk of a drug passing its expiration date. To help improve these inventory costs, it is important to understand our inventory levels and maintain them at an optimum level. To do this, we utilize one of the innovative features of the SRS Management System that allows the pharmacy to control inventory by automatically adjusting for seasonal usage. By using this system, some pharmacies have been able to reduced their inventory costs by 10-15%. This method will also help the pharmacy to reduce the amount of drugs that often expire on the shelf.
The objective of the InterMed payroll system is to provide payroll services for independent pharmacies that use the SRS Pharmacy Management System. InterMed has partnered with a software provider to allow our associate pharmacies to use “state of the art” technology to provide a quick and accurate payroll system linked to InterMed’s Web site. Our partner Ceridian will keep the software up to date with the latest Federal, State and Local requirements as they pertain to payroll services and tax legislation. Data entry support and associated money transfer support will be conducted by InterMed while system technical support will be provided by Ceridian.
This New InterMed Payroll System will have the following features & capabilities:
What is a Flexible Spending Account?
As health care costs have risen, the Federal Government through section ( 125) of the Internal Revenue Code (IRC), has made it possible for individuals to pay for health care, child care and certain other qualified costs with pre-taxed dollars. Paying for these costs with pre-tax dollars reduces an employee's federal income tax, state income tax and social security taxes. Likewise for the employer, it saves the pharmacy paying the approximate 8% FICA tax for the employee on these pre-taxed dollars.
For a basic understanding of the Flexible Spending Account(FSA) or sometimes called “ Section 125 Cafeteria Plans”, lets first discuss what benefits or costs are allowed to be included in the plan. To begin, the IRC allows five general benefit categories to be included in FSA Plans. These areas are as follows:
Pension and Tax Deferred Savings Plans
As employees plan ahead for their retirement years, three basic potential sources of income may be available to them. These three sources are:
The topic of this discussion will center on Pension Plans and Personal Savings and how Intermed can help employees to better prepare for their retirement.
In planning for those retirement years, the Federal Government allows individuals to take a portion of their salary on a pre-tax basis and save it in a special retirement account ( one does not have to pay Federal and State Income Taxes on this money until withdrawn at retirement). The benefit here is that one can have a larger amount of money to save if they do not have to pay taxes on that money when it is originally given to them. Additionally, people do not have to pay taxes on the interest earned on this account until they withdraw the money after retirement. This benefit allows the money in this account to grow at a faster rate than if one had to pay yearly taxes on the interest earned.
InterMed Insurance Offerings
As an InterMed member, you will have access to Ceridian's Human Resources website, www.hrcomply.com. Once signed up through InterMed, you have access to certified information regarding HR Compliance Issues. Ceridian wants to assist clients in being 100% compliant with labor laws, wage laws, and disability laws to name a few. Questions often answered on this site are ones that an employer may have typically called an attorney to answer.
Employees and their families on the InterMed/Ceridian payroll system will be able to utilize an Employee Assistance Program via the Internet . This service allows for confidential information on Addiction, Credit Repair and Counseling, Grief Management, Divorce and Abuse to name a few.
InterMed has partnered with Kodak to develop a 'Strength In Unity' Program that provides In Store Digital Printing Capabilities to the Independent Pharmacy. As the current digital processing market continues to grow, Kodak and InterMed will help you in taking advantage of this potential profit opportunity. By utilizing this program, it will allow the Independent Pharmacy to compete with the larger chains in the fast growing digital printing market and bring additional consumers into your Pharmacy.