NCPA Recommends Prescryptive AI Pricing to Community Pharmacists Nationwide to Face Ongoing Profitability Headwinds

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May 01, 2024, 09:00 ET

After first recommending Prescryptive AI Pricing in 2022, the pharmacy association confirmed their support of the cutting-edge artificial intelligence product with new profitability data.

REDMOND, Wash. and ALEXANDRIA, Va., May 1, 2024 /PRNewswire/ -- Prescryptive Health, a healthcare technology company, announced today the National Community Pharmacists Association (NCPA) has renewed its recommendation of Prescryptive AI Pricing to its members. The solution helps independent pharmacies become more competitive through cash pricing optimization driven by artificial intelligence.

NCPA first recommended Prescryptive AI Pricing in 2022. New profitability data from Prescryptive Health underscores the powerful potential that AI can bring to the pharmacy space in the cash pricing category: In a recent analysis, the gross profit margin in 2023 for Prescryptive AI Pricing was nearly 54%. The findings are encouraging to note as pharmacies look for parts of their business where they can gain profitability. NCPA's recent findings for total gross profit margin in 2022 found that independent pharmacies averaged 21%.*

"As the voice of the community pharmacist, we know the major headwinds that America's community pharmacies are facing," said Douglas Hoey, CEO of NCPA. "As our community pharmacies battle reimbursement challenges, our NCPA member pharmacies can use Prescryptive AI Pricing to remain competitive while also continuing to do what they do best: take care of their patients."

"Prescryptive AI Pricing provides a critical service and pricing insights to community pharmacists at a key time," said Chris Blackley, CEO of Prescryptive Health. "We are enabling these entrepreneurial business owners and critical healthcare providers to be more efficient and have consistent, predictable cash pricing that's competitive for the pharmacy yet fair to their customers."

"We saw an immediate uplift in profitability after implementation, and the trajectory remains upward," said Jonathan Marquess, pharmacist owner and PharmD who uses Prescryptive AI Pricing. "We're looking forward to the new predictability and sustainability that this cash price solution will bring to our business, especially at this current point in the pharmacy landscape."

With the increase of high-deductible health plans, more customers are paying cash at the pharmacy counter, and community pharmacists need a solution beyond the popular cash discount cards in the market that can drive financial losses to the pharmacy. This tool allows independent pharmacies using their own data and parameters to position themselves in-market with enhanced analytics and current actionable insights, creating a competitive system for cash pricing.

*Source: NCPA Digest Report

About Prescryptive Health
Prescryptive Health is a healthcare technology company rewriting the script for the US pharmaceutical market. We are building a more equitable and transparent ecosystem that connects patients, prescribers, pharmacies, payers, and pharma manufacturers, empowering consumers to take ownership of their prescriptions. Our solutions optimize health outcomes while enabling better patient engagement through user-friendly technology. Find out more at Prescryptive.com or on LinkedIn. #letsrewritethescript

About NCPA
Founded in 1898, the National Community Pharmacists Association is the voice for the community pharmacist, representing nearly 19,400 pharmacies that employ 215,000 individuals nationwide. Community pharmacies are rooted in the communities where they are located and are among America's most accessible health care providers. To learn more, visit www.ncpa.org.

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SOURCE Prescryptive Health