What Are Pharmacy Group Purchasing Organizations (GPO)?

Are you running a pharmacy and want to find ways to maximize your earning potential? If so, Group Purchasing Organizations (GPO) may be a perfect way forward. We’ve shared everything you need to know about GPOs so that you can look forward to a streamlined and cost-effective solution that works – read on to find out more.

What is a GPO?

A pharmaceutical GPO is a specific entity that works to offer healthcare providers, such as pharmacies, savings when cost-effective solutions by purchasing large quantities of medications to share within the group, enabling them to achieve greater discounts than if they were to operate on their own.

Interestingly, GPOs work hard in the US and save the healthcare system more than $50 billion every year. The average discount on each purchase made by a GPO is between 10% - 20%, with the larger GPOs managing to achieve eye-watering savings with each purchase.

How Can a GPO Work for My Pharmacy?

If you are starting an independent pharmacy or already run on, a GPO could provide you with the cost-saving solutions you need. Once you join a GPO, you will be supported by the group entity to arrange access to the medications, goods and services you need for your business at better prices than you can arrange on your own.

The reason the GPO works so well for independent pharmacies is that it makes you part of something much bigger, making you a stronger economical option that drug companies will want to work with.

In reality, most US-based pharmacies are already enjoying the benefits of GPOs and there are numerous small, regional and state-wised GPOs that you can choose to join. Why not find out more and look forward to all the time and cost-saving benefits that come with being part of a GPO/

What Benefits Does a GPO Offer?

Choosing a GPO is a sound business decision that offers a wide range of benefits, including:

• Providing you with access to speciality medications
• Rebate opportunities that are both performance and non-performance based
• Discount opportunities that are both performance and non-performance based
• Practice support via a range of clinical resources
• Tools that measure the performance of selected products
• Saving time and manpower when working to achieve the best prices from drug companies
• And more!

When you decide to take advantage of the benefits on offer, you can look forward to driving forward cost-reducing initiatives that will help your pharmacy thrive as well as a whole new range of clinical services that will increase your revenue.

Using RxMile to Support Your Pharmacy Management

Streamlining and making things more cost-effective not only provides your customers with better service but also helps you to run a more effective pharmacy. At RxMile, we offer prescription and delivery software that has been designed with you in mind. From helping you to track deliveries in real-time to compliance support, route optimization and more, you can be certain that your pharmacy will run smoothly every day. Perfect for those with an existing pharmacy or even those looking to start up a prescription courier company.