This Pharmacy Went Cash-Only, Lost 70% Of Customers, & Doubled Profits | With Brad Hart

"I doubled my profit when I lost 70% of my customers, which is insane." - Brad Hart

My guest this week, Brad Hart, owner of Forest Park Pharmacy, came on the show to discuss how he moved his pharmacy from struggling to survive in a broken, insurance-based reimbursement model to thriving as an all-cash, "cost-plus" business.

Brad popped on my radar because of his very popular and informative Instagram profile, where he shows how everyday Americans are getting fleeced by PBMs. We break down the mechanics of his model and discuss the "low copay trap," why the term "specialty generic" is nonsense, and how his pharmacy's Price Checker tool brings radical transparency to a purposefully confusing industry.

We also dive into the exponential overpayments Brad has uncovered in the Medicare system, where a drug that costs his pharmacy $96 is reimbursed for over $3,400.

This is one you won't want to miss!

Chapters:

(00:00:00) This Pharmacy Went Cash-Only, Lost 70% Of Customers, & Doubled Profits

(00:07:28) The "Cost-Plus" Pharmacy Model, Explained

(00:08:49) How Brad Lost 70% of Customers & Doubled Profits 

(00:10:45) The Deceptive "Low Copay Trap" 

(00:13:29) The Pricing Breakdown: Cost + 15% + $10 

(00:34:52) Why the Term "Specialty Generic" is Nonsense 

(00:47:53) What is the Average Wholesale Price (AWP)? 

(00:52:41) PBM Reform vs. Direct-to-Consumer

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