2021 Pharmacy Payment Rules Changes Affecting Business

January 20, 2021 Elyse Rafacz

“As we move into the new outpatient/ambulatory payment year still in the midst of the COVID-19 pandemic, navigating payment rules…

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Filed under: 2021, COVID, COVID19, Drugs, Medicare Part B, payment, pharmacy, reimbursement

COVID 19 Vaccines May Soon Be Available at a Pharmacy Near You

January 19, 2021 Elyse Rafacz

Pharmacies may soon be the next defense in helping to vaccinate the general population. “Millions of Americans now turn to…

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Filed under: chain pharmacy, corona virus, coronavirus, COVID, COVID19, independent pharmacy owners, pandemicsupport, pharmacist, pharmacy, vaccination, vaccine

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Lina K. from Arizona

Lina K. Pharmacist

My name is Lina K, and I was seeking an opportunity to acquire a pharmacy, or partner with an existing pharmacy to expand their business. I built a pharmacy in Michigan in 2009, and sold it in 2013 when I moved to Arizona. In June of 2014, I developed a business relationship with Diversified Pharmacy Solutions, LLC (Triavo Health) . I have been very pleased that I partnered with them. Here are several reasons why.

Diversified Pharmacy Solutions, LLC (Triavo Health) is true to their mission. From day one, they treated me as if I was their only client, even though they service the entire country.

Diversified’s representatives, especially Joel Rhoads are easily accessible, and are more than willing to answer my questions.

The Brokerage and Consulting services they offer are only focussed on pharmacy, and it was evident that they know the business very well. They helped me find a Pharmacy venture that was perfectly suited for me. Furthermore, I know that without Diversified Pharmacy Solutions, LLC, I would not have found the relationship that I found.

Diversified Pharmacy Solutions, LLC (Triavo Health) kept their word with the confidentiality agreements we signed.

For these reasons, I highly recommend Diversified Pharmacy Solutions (Triavo Health) for anyone looking to buy or sell a pharmacy.
Lina K
(this client has invited anyone interested in buying or selling a pharmacy to contact her. If you are interested, please call us at 520-271-7413, and we will be happy to pass along her information.)

Phil B from Texas

Phil B Owner

Joel Rhoads and his team helped me sell my pharmacy in Texas. Joel made the process very easy, and he worked extremely hard to make sure the deal got done. I would highly recommend him to anyone who is interested in selling or buying a pharmacy. Thanks.

Art Masso from Texas

Art Masso Owner

Hi my name is Art Masso, Joel Rhoads helped me sell my pharmacy to Walgreen's I highly recommend Mr. Rhoads to anyone who wants or needs to sell their pharmacy. He will get you the best price available. Thank you so much Joel!

Behrooz B from California

Behrooz B Owner

Joel and Justin Rhoads were able to sell my pharmacy for more than I was expecting, and I would highly recommend them to anyone looking to sell or buy. They were very knowledgeable, and made the process seamless. I truly appreciate their work.

Dr. Ike from California

Dr. Ike Owner

To my fellow pharmacy owners,

I really highly recommend Joel and his team for any pharmacy
buy or sell transaction. Joel is very professional and will always strive to do
better than expected. He got me a very quick sell of my pharmacy as I couldn't
secure a new lease and was facing eviction. The whole transaction took about 3
weeks and the price was what I wanted.

Great service! Thank you Joel

Robert Quinn from California

Dr. Robert Quinn, PharmD Owner

Two years ago my compounding pharmacy was struggling to remain in business in light of significant changes affecting the practice. Selling my pharmacy was a very strong consideration. I initially contacted Joel and Justin Rhoads to ask for help with the sale. When they both came to pay a personal visit to my pharmacy, I discovered that they provide much more than just an avenue for sale. They took the time to assess my entire situation and discuss ways to maximize profits by “restructuring” and “retooling.” They had the answers. Then, they went to work! They modified everything from my services, to staffing, to work flow! Two years later they still check in with me to see how we are doing. I can’t thank Justin and Joel enough for believing in me and caring about my practice.</em>
Sincerely,

Grace Rexall From Arizona

Olufemi Omodara Rph Owner- Grace Rexall Drugs

I want to say a big thank you to Joel Rhoads for being a huge support system when i sold my two pharmacies in July 2017. He was there from the beginning to the very end. He made sure I came out with a huge chunk of profit, by being my spokesperson with the company that bought the files. He was able to negotiate very well on my behalf. I like the fact that he is a pharmacist and had owned his own pharmacies, it made the process seamless.He has integrity, and I am glad i worked with him. It was important for me to work with someone that had a higher being they believed in, and Joel was that person. He represented me at closing because I had prior engagement. He told me not to worry about it, his brother will stand in for me and he did. My pastor was at closing, to stand in for me and she said Joel went over and above the call of duty to make sure all went well.If i had to sell any pharmacy in the future, I will still work with Joel Rhoads!You rock Joel!!

Prem K from Texas

Prem K Owner

I have worked with Joel Rhoads on multiple occasions to acquire pharmacies and would highly recommend them. They are very knowledgeable about the industry, and I would encourage anyone looking to buy or sell to at least contact them first.

Regards

Healthcare Attorney

Healthcare Attorney I P

As an attorney specializing in healthcare, I have worked with Joel on several occasions and my clients were satisfied with the results. Joel and his company, Diversified Pharmacy Solutions (Triavo Health), provide valuable services in highly professional manner. This firm consistently demonstrates competence and professional integrity that my clients need when looking for reputable broker. I highly recommend Diversified Pharmacy Solutions (Triavo Health) to anyone looking for assistance with purchase or sale of a pharmacy.

Gary M. From NY – Director of Pharmacy Acquisitions

Gary M. Director of Pharmacy Acquisitions

The team, led by Joel Rhoads, has been a pleasure to deal with. While they represent their sellers with the highest level of respect and concern they also deal with buyers in the same manner and with the highest level of integrity. They are responsive and efficient. I feel comfortable with opportunities that Joel presents to me knowing that he has carefully vetted the business as well. Brokers who are also pharmacists and former independent owners just seem to "get it"

Fifi T. From California

Fifi T. Owner

Joel and Justin did a wonderful job preparing our pharmacy for a sale and found us the buyer with the most reasonable offer. We are extremely grateful for their service and highly recommend this team of pharmacy brokers.

Bob Shelton From Colorado

Bob Shelton Owner – Pharmacist

Joel and Justin are simply Good Men!! I just sold my pharmacy and it could not have gone better. I started working with Joel about 10 months ago and he is extremely knowledgeable in all facets of his business. He returns calls and answers all questions in a timely manner. Justin handled the closing and was efficient, kind and funny. I highly recommend this team of Good Men!

Professor Mario Jimenez – Director of Diversity Initiatives Western University College of Pharmacy

Professor Mario Jimenez Director of Diversity Initiatives Western University College of Pharmacy

Joel is very knowledgeable about buying and selling pharmacy businesses. My 4th year pharmacy students who take my 16 week entrepreneurial class are always very pleased learning all about the facets that are involved with buying or starting a new business. I am very fortunate to have Joel come back every year to speak to my students.

Amma A. From California

Amma A. Owner - Pharmacist

Joel and his team understand the business of Pharmacy from the owner’s perspective, so I didn’t have to waste time explaining what I needed from the transaction. Joel was there to “hold my hand” the whole way . Joel was available at all hours to fit in with my crazy schedule. He was the liaison I needed to get the pharmacy sold. On the day of the sale , Justin arrived and I felt he was on my team. He was practical, reassuring, and and an asset on the most stressful day. I will be forever grateful.

Bryan Henderson From Florida

Bryan Henderson RPh Owner-Pharmacist

Joel did a great job helping us find the right buyer and worked constantly to keep the process moving. Joel and his brother Justin are great people with much knowledge of how these transactions need to be handled. They understand the financial as well as the emotional part of the business that we have worked so hard for so many years to build.

Ayodele Arewa from Maryland

Ayodele Arewa from Maryland owner

Myself and my husband owned 2 independent pharmacies in Maryland. Initially, we were interested in selling 1 pharmacy, but the buyer would not buy one without the other, Joel worked tirelessly with the buyer and was able to get us a deal we could not turn down. It's been 3 months now and I am still so grateful to Joel and his crew. They went above and beyond to make sure the process was smooth for us. Selling a business is an emotional one and you need someone who is both knowledgeable and compassionate to follow through with the process. Joel was that guy for us. Ever so glad that our friend recommended him !! What are you waiting for ? A trial will surely convince you !!

Tom Posin From California

Tom Posin Pharmacy Owner

My experience with Team Rhoads and Triavo Health was nothing short of excellent. They were responsive, efficient, knowledgable and they produced results. Questions were addressed without regard to time of day or day of the week. I am glad to have responded to their unsolicited email, which is not my usual style. No regrets whatsoever.

John T From Wisconsin

John T Owner - Pharmacist

I attempted to sell my pharmacy independent of a broker. The process
with retail chains was tedious and full of long wait periods in-between
contacts. Fortunately, and out-of-the-blue, Joel contacted me. It
literally felt like a saving grace. We discussed what Triavo Health had
to offer, the roles, and the benefits of utilzing their services.
Typically, I am skeptical of third party services...but, we clicked
immediately. It felt like he was God-sent. Within days, Joel took over
the reigns. He made all of the contacts with a buyer, negotiated the
best price, and relieved me from the day-to-day upkeep with a pharmacy
sale transaction. Joel and Jared are class acts, enthusiastic, very
responsive, and go-getters. I could sleep at night knowing they were
advocating for the sale of my pharmacy...which is always a hard process.
Joel and Jared made it a smooth transaction and transition.

Carol Novick From Vermont

Carol Novick President

As retirement beckoned, I realized I was unprepared to navigate the muddy waters of selling my pharmacy. I reached out to Joel, who, with his enthusiasm, immediately set out to guide me. With every step towards my goal, he was there to advise. Communication was fantastic. My messages were returned quickly, usually within minutes . He left no stone unturned in his efforts to find a buyer for my small town community pharmacy. When he was successful, he negotiated great terms. The sale went very smoothly and happened much quicker than I anticipated. Jared was there the day of the sale to work with me as the transition took place. He went out of his way to make sure everything that needed to be completed was done. Thank you, Joel and Jared.

There are many details in selling a pharmacy. I know I couldn’t have done it as successfully by myself. Joel and Jared have so much knowledge about the process and are so personable. I would highly recommend their services—I am so glad I decided not to go it alone!

Artem Kam From California

Artem Kam Director of Pharmacy

I have to say that the team at Triavo Health is one of a kind. Joel and
Jared are hardworking guys who really helped smooth the process of our
acquisition. They are very knowledgeable of the industry and pharmacy itself.
It was an great experience because they were always available for questions
that we had. They were proactive about making sure both parties were happy. The
most important thing was I always felt that they were on top of everything.
That made me feel very comfortable during the whole process. There is a lot of
intricacies, paperwork, and tasks but the guys helped along the way. Thanks
Jared, Joel and the rest of the team at Triavo Health!

Sammi M. From Oregon

Sammi M. Director

We had a unique situation with our 100% compounding only pharmacy where we were looking to partner with a bigger Pharmacy/Company. Joel Rhoads personally worked with us, and stayed in touch regularly to work with us. His patience and hard work eventually led us to an acquirer that was a perfect for a situation. Joel is very creative in putting together deals that is custom fit for his client like in our situation.

Ike Dzhragatspanyan – Return Customer From California

Ike Dzhragatspanyan Small Chain/Specialty/Compounding Pharmacy Owner

Do not look any further when you want to buy or sell a
pharmacy anywhere in the US. Joel and his team are amazing!
I have successfully bought and sold 5 pharmacies with them and here are 5
reasons why they would be a perfect group for any transaction.
#1- They are honest! It is hard to find honest sales people nowadays.
#2- Customer always first! They will always look out for you no matter what.
#3-Easy process! They make the road very easy to navigate because they have
done so many deal that almost no situation is a first anymore. They "have
been there and done that" and will make sure that you the customer do not
have to worry
#4-Always available! Joel is always available and will return calls very
quickly.
#5-They get the job(S) done! They will work tirelessly to get your deal(s) done
in time. We did 3 deals simultaneously and I am very pleased with the results
of all 3.
I am really happy with their professionalism and knowledge in pharmacy; no
matter if you are Independent, Chain, Long term care, Specialty, compounding.
They will find the right deal for you.

Vlad Podzin From MD

Vlad Podzin Owner - Pharmacist

Very happy with the result.
Great company to work with. Jared helped all the way to sell our Pharmacy for top dollar.

John Olmstead From AZ

John Olmstead Pharmacist -Owner

Great job!

Alireza Alibanaei From CA

It was a pleasure to work with Triavo Health. Joel, Justin, & Ashley are very professional & made sure my pharmacy transition went very smoothly. They work hard & do everything in their power to help their clients. Thank you so much!

Sincerely,
Alireza

Nirav Patel From FL

Nirav Patel Owner

Great crew of professionals to work with. Knows every side of the pharmacy business. Knows how to maximize the value of the pharmacy. Thanks for all your help.

Chris Brown From MD

Christopher L. Brown RPh-Retired owner

With the excellent work by Jared and Justin Rhoads and most gracious
Elise DeNoyer, Schindel’s Pharmacy in Hagerstown MD closed its doors
after 122 years in business. These fine people made my retirement
happen in very short order. From the start of the process to the end,
Jared and Elise were there for me after brokering an excellent buyout
deal. Since working in the pharmacy since I was 16 years old, pharmacist
for 45 years and owner for 38 years, this was
my life for 51 years. At the initial conversation they told me they
could help me retire for my wife and grandchildren , and they did it in
an extraordinary fashion. Believe me, this is the best money commission
wise that I have ever paid. Wish my home could
be sold with the same integrity as Triavo Health accomplished. Enough
said. Five Stars

Jim Roache from California

Jim Roache Owner

One of the honest and most ethical team of pharmacy brokers in the US. Joel and Justin Rhoads pursued the market for my specialty pharmacy / clinical vent/respiratory program to a very positive and extremely rewarding sale for me. They found the ideal, All cash, no contingency, no BS buyer who recognized the value of a seasoned team, year over year growth as an innovator with a spotless 33 year history. The Company continues its high growth rate in both specialty Rx and RT DME programs as lifelong competitors continue to give up on California and move on. I highly recommend Triavo Health. Forget the big boys who drown themselves in minutia. These guys are the real deal.

Phil Altman From NY

Phil Altman Owner

Jared had reached out to me thru a cold call. I told him i was a couple of years away from retiring and he asked if we could talk. He asked for a number that i would be comfortable with and then exceeded it. It was a whirlwind and they made it happen. Both Joel & Jared were all over it.
Thank you to both of you

Greg Savino From NY

Greg Savino Founder & CEO

Joel, Jared, and Abby are kind and considerate individuals who know how to make deals happen! In a matter of one week's time, I was introduced to them and they had a buyer sitting in my office with a LOI in hand! Their network of contacts runs deep and the variety can suit any seller. I would not have changed anything from them throughout the process. They are easy to reach and always ready to step in. They saw the entire deal through from start to finish and were able to keep it going through the most intense periods of COVID, without so much as a hiccup. I would certainly use them again as they understand the pharmacy landscape and the dynamic of ownership. Many thanks to them.

Reza Ghaderi From VA

Reza Ghaderi Owner

Jared, Joel and Meghan are the most knowledgeable professionals in this field.
I was in touch few times a week with Joel always helpful and good advices, daily contact with Meghan superb knowledge of the job, she made it so easy to navigate through paperworks and legal issues. She was patience and comforting during the process. Jared showed up the last day and helped to finalize the process.
Overall this company negotiated the best deal in very professional way for me. Definitely A+
Thank you guys

Timothy Bergeron – Hospice CEO in LA

Timothy Bergeron CEO

Joel, Jared and Elyse really delivered what they promised. They promised they were different than the other business brokers and we feel they negotiated the best deal for us. They kept the process moving forward, with weekly calls with buyers to make sure we were staying on track and deal closed as expected. The data warehouse worked awesome and made the sharing of data very easy. Overall this company negotiated the best deal in a very professional way for us. We recommend Triavo Health.

Daniel Fiore – Attorney From PA

Daniel Fiore Attorney

As an attorney I have worked with a lot of M&A Consultants and Triavo’s expertise in the pharmacy sector is unmatched. They stayed focused on the deal and worked hard to get the highest price for my client’s pharmacy. Most importantly, they were directly involved all the way through to the end and made sure there were no issues with the multi-day closing process.

Kraig Langheinrich – CEO Lumicare CO

Kraig Langheinrich CEO- Lumicare

Joel and his team were a pleasure to work with. The process of selling a business can be tricky to navigate and we appreciated Joel's commitment to getting the best possible outcome for us. They were always available when we needed updates or had questions.

The entire team at TRIAVO - particularly Joel, Meg, and Elyse - made us feel confident in not only the decision to sell but also that the outcome was best for our company.

Highest of recommendations. If you are considering selling, work with TRIAVO.

Alicia Marr

Alicia Marr - CEO Excelin Health CEO

Joel and his team have a robust pipeline of agencies moving to transaction. They communicate with us the ideal prospects and work with the parties to move the process along in an efficient manner. The established data room facilitates the due diligence process and the weekly cadence of communication eliminates the barriers most parties encounter when navigating the transaction process. Thank you for a job well done!!

Whitney Herringshaw – Pharmacist/Co-owner

Whitney H. Pharmacist/co-owner

1 Prescribing, dispensing, and administering extended-release (ER) opioids to opioid-naïve patients
2 Not using smart infusion pumps with dose error-reduction systems (DERS) in perioperative settings
3 Errors with oxytocin
4 Hazards associated with positioning infusion pumps outside of COVID-19 patients’ rooms
5 Errors with the COVID-19 vaccines
6 Use of the retrospective, proxy “syringe pull-back” method of verification during pharmacy sterile compounding
7 Combining or manipulating commercially available sterile products outside the pharmacy
8 Medication loss in the tubing when administering small-volume infusions via a primary administration set
9 Wrong route (intraspinal injection) errors with tranexamic acid
10 Use of error-prone abbreviations, symbols, or dose designations

To read the whole article, click the link below:

https://ismp.org/resources/start-year-right-preventing-these-top-10-medication-errors-and-hazards-2020

Shahryar Barzegae

Shahryar Barzegae CEO-Xpress Med Pharmacy

CEO-Xpress Med Pharmacy

Anab Ali, RN, CEO

Anab Ali, RN, CEO

1 Prescribing, dispensing, and administering extended-release (ER) opioids to opioid-naïve patients
2 Not using smart infusion pumps with dose error-reduction systems (DERS) in perioperative settings
3 Errors with oxytocin
4 Hazards associated with positioning infusion pumps outside of COVID-19 patients’ rooms
5 Errors with the COVID-19 vaccines
6 Use of the retrospective, proxy “syringe pull-back” method of verification during pharmacy sterile compounding
7 Combining or manipulating commercially available sterile products outside the pharmacy
8 Medication loss in the tubing when administering small-volume infusions via a primary administration set
9 Wrong route (intraspinal injection) errors with tranexamic acid
10 Use of error-prone abbreviations, symbols, or dose designations

To read the whole article, click the link below:

https://ismp.org/resources/start-year-right-preventing-these-top-10-medication-errors-and-hazards-2020

Jayson Norris

Jayson Norris President - Blue Summit Medical Group

President, Blue Summit Medical Group

Had the ability to work with the Triavo team and they were absolutely fantastic. They keep on top of everything and are always there to keep things organized. This is extremely advantageous from a buyer standpoint as we can truly focus on the items that need to be addressed without all of the headaches of trying to track down items. This team is of the highest quality when it comes to integrity which is key in the M&A space. Highly recommend and plan to work with them again soon!

Bryan White, MD

Bryan White, MD

Joel, Meg and the Triavo team kept the whole organization focused during what turned out to be a longer than normal due diligence process. This transaction represented the second and third hospice companies I have sold. Having worked with other M&A groups on Healthcare and Real Estate transactions, I can with confidence recommend Joel and Team Triavo to help you navigate the due diligence process and get the best value for your organization.

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