Pharmacy Podcast Episode 178 Preservation & Profitability of Independent Pharmacy

Gigi Seraka - KC Health Mart Pharmacy, Lorton, VA After 17 years working in a large retail pharmacy, Gigi Seraka wanted to do pharmacy her way. So when the owner of a local independent pharmacy thought it was time to retire and contacted her, she was interested. But she didn't quite know what to do. Gigi Googled "buying a pharmacy" and was directed to RxOwnership.com. After she filled out the contact form on the website, a McKesson advisor called her and soon after met her to discuss her ownership ideas. As it turned out, the pharmacy seller was a McKesson customer, so he also recommended RxOwnership as a resource that could help Gigi with her pharmacy-ownership dream. "I had no idea what was involved in the pharmacy-ownership process or how to do it," says Gigi, "but RxOwnership [Chris Cella] knew exactly what to do. He provided me with a guide that had all the steps I needed to help me through the process. He visited me multiple times before my purchase was finalized and he was so encouraging — he was awesome." RxOwnership has a tool (the Pharmacy Valuation Tool) that helps evaluate the price of an existing pharmacy, which is essential in determining whether the pharmacy is a good investment. After RxOwnership assisted Gigi in running the numbers to determine a fair price, they also helped her work out a financing deal directly with the seller. McKesson was also able to help in the financing. In October 2011 Gigi started running the pharmacy for the previous owner and within four months, Gigi took over ownership of her pharmacy. "I don't think this would have happened without the help of RxOwnership. After learning about my background they assured me I could be successful. I don't know how many times I called them with questions. But each time, they were right there to explain and lead me through each step." Gigi renamed her pharmacy KC Health Mart Pharmacy, which she feels has helped her bring in new customers that recognize the Health Mart name. That, combined with her outstanding reputation, the personalized service she's able to extend in her new setting, and her commitment to building a true community pharmacy, has helped her achieve success (improved volume and gross margin) in her first months as an owner. Gigi also thanks McKesson's service support. "One night I was losing sleep over the accounts receivable on my statement. The next morning I called McKesson's Accounts Receivable Assistance and they took the time to explain my statement and assured me that everything was OK. It set me at ease. I can't imagine doing this on my own." Now that she's off and running, Gigi's looking forward to doing more community outreach. She's getting to know the people and doctors in her surrounding community and they're getting to know her. She's setting up a delivery program, and she's looking to focus more on her marketing strategy and use Health Mart's ready-to-use marketing tools to help her. "After seeing what I've done, a lot of my friends who also want their own pharmacies figure I'm an expert. They ask my advice. I tell them to call RxOwnership." RxOwnership - http://www.rxownership.com/ KC Pharmacy Gigi Seraka 8988 Lorton Station Blvd Lorton, VA 22079 (703) 339-9599 See omnystudio.com/listener for privacy information.

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