In this insightful episode of The Business of Pharmacy Podcast™, we delve deep into the deceptive practices of Pharmacy Benefit Managers (PBMs) within the workers' compensation arena. Our guest, Colleen Shields, CEO of Rescue Meds Pharmacy, sheds light on the often-hidden manipulations of PBMs and their impact on pharmacies and injured workers. Join us as we explore the intricacies of workers' comp, the challenges pharmacies face, and the fight for fairness in the industry.
https://rescuemeds.com/
Time Stamps:
- [00:00:15] Introduction of Colleen Shields and topic overview.
- [00:01:17] Discussion on PBM practices in workers' comp and their impact on profits.
- [00:02:30] Overview of the history and purpose of workers' compensation.
- [00:04:26] The mandate of using Optum PBM in certain states and its implications.
- [00:08:36] Colleen Shields explains the operations of Rescue Meds Pharmacy.
- [00:12:09] The risks and challenges in managing large receivables in workers' comp cases.
- [00:16:00] Insights on business projections and strategy for Rescue Meds Pharmacy.
- [00:20:24] Addressing the urgent financial needs of patients facing housing insecurity.
- [00:24:37] Discussion on the strategic location and growth plans of Rescue Meds.
- [00:30:09] Exploring potential business opportunities in the workers' comp space.
- [00:34:11] Identifying the bad players in the workers' comp industry.
- [00:38:27] Personal insights from Colleen Shields on leadership and business management.
- [00:44:09] The role and expertise of pharmacists in the workers' comp field.
- [00:47:37] The evolution and challenges faced by pharmacists in the industry.
- [00:52:56] Closing remarks and contact information for Colleen Shields.
The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.
