I am thrilled to show you Release #1 of The Alchemy Digital Product. But before I do, I wanted to set the context on why we are building a digital product in the first place and why we think it is critical for the long-term success of our safety net clinic partners.
Over the last decade of my career, I’ve built digital pharmacy products that have dispensed over 25 million prescriptions to 4M patients across all 50 states. In that time, I’ve seen how the existing pharmacy technology infrastructure in America has lagged behind most other industries that have been through consumerization shifts in recent years. But it should come as no surprise that despite facing significant instability in basic needs like housing and transportation, the most underserved and low-income communities across the country are very savvy smartphone users. This is why any incremental improvement that software can make to help meet these patients where they are can have an enormous (and disproportionately positive) impact on patient outcomes, especially for people living with HIV and Hepatitis C.
It turns out that when a patient has challenges getting to and from the clinic that day, the most important thing to do is ensure a patient walks out with their medication that same day, and subsequently has a convenient way to access their refills to their essential medicines. These same patients have significant challenges returning to the clinic (or any retail or specialty pharmacy for that matter). Now, can you imagine what happens when this patient has to spend 30 minutes or more on the phone trying to navigate a PBM’s mail order pharmacy customer service, just to get their refills. The number one reason that people living with HIV and Hepatitis C fall out of care is because of the friction that exists in the existing pharmacy system. And at Alchemy, this is an unacceptable reality for us.
Why are we building a digital product for our customers?
One of our founding principles at Alchemy is “Beyond the Walls of the Pharmacy.” We believe that the process of setting up, ramping, and managing a pharmacy operation for a safety net clinic is only the beginning of the journey. When you focus on not only the 1st prescription fill, but also the 75th fill (because HIV patients are required to stay on treatment for the rest of their lives), you begin to think about the entire patient journey for that clinic and patient very differently, and realize there is so much that can be done to improve that clinic and patient’s life from both a clinical and digital product standpoint. It is why we are investing into technology to deliver best-in-class clinical and digital products to provide long term value for our customers and their patients, beyond the walls of the pharmacy.
Which stakeholders are we building this digital product for?
We are building The Alchemy Digital Product for every stakeholder in the safety net clinic world, beginning with pharmacy staff, clinic leadership and patients with a focus on the most important jobs to be done in building and scaling a best-in-class 340B pharmacy program.
In the upcoming releases, you will see our obsessive focus on workflows and features that drive capture rate of prescriptions for our safety net clinics. Capture rate is the lifeblood of any in-house pharmacy program, and is the key to driving the optimal clinical outcome and financial results for our partners.
What is our north star for the digital product?
We are on a mission to serve safety net clinics. Our mission is to demonstrably prove that in-house pharmacies yield better financial results, while driving improved patient outcomes at scale. In service of this mission, we believe our clinical and digital products will play a central role in achieving this long term vision.
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