Podcasts & Blogs

Risk managers and human resource professionals have an opportunity to collaborate in ways that will benefit their organizations as well as provide a more seamless employee experience. The connection of workers’ compensation and the Americans with Disabilities Act (ADA) provides an insightful illustration of why this broader collaboration is so important.

When you institute your own pharmacy or join an established pharmacy organization, it is “closed.”  This means that only employees and dependents insured on the member health plan can use the pharmacy. Often, many groups join together to form the membership to help offset the overhead and administrative costs.

If you are like most risk management professionals, the thought of opening your own pharmacy brings up a slew of questions and concerns. What are the laws, rules and regulations surrounding running a pharmacy? What kind of insurance products would be needed, and what level of self-insurance could we afford? Do I have the staff/time to research, license, build, stock, hire, etc. everything necessary to run a pharmacy? Will the pharmacy save enough money to make it a worthwhile endeavor for my entity?

By 2025, it has been predicted that there will be two times as many workers aged 50 years and older as those aged 25 and younger, and 30% of the US workforce will be aged 55 years and above. This statistic reinforces the fact that people are living and working longer, making this segment of our population a more attractive asset to employers as the current disparity of unemployed workers and available jobs increases.

The worst of the COVID-19 pandemic might be behind us, but are you prepared for the next public health crisis? The risk of uncertainty is an expensive one, and to not “expect the unexpected” results in a far heftier price to pay. The current inflationary environment on the heels of COVID-19 is a prime example of such.