The Basics of Medication Therapy Management for Pharmacy Success

As healthcare has evolved and patient needs and preferences have shifted, so has the role of pharmacies within this landscape. Pharmacies have taken on an increasingly larger role in the care of patients and this can mainly be seen in the expansion of services that pharmacies offer. 

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One of these services is Medication Therapy Management (MTM) — and it has emerged as a cornerstone of comprehensive patient care and a vital service for pharmacy success. As a pharmacy owner, understanding and implementing MTM can significantly enhance patient outcomes, improve customer satisfaction, and boost your business's profitability.

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What Is Medication Therapy Management?

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MTM is a service that optimizes therapeutic outcomes for patients. The Centers for Disease Control and Prevention define medication therapy management (MTM) as “a broad range of health care services provided by pharmacists — the medication experts on a patient’s health care team. It allows pharmacists to actively manage patients’ medications and identify, prevent, and resolve medication-related problems. This support helps patients get the most benefit from their medications.” 

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This service can include conducting medication reviews, developing medication action plans, and providing patient education to prevent medication-related problems.

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Why MTM is Essential for Your Pharmacy

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• Improved Patient Outcomes: By identifying and resolving medication-related issues, MTM helps in reducing hospital readmissions, adverse drug events, and overall healthcare costs. Patients who receive MTM services may also be more likely to adhere to their medication regimens and achieve better health outcomes.

• Enhanced Patient Engagement: Medication Therapy Management fosters a closer relationship between the pharmacist and the patient. Regular interactions through MTM services build trust and rapport, encouraging patients to be more proactive about their health.

• Increased Revenue Streams: Offering MTM services can diversify your pharmacy’s income sources. Some insurance plans, including Medicare Part D, provide reimbursement for MTM services, which can add a significant revenue stream to your pharmacy.

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Implementing Medication Therapy Management in Your Pharmacy

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To successfully implement Medication Therapy Management, start by training your pharmacy staff on the principles and practices of MTM. Utilize technology solutions that streamline the MTM process, such as electronic health records (EHR) and MTM software platforms. You can also consider partnering with healthcare providers to identify patients who would benefit most from MTM services.

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Integrating MTM into your pharmacy practice not only elevates patient care but also positions your pharmacy as a leader in the community. With any new service you offer at your pharmacy, you’ll need time in your day to make it happen. Nimble can help get you more hours back to invest in new services and initiatives — if you’re curious about how we do that, speak with one of our pharmacy experts, today!