KNOXVILLE, Tenn., Oct. 13 /PRNewswire/ -- The fastest-growing privately held healthcare company in the country is building its business by building in-office medication dispensing programs for physicians and hospitals in 10 states. Incorporated just five years ago, Physicians' Pharmaceutical Corporation (PPC) placed No. 1 among health companies and No. 15 overall on the 2010 Inc. 5000 list of fastest-growing companies.
Under the PPC model, patients benefit from the convenience of a one-stop-shopping experience at the doctor's office. Physicians are able to customize dosages and improve patient utilization of medications. In other words, patients are more likely to fill prescriptions and take their medicine if they can purchase it at the time of their visit.
"Increased utilization means better patient outcomes," said Chris Jaffurs, PPC co-owner and vice president of business development. "It's estimated that 10 percent to 40 percent of prescriptions go unfilled nationwide each year."
PPC generated sales of $8.7 million in 2009, making it the highest ranked Tennessee company on the annual Inc. magazine list. The Inc. 5000 ranks businesses according to their last three year's revenue growth. Knoxville-based PPC posted a 9,307 percent growth rate from 2006 through 2009.
In addition to patient convenience and better care, PPC's in-house dispensaries generate a revenue stream for physicians in a climate of shrinking insurance reimbursements. Because the medications are sold for the same price they would be at retail pharmacies, the cost to patients is comparable. Prescription technicians man the dispensaries, which are not required to have licensed pharmacists on staff. From the patient perspective, these on-site dispensaries operate very much like a pharmacy, digitally maintaining dosages and drug interaction records.
PPC charges participating physicians groups a one-time setup fee for equipment, training and enrollment costs with insurance companies and benefit managers. PPC also offers ongoing profitability analysis and auditing to ensure compliance with state and federal regulatory agencies.
"Doctors don't know what they don't know about controlled substance compliance," Jaffurs said. "90 percent of controlled substances are prescribed by primary care physicians." Jaffurs explained that physicians' groups benefit from PPC's legal expertise and support. "We want to make sure the model works after the sale," he said.
A privately held company, Physicians' Pharmaceutical Corporation was founded in 2005 by George E. Riddle, a pharmacist with 30 years of experience. PPC files all paperwork on behalf of clients for licensing and enrollments with carriers and pharmacy benefit managers. PPC offers ongoing pharmaceutical, compliance, and operational support. For more information visit www.ppcdrx.com or call 865.692.5066.
SOURCE Physicians’ Pharmaceutical Corporation