*Patient is not an actor
About Smart Rx Systems, Inc.
The Smart PharmAssist™ Kiosk is a remote pharmacy dispensing technology that will allow people someday to have access to multi-lingual pharmacy services 24-hours a day, seven days a week. Smart PharmAssist™ Kiosk uses scanning and biometric technologies to provide patients with a remote, face-to-face consultation with a pharmacist and the opportunity to have their prescriptions filled securely and conveniently
Frequently Asked Questions
A SmartRx Pharmacy uses a total of about 150 sq. ft. kiosk, installed in a secured location and has robotic hardware and software verifying, counting and disbursing the medication.
The average pharmacy is 1,733 square feet, of which 864 square feet and 869 square feet are dedicated to the prescription department and to the front end, respectively.
The robotic hardware and software are cutting edge technology, is a tireless worker, and free of errors and breakdowns. The accuracy rate is 99.9% almost 100% compared to 94 to 96% in the brick-and-mortar pharmacies of the USA. Making an error in type of medications, in size of medical dose per pill, or in brand name dispensing, etc., can be both needlessly expensive and time consuming; the robotic elements eliminate those risks, and needs no lunch, breaks, sick days or vacations. The entire SRXS Kiosk system, makes each Smart PharmAssist™ Kiosk highly automated by securing and up-to-the second inventory calculation per medication, thus triggering refills, triggering inventory orders, and medication dispensing for each Pharmacy location.
The Smart Rx Pharmacy is a point-of-care model which provides great convenience for patients because they are each unique pharmacies located in Physicians’ practices and in the lobby of Medical Office buildings (MBO). These pharmacies are always managed by a pharmacist or a pharmacy technician as required by the Board of Pharmacy, but, with SmartRx patients come to the physician Office and get examined by a physician, the physician sends e-script to the kiosk in the pharmacy, the robot receives the electronic prescription, finds the patient in the data base, grabs a vial, finds the medication within seconds, counts the drug as prescribed, labels the vial with the patient’s information, and shows an image of the drug dispensed for pharmacist verification. The entire process is less than a minute and requires zero human intervention and zero contamination. The patient walks to the lobby, pays the co-pay and goes home feeling happier.
Smart Rx pharmacy can partner with Physician groups of all types and medical specialties and share costs and profits ranging from 1% to 40%. This helps the physician groups increase revenues and profits, while decreasing the total risk to smart Rx pharmacy. A smart Rx Pharmacy is opened at the point-of-care with a minimum of 4 plus physicians to 15 plus physicians to as many practices are housed within an MOB that participate within that MOB, or for all the Physicians, Physicians’ Assistants (PA’s), Nurse Practitioners (NP’s), or Registered Nurses (RN’s) within the staff of that Clinic and medical office building that house 4 plus physician practices to 15 plus physician practices. The Kiosk helps decrease the operating costs and increases profit margins.
The robot usually only carries inventory with storage of up to 250 brand name drugs mostly prescribed by the physicians housed in the practice(s) but the pharmacy has the ability to fulfill unusual prescriptions, such as individually compounded medications or prescriptions not usually inventoried by the largest chain pharmacies, the same day with shipment to the patient the next day upon receipt. The shipment can be same day, next day, two day, or five days, as desired by the patient.
Smart Rx Pharmacy is quick to install at a fraction of the cost compared to national and international pharmacy chains such as CVS and Walgreens. The operating costs and inventory costs are reduced by the use of the robot and the point of care business model. This robot typically uses 35 Sq ft. depending on the model of the Kiosk deployed in each location. It is a complete “pharmacy in a box” but always managed by a pharmacist or a pharmacy technician to comply with state regulations.
A Smart Rx Micro-Pharmacy or standard Pharmacy can be opened quicker at costs lower than a typical chain or independent brick and mortar pharmacy off-site location. Currently, MOB’s with at least 18 multi-physicians’ practices located in the building can generate over $27mm in revenues within 13 months of opening, and by year 3 be generating Currently, individual physicians’ practices Kiosks located within physicians’ offices can generate revenues of over $27mm within the first 13 months of opening, with about $3.9mm in EBITDA, to after the third year of operations generate over $42mm in revenues per location with over $6.4mm in EBITDA.
A small physicians’ office practice of 10 to 15 prescribing members should generate between $750,000 to $3,000,000+ annually in year one, with over $350k to over $825k EBITDA; and for year 3, to over $4.5mm of annual revenues entering year 3, with EBITDA of at least $1.35mm, depending on prescriptions dispensed based upon physicians’ type of practice, specialty products, diabetic supplies, and other chronic disease treatments. Some types of practices that prescribe more frequently utilized prescriptions, in increasing refill utilization, of the more expensive prescriptions, could generate almost triple that EBITDA.
Smart Rx Pharmacy dispenses both generic and brand name prescriptions, specialty medications, Durable Medical Equipment (DME), and other well-known vitamins to increase sales and profits.
The company developed Mini Pharmacies allowed in certain states where one remote pharmacist can manage up to 7 Micro Pharmacies within a 50-mile radius. All Micro pharmacies have at least a pharmacy technician who manage the Micro locations like a typical pharmacy in which no patient is allowed within reach of the Kiosks or touch anything inside the pharmacy.