Tuesday, June 6, 2023

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Insurance Solutions for Pharmacies Amid Evolving Healthcare Services: Insights from the Victorian Pharmacist Pilot

As part of its ongoing commitment to improving healthcare accessibility and affordability, the re-elected Andrews Labor Government has recently announced an investment of $19 million to further broaden the scope of community pharmacists' roles. This is part of a 12-month pilot program slated to commence on July 1st, 2023.

This program will enhance the responsibilities of community pharmacists to include treating uncomplicated urinary tract infections (UTIs) and reissuing contraceptive prescriptions. Additional services such as treating minor skin conditions and administering travel and public health vaccinations will also be included. These initiatives are expected to yield cost and time savings for the Victorian health system, easing the load on GPs and hospital emergency departments.


Women, in particular, stand to gain from this program, as it provides a convenient, trustworthy health destination for easy access to treatment. This mirrors the success of a similar pilot in Queensland, where over 9,000 women accessed the UTI pharmacy service. With a reported 87% resolution of symptoms and over 92% expressing high satisfaction with the service, it has now become a permanent program.

As part of this pilot, pharmacies will receive a $20 per patient consultation payment from the Victorian Government. Patients will only be responsible for the cost of any prescribed medicine.

What does this mean for your insurance?

As healthcare delivery evolves, so too should the approach to protecting the financial health of pharmacies. These advancements in the scope of pharmacy services means a thorough review of stores’ existing insurance portfolios is necessary. Pharmacy retailers need to ensure their coverage is comprehensive and adequately addresses the emerging risks associated with these expanded responsibilities.


Furthermore, individuals should reassess their personal health insurance policies to leverage these changes fully. By understanding the benefits and limitations of their coverage, they can make informed decisions about their healthcare and reduce out-of-pocket expenses.


Next Steps

If these changes pose implications for your insurance needs, we encourage you to consult with your insurance broker. As experts in insurance solutions for pharmacies, we can provide the necessary guidance to navigate these changes. 

Interested in learning more about Honan and how our services can assist your organisation? View our latest capability statement to learn how partnering with us on your pharmacy insurance and risk management can confidence to focus on what you do best.

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Honan Insurance Group Pty Ltd is now fully owned by Marsh Pty Ltd. To find out more, speak to your broker or read the announcement