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Event News Top 100: Rapid growth, simple model

Top 100: Rapid growth, simple model

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Paul Harral
Paul is a lifelong journalist with experience in wire service, newspaper, magazine, local and network television and digital media. He was vice president and editor of the editorial page of the Fort Worth Star-Telegram and editor of Fort Worth, Texas magazine before joining the Business Press. What he likes best is writing about people in detail and introducing them to others in the community. Specific areas of passion are homelessness, human trafficking, health care and aerospace.

ReCept Pharmacy

5500 E. Loop 820 S., Ste. 102

Fort Worth, TX 76119

817 572-0009

http://receptrx.com

Top 100 No. 15

ReCept Pharmacy – recognized for the Greatest Advancement on Fort Worth Business’s 2015 Top 100 List, jumped 26 places to No. 14 with reported sales of $151.4 million in 2014, based in part on approval of new drugs in the marketplace and diversification in its service line.

Nicky Otts founded the company in 1978 with the purchase of a single pharmacy in Fort Worth. It now owns eight stores across Texas, including two in Fort Worth and one in Grapevine, and manages an additional 17 pharmacies for physician practices, group practices and in clinics and hospital settings. All are physical stores with no online sales, and are located in or around medical districts

“With our local market strategy, we consistently and proactively strive to serve the needs of each and every one of our patients with every interaction,” says President and CEO Carmine DeNardo, who joined the company in 2009. “Our customer-first approach truly makes people feel better in every way and continues to guide our day-to-day operations over 35 years later.”

DeNardo attributes growth to two major factors.

“There have been a number of key specialty pharmacy drug approvals that has led to growth in one key therapeutic area, namely Hepatitis C. For the first time, these drugs provided a virtual ‘cure’ for the disease, and have commanded a high price point in the marketplace,” said DeNardo. “Additionally, ReCept has diversified its business from primarily dispensing to now include pharmacy management, wholesale distribution and prescription management services.”

One division of the company is Plaza Supply, which distributes emergency medical products to first responders, including fire, rescue, police and ambulance companies. ReCept and MedStar Mobile Healthcare have established a unique relationship where ReCept maintains a warehouse at MedStar’s headquarters at 2900 Alta Mere Drive. The partnership is the first of its kind in the EMS industry, and MedStar Executive Director Doug Hooten said there are a number of advantages to the arrangement.

“It reduces the carrying cost of the inventory because it is not ours until it crosses the threshold from the warehouse to our logistics department,” he said. “It increases our inventory turnover, since it is the epitome of ‘just in time’ inventory – we make a phone call, or send an e-mail, and pick up the supplies in literally minutes.”

MedStar gains efficiency because it does not have to manage spoilage or about expiration dates for drugs and supplies. “ReCept does that. They are the experts, and can move their inventory across all their pharmacy locations,” he said. “Finally, it helps us manage supplies for drugs that may show up on the FDA’s Drug Shortage lists. Since ReCept keeps a large inventory on-hand, it help mitigate some shortage issues for us.”

MedStar was established in 1986, and provides advanced life support ambulance service to 421 square miles and more than 880,000 residents in Tarrant County. It handles about 117,000 calls a year with a fleet of 54 ambulances.

ReCept says that it specializes in serving patients with complex chronic conditions and their treating physicians. “Taking a holistic approach to patient management, ReCept understands specific disease states, their treatments and the effects those treatments have on individual patients,” the company said on its website.

Registered pharmacists lead ReCept. Founder Otis graduated Magna Cum Laude from Southwestern Oklahoma State University with a Bachelor of Science degree in Pharmacy and is a licensed pharmacist in Texas and Colorado. DeNardo earned a Bachelor of Science in Pharmacy from Northeastern University in Boston, Mass. He has more than 25 years of experience in pharmacy health care. He previously was chief operating officer for TheraCom, a service division of CVS Caremark, and vice president of CVS Caremark Specialty Operations, overseeing all specialty retail locations across 25 states.


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