December Was a Strong Month for Cherry Street Pharmacy
Over the short month, I’m proud to announce Cherry Street Pharmacy has reached important milestones for our business. In fact, we’ve accomplished so much early on this month, it felt like the holidays came early for my team.
As our biggest advocates and partners in business, I’m excited to announce the following updates to you today:
Cherry Street’s Pharmacy’s Saved Patients Over $100K in Co-Pays
2020 was an unprecedented year.
With millions of people trying to survive the new norm, we knew our business model was perfectly positioned to help those in need. Through our Cherry Care Program, prescription coupons, and Cherry Street Points Program, we were able to make healthcare more accessible to those that need it most.
Cherry Street was founded by Dr. Wenbo Liu in 2016 as a means to make the health care system more streamlined, affordable, and accessible for at-risk and underserved communities.
Driven by his ethos to do well by doing good, Wenbo’s creativity and problem-solving abilities helped him create a pharmaceutical business model that can provide eligible patients up to 100% off on prescription co-pay costs.
But Wenbo didn’t always have the dream to open up a pharmacy.
Here’s Wenbo explaining his journey, skills, and the reasons why he believes his leadership will ultimately make Cherry Street Pharmacy a household name and a great investment for those looking to get more involved in our company.
“I’ve Always Been an Entrepreneur”
My entrepreneurial journey started when I was in junior high, when I started my own tutoring club. Over time it grew to a decent size, and eventually, my tutoring club became a tutoring business called Teacher IQ where I would hire grad students to...more
The Guardian recently wrote, “Millions of Americans can’t afford the prescription drugs they require to survive, forcing them into bankruptcy, trips to Mexico, or cutting off utilities.”
It’s true—all too often our patients tell us stories about forgoing food, utilities, and other basic necessities to pay for the outrageous cost of medications. We even had a patient who, in a difficult position, decided to pay rent and skip his heart medication instead, which sent him on a stretcher to the hospital only a few weeks later.
These stories make it clear that the US healthcare system is in desperate need of change.
But politics takes time, so our Founder and CEO Wenbo Liu asked, what can we do now to help those in need of medication, and how can we make it sustainable?
After months of planning and problem solving, Cherry Care—the non-profit arm of Cherry Street Pharmacy—was...more
Do you have multiple medication prescriptions to take? Do you get frustrated having to run so many trips to the pharmacy to stay on top of all your refills?
If so, then let us help you streamline your pharmacy visits and make medication management easier with Cherry Street Pharmacy’s Medication Synchronization program.
Medication synchronization (med sync) is, “when the pharmacist coordinates your refill on your medication so you can pick them up on a single day of each month.”
The Benefits of Medication Synchronization
A study done in 2018 by Harvard Medical School found that patients on med synch programs improved medication adherence by 8% compared to non-synced patients. In addition,...more
With any new medical invention, it takes tremendous time to test, validate, and implement the technology at scale. However, disruptive change can act as a catalyst for emerging technology to almost instantly become the new standard. Thanks to the COVID-19 pandemic, the medical innovation at the forefront of transforming healthcare is telemedicine.
According to the CDC, “During the first quarter of 2020, the number of telehealth visits increased by 50%, compared with the same period in 2019, with a 154% increase in visits noted in surveillance week 13 in 2020, compared with the same period in 2019.” Another report stated that “Since February, telemedicine grew from less than 1% of primary care visits to nearly 43.5% in April 2020.”
With it’s forced rapid...more
“Cherry Care didn’t start out as a formal program it started out of need,” declares our founder, Wenbo Liu, “We had members of the community who were being forced to make terribly difficult decisions, between eating or taking their medicine, between paying their rent and staying healthy. These are choices I don’t think people should have to make in the wealthiest country in the world.”
In a country where over half a million people are turning to bankruptcy each year due to medical debt, a program such as Cherry Care could potentially heal an ailing healthcare system.
The way the program works is simple:
Wenbo set up a non-profit organization that collects donations from people who can afford it, including Cherry Street Pharmacy, which contributes a percentage of earnings before profits. This non-profit organization, or pool of resources nearing almost $500,000, allows Cherry Care to...more
Before COVID, implementing prescription delivery was notoriously difficult.
Cost of delivery, the ability to verify identity, and distribution management all posed huge barriers to effectively build out a prescription delivery service offering that would support their customers’ and business’ needs.
Our Founder Wenbo Liu points out, “If you do 100% delivery, what happens when you have to make multiple deliveries to the same person? What happens if a doctor sends an antibiotic in the morning to realize he sent the wrong one? Delivery has high potential for error or complications, which all translates into additional costs from repetitive work.”
For these reasons, many pharmacies were resistant to offering any type of medication delivery.
Due to modern technology and applications, patient identity can be verified and delivery push notifications acknowledgement can hold patients accountable for accepting medications.
If you ask the internet, healthcare is broken and there’s no way to fix it. But a visionary pharmacist opening next-level clinics in rural communities is set to make healthcare affordable again and he isn’t waiting for politicians when they’ve proven to be more interested in campaign contributions from insurance and healthcare companies.
“What we’re doing with Cherry Street just makes sense for the future on many levels,” asserts Wenbo Liu, our CEO and Founder of Cherry Street Pharmacy. “I’m on the ground here. I can see what devastating effects lobbyists are creating in communities and I can see a way around that whole mess.”
Our founder’s vision is to build a series of Cherry Care Pharmacies that connect suburban and rural patients with subject matter experts and specialists in distant institutions, such as Stanford...more
At Cherry Street, our founding mission is to serve those that need our help.
As a pharmacy, we’re uniquely capable to help improve the health and wellbeing of our surrounding community. After hearing story after story of individuals being hospitalized simply because they couldn’t afford their medications, we knew we needed to do something about it.
Aligned with a mission to improve quality of life, we settled in an underserved community to intentionally help those that would benefit from our support the most. As a result, we created Cherry Care, our non-profit that provides direct financial copay assistance for those who struggle with paying for their medication.
Because the bottom line is, nobody should ever have to choose whether they are going to pay for food versus their medication.
By breaking down our copay assistance program, we hope to communicate that we’re here to help you create a healthier life while putting dollars back into your pocket. At any...more
What if a pharmacy could end healthcare inefficiencies, close the access gap for the poor and underserved and keep people consistent with their medications, all while turning a healthy profit?
Would you want to invest in that model?
Because, suddenly, you can.
Our Founder, Wenbo Liu worked his way up to Pharmacy Manager not long after graduating Pharmacy School in 2013, and he couldn’t ignore the lack of efficiency in providing medicine and even overall care in the healthcare industry.
“People call their doctors, make an appointment, drive there, then go to the labs, and then go to the pharmacy, wait in line to see if their prescription is available. If they need a refill, they go to the pharmacy. If there's no refill, the pharmacy sends a message to the doctor,” Wenbo exclaims. “And then everyone goes back and forth, back and forth; there are huge inefficiencies. And these are sick people.”
Wenbo began to address the lags in communication with evolving technologies when he launched his own pharmacy,...more