How to Become a More Profitable Independent Pharmacy
No matter the business, the main goal is usually centered around keeping it afloat and making sure that it’s thriving. The way to make sure that happens is to not only maintain profits, but increase them.
This article details the ways that you can increase your independent pharmacy’s profits in order to keep your business alive and relevant in your customers’ everyday lives.
1. Improve Your Prior Authorization Process
This is something you can do easily by going paperless. It optimizes the process for both yourself and the patient by speeding up treatment and allowing for easier communication. Going paperless with your PA process allows doctors, pharmacists like yourself, and patients to communicate regularly and without roadblocks.
2. Work With a Transparent PBM (Pharmacy Benefit Manager)
You can either work with a transparent BPM or drop them altogether. PBMs generate billions upon billions in revenue every year and leave measly scraps for the independent pharmacies to survive off of. By ditching the middle man, you can keep your profits local while providing the same high quality care to your patients.
3. Become a 340B Contract Pharmacy
The 340B program gives vulnerable patients access to affordable medications because it mandates that drug manufacturers sell medications to hospitals/healthcare organizations at a reduced price. By becoming a part of this program, you can gain a competitive advantage against other independent pharmacies, increase revenue, and improve clinical outcomes.
4. Improve Pharmacy Operations
This involves a handful of aspects. To reduce staff turnover, implement a thorough and informational training program and orientation process. A good staff makes for good customers. Employing good customer service to handle complaints reduces revenue loss. You should also implement medical billing and error prevention techniques in order to keep everything in your pharmacy as streamlined as possible.
5. Provide Urgent Care Services
Transforming your pharmacy into a one-stop shop is great for customer satisfaction, and it also allows you to generate more business, which means generating higher revenue. By introducing relevant services like telemedicine, you can up the amount of customers that you serve by an even larger percentage.