March 23, 2017
It’s no secret that independent community pharmacies today are looking for new opportunities to generate revenue for their businesses.
Declining reimbursement rates, increasing competition and pressure to meet quality measures make it nearly impossible for these pharmacies to continue being successful by simply dispensing prescriptions.
So, what can your pharmacy do? One solution may be to offer clinical programs and services.
Here’s a look at how your independent community pharmacy can improve patient outcomes and boost its bottom line by expanding into clinical programs.
Independent community pharmacies today have more freedom than ever before. You have opportunities to use your skills to earn revenue in new ways and improve your bottom line in an industry that’s squeezing profits from traditional dispensing. We’ve curated a selection of profitable pharmacy services to offer. Read the article
There are a number of different clinical programs and services pharmacies can offer to generate extra revenue, improve outcomes and differentiate their businesses.
Clinical services your pharmacy can offer include:
Whether patients pay through insurance or out-of-pocket, clinical services will generate new revenue streams.
Offering clinical services can also increase your front-end sales, as expanded offerings will likely drive more traffic into your retail section.
For example, if you offer diabetes education classes, you’ll likely have more patients visiting your front end to buy blood glucose meters, testing strips, diabetic shoes, supplements, skin care products and syringes.
When you offer new clinical services, you also have an opportunity to recommend supplementary over-the-counter (OTC) products.
For example, you could recommend relevant retail products like nicotine gum, lozenges and patches to patients in your smoking cessation program.
Before you can offer clinical services, you need to identify when patients may be interested in one of the programs or services you provide.
For example, you’ll want to know if a patient visits your pharmacy multiple times a month to pick up different prescriptions, so you can recommend your medication synchronization program.
Or, if a patient comes in to refill his insulin prescription, you’ll want to be alerted so you can inform him about your diabetes management program.
By taking advantage of the features of your pharmacy management system, you can ensure patients who qualify for one of your programs are flagged and pharmacists are alerted.