Whether it’s the addition of automation and robotics or thinking outside the box to become an industry innovator, change is essential to the success of your independent community pharmacy.
Remaining stagnant, not keeping up-to-date with current industry trends, or continuing with outdated processes can put your pharmacy business at the bottom of the totem pole.
Inefficient workflow, out-of-date technology or unproductive marketing can all negatively affect your pharmacy. If your current plan-of-action isn’t helping you reach your long-term business goals, it may be time to consider an update.
Here are four signs it’s time to make a change to your pharmacy business.
1. Inefficient work environment
Have you noticed diminished pharmacy workflow? Or, do your employees seem disgruntled?
Many things can cause an inefficient work environment. If employees aren’t feeling appreciated, if job burnout is leading to stress, or if social cohesion is nonexistent at your pharmacy, your business could be in trouble.
To enhance productivity at your pharmacy, work to decrease stress in your work environment. Or, consider adding automation in your pharmacy, so you can shift some dispensing tasks to a robot system, so your employees can focus on patient care services.
2. Customer disinterest
Loyal customers are what keep your business alive. Patients may take their business elsewhere if they experience a longer wait time than usual, or if they’re treated in a curt or unfriendly manner.
Is your independent community pharmacy going the extra mile to ensure that your patients come first? If you’ve noticed a slump in business, consider a marketing promotion to satisfy your patients, or a questionnaire to ask patients how you can improve.
Also, remember that the personalized service you offer patients is what makes your pharmacy unique, and keeps patients coming back.
3. Increased expenses
If you’ve noticed your business’s expenses piling up, it may be time to consider an adjustment.
An increase in expenditures can come from many things, such as an increased cost in employee labor or purchasing your inventory at a high cost of goods.
Some ways you can lower expenses include:
- Buying better. A service such as ProfitGuard by PBA Health, a primary wholesaler contract negotiation service, can help improve your cost of goods.
- Maximizing your reimbursements. A third party network, such as TriNet Third Party Network by PBA Health, can negotiate third party contracts on your behalf, to help improve your reimbursements.
- Considering automation. A pharmacy robot can help cut labor costs, so employees can spend more time on tasks that robots can’t do, such as administering immunizations and counseling patients.
- Optimizing your marketing. If you’re spending money on marketing and advertising, do you know if your efforts are fruitful? Hiring a marketing professional can help you get the most out of your marketing funds.
4. Behind the times
Do you feel as if you’re struggling to keep up? One sure-tell sign of needing to overhaul your business is if your pharmacy doesn’t offer the services or solutions you’re starting to see everywhere in the industry.
As an independent community pharmacy, you don’t necessarily need to have the latest and greatest technology. But maybe it’s time to look into offering online refills, or investing in some type of automation. It’s important to pay attention to what’s going on in the industry and to decide if the latest technologies would benefit your business.
The same goes for service offerings. Maybe offering a pharmacogenetics service isn’t right for your business yet, but have you started an adherence program? It’s critical today to remain relevant and to differentiate your business.
Attending a pharmacy conference or continuing education (CE) session can help you find ideas to keep your pharmacy up-to-date.
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