As an independent community pharmacy, your staff’s personal knowledge of your patients is likely a big part of your pharmacy’s appeal.
Knowing key facts about patients can do more than just make them feel at home. The right information can help you understand the demographics of your patients, the common issues they face, and it can give you ideas for ways to adjust your product and service offerings to better address their needs.
For independent community pharmacies, there might be no demographic more important to your bottom line than Medicare patients. In 2014, Medicare Part D covered 34 percent of the prescriptions dispensed by independent community pharmacies, according to the 2015 NCPA Digest, an annual publication from the National Community Pharmacists Association (NCPA), which profiles the $81.4 billion independent community pharmacy market. Learning more about this demographic can help you attract more Medicare Part D patients, and grow your pharmacy business.
Here are five insights about patients covered by Medicare, according to an April 1 article from the Kaiser Family Foundation (KFF).
1. Managing multiple chronic conditions
According to KFF, 66 percent of the total Medicare population has three or more chronic conditions.
Make sure your pharmacy is not only filling prescriptions to help Medicare patients address chronic issues, but also offering services and over-the-counter (OTC) supplementary products that can help patients manage their conditions.
Expanding your service offerings to include services such as diabetes counseling, or health and wellness programs to help patients with high blood pressure, can add value to what you already offer patients, while also boosting revenue.
2. Restricted finances
Half of Medicare beneficiaries have an annual income below $24,150, and half also have savings below $63,350, according to the KFF article.
You can be sensitive to patients’ price concerns by working with physicians to find generic options when possible, and by offering a loyalty rewards program. Give patients extra rewards, such as a 5 percent discount off a front-end purchase, for using your pharmacy.
3. Perceived declining health
More than a quarter, 27 percent, of Medicare beneficiaries reported being in fair to poor health, according to the KFF article.
These patients need a pharmacy more than ever. Consider promoting your medication synchronization program to these types of patients to help make managing their medications easier.
Also, consider offering programs, educational information and products to help patients who consider themselves in good and fair health maintain their wellbeing. Offering preventative care services and products can help transform your pharmacy from a place to get prescriptions into a health care destination for Medicare patients.
4. Permanent disabilities
While a majority of beneficiaries qualify for Medicare by turning 65, the KFF article found that 17 percent of beneficiaries are under the age of 65 and live with a qualifying permanent disability.
To serve these patients, make sure your pharmacy is complying with the Americans with Disabilities Act (ADA) and is accessible to patients with various levels of mobility. You can even consider starting a curbside pickup program or a delivery program to make it simpler for patients with limited mobility to use your pharmacy.
5. Out-of-pocket spending trends
The average total out-of-pocket spending for services and premiums by Medicare beneficiaries in 2011 reached $5,368, according to the KFF article.
Prescription drugs ranked third among the categories of out-of-pocket spending, claiming 10 percent and ranking behind long-term care facilities, medical providers and supplies.
Pharmacies can grow their portion of that out-of-pocket spending by offering more patient care services to draw from the 3 percent of out-of-pocket spending that goes toward outpatient hospital services.
Learn how a simple plan comparison can help you keep Medicare Part D patients at your pharmacy.
