As an independent pharmacist, you probably already know a handful of ways to increase your pharmacy’s cash flow. But just in case one slipped by you, take a look at the following ideas to bring in more money to your pharmacy.
Vaccines and Clinical Services
We both know that vaccines and clinical services are the easiest way to gain more cash flow. The demand for them isn’t going to go away. You’re an important hub for vaccines, testing, counseling, prevention programs, and more. You’ll not only make more money, but these services will gift you more to time to speak with your patients and get to know them.
Compounding Services
Expanding your range of care includes trying new things that can bring in profit. Compounding services are a specialized niche that won’t disappoint.
Some patients need specific doses of their medications that aren’t widely available at most pharmacy counters. Additionally, some medications require pharmacies to create them by hand.
By offering compounding services, you’ll have a wider variety of patient care that lets your patients know you can handle their needs with few to no exceptions.
Medication Synchronization (Med Sync)
Med sync will streamline your cash flow. It’s all about ensuring your patients can pick up their medications in one trip rather than multiple trips throughout the week.
Your patients like convenience, so the more convenient you make the check-out process, the more likely they’ll keep coming back to your pharmacy.
While med sync can, indeed, enhance your cash flow, it mostly streamlines it. With patients picking up all of their medications at once, you will have a better idea how each patient can shape your pharmacy’s income.
Delivery Service
Waiting in line at pharmacy counters can be too time consuming sometimes. Life gets busy, so a delivery service fills that void without sacrificing the quality of patient care is a good idea. For those patients who are physically unable to visit your pharmacy, a delivery program ensures they don’t go without their medications.
Your pharmacy is in a great position to offer delivery service for your patients. Large chains have a harder time because they’re not as close to their patients like your pharmacy is.
Starting a delivery service will come with some costs. First of all, you’ll need a vehicle. With a vehicle comes maintenance, gas, insurance, and the need for a driver. That’s right. You’ll have to hire someone to perform the deliveries.
Despite the costs, some sources say that a delivery service comes with a 6 to 8 percent increase in revenue in the first few months. So, why not give it a try?
Marketing Your Pharmacy
Your cash flow doesn’t only depend on medications. In fact, word of mouth, advertising, and marketing by itself are all wonderful ways to expand your flow of moolah.
If you have an effective marketing plan, you should be able to reach as many people as possible. In return, more people will know your pharmacy exists. When they have a prescription to fill, your independent pharmacy will come to mind first.
Marketing your pharmacy can be done in numerous ways. Social media and online ads are also a perfect way to get word out about your pharmacy. Whether you prefer Facebook, Instagram, or TikTok (or all three), make sure you post regularly so your followers don’t forget about you.
A Member-Owned Company Serving Independent Pharmacies
PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy-side of their business. Founded and owned by pharmacists, PBA Health serves independent pharmacies with group purchasing services, wholesaler contract negotiations, proprietary purchasing tools, and more.
An HDA member, PBA Health operates its own NABP-accredited secondary wholesaler with more than 6,000 SKUs, including brands, generics, narcotics CII-CV, cold-storage products, and over-the-counter (OTC) products — offering the lowest prices in the secondary market.
