Make the next six weeks the best of the year! (Yes, there are only six weeks left until 2025!) Last week’s post offered three ideas to end the year successfully. We promised three more great ideas and here they are.
Review your budget
Take the time to take a look at your financials. Examine your budget, track expenses, and analyze sales patterns. This will give you insight on what worked over the past year and what didn’t. Are there ways to improve your rebates? Streamline your purchasing? Increase sales? Where could you have improved? After all, numbers don’t lie.
Get ready for next year now
Everyone starts the year with the best intentions. Indeed, a new year means new resolutions. And health and wellness goals almost always top the list. Help your patients get the jump on their goals and keep their resolutions.. Do you offer wellness services and products? If you offer weight management programs or smoking cessation counseling, make sure your patients know! Encourage them to grab a friend and join together. Put products front and center. Be ready to change your endcaps and displays once the clock strikes 12 and it’s 2025.
You might go a few steps further. Reach out to local fitness centers or healthcare facilities. Create cross-promotional opportunities so you can both benefit. Join other health-focused, community-based business to support each other businesses—as well as the health of your patients. Maybe that community center is offering cooking classes. Or that fitness trainer is offering a “new year, new you” deal. Leverage your standing in the community to support others. And they’ll support you. It’s a win-win-win situation for you, your patients and your entire community.
Prepare for new requirements
While DSCSA compliance may be on your mind, the new year always brings plenty of industry updates and regulatory changes. For example, there’s the new Medicare Prescription Payment Plan (M3P), a provision of the Inflation Reduction Act. This new policy aims to ease the burden of constantly changing prescription copays. Consider running refresher courses for your team on regulatory and compliance issues.
The better prepared you are to close out one year and start another, the better for you, your team, and ultimately, your patients. You’ll sail into 2025 full of confidence that you have a strong foundation for success.
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 run 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 warehouse 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.
