Independent pharmacies are a one-of-a-kind part of the healthcare industry. They provide a more personalized kind of patient care that your patients would never get in the big chains.
Your independent pharmacy is a bonafide healthcare destination, a pillar of the community that helps patients become a healthier version of themselves.
You’re also running a business, and you can only get so far with only dispensing medications. Nowadays the average independent pharmacy do more than just put pills in a bottle.
You likely know this already, but there are different avenues you can take to increase your pharmacy’s cashflow.
Here are different ways to make money in your independent pharmacy.
Let’s get the most basic one out of the way. Vaccines are the most common form of clinical services that pharmacies provide. Whether we’re talking shingles or flu shots, vaccines are a cash cow for your independent pharmacy.
Vaccines are the easiest way to start your cash flow expansion. There will always be a demand for them, causing a steady cash flow that you didn’t have before.
Offering vaccines and other clinical services provide additional ways to create patient relationships. It gives you more time to speak with your patients, get to know them, and establish a healthy rapport.
That’s what these additional services should do: give you an additional source of income while further strengthening your patient base. A strong patient base is the key to turning a good independent pharmacy into a bonafide healthcare destination.
Expanding your cash flow means expanding your independent pharmacy’s arsenal. Whether we’re talking about vaccines or testing kits, this is all about expanding your range of care.
Compounding services are a niche — but profitable — section of the industry that puts the “specialized” in “specialized care.”
Certain patients require very specific doses of their medications, doses that aren’t widely available at the average pharmacy counter. There are also medications that aren’t widely made and require pharmacies to create them by hand.
Offering compounding services ensure that you’re casting a wide net of patient care. It lets your patients know that your pharmacy can care for them with little to no exceptions.
Though offering clinical services are a sizable financial investment for your independent pharmacy, it will pay dividends for your bottom line and your patient base.
Med sync is less about expanding your cash flow and more about streamlining it. Med sync is all about ensuring your patients can pick up their medications at once, instead of making multiple trips throughout the week.
A key part of successful patient care is convenience. The more convenient you make the checking out process, the more likely they will return to your pharmacy.
Some patients liken going to the pharmacy to having a dentist appointment. It’s long, time-consuming, but necessary to achieve better health. Med sync reassures your patients that the checking-out process is quick, painless, and always efficient.
As menitioned above, med sync can definitely enhance your cash flow, but it mainly streamlines it. Since your patients are picking up all their medications at once, you have a better idea how an individual patient can shape your pharmacy’s income.
Med sync is one of many services that give you a financial forecast for your independent pharmacy — and all you need to do is what you’ve always been doing: provide exceptional care.
Your pharmacy’s cash flow doesn’t have to do with just medications. Word of mouth, advertising, and just good ol’ marketing are a tried and true way to expand your pharmacy’s cash flow.
An effective marketing plan will reach as many people as possible. Thus, more people will know about your independent pharmacy. When they have a prescription to drop off, your independent pharmacy will come to mind first.
When a patient is with friends and they’re discussing great doctor offices or pharmacies, they’ll undoubtedly bring up your pharmacy.
Marketing your pharmacy takes several forms. Nowadays social media and online ads are the way to. Just like how the industry is becoming more and more digital, so are the methods to expand your pharmacy’s cash flow.
Visit our blog, Do Away With These Pharmacy Marketing Tactics, to learn more about how to NOT market your independent pharmacy.
A good way to expand your independent pharmacy’s cash flow is to make it as widely available as possible. We talked about that when it came to the marketing sphere in the prior section. Now, let’s get back to the pharmacy counter — but not for long.
Mail-order pharmacy is all the rage now and for good reason. As mentioned earlier, patient convenience has never been a higher priority. Mail-order pharmacy is the epitome of this: delivering their medications to their door.
We all lead busy lives, and waiting in a pharmacy line can be too time-consuming for some. Your patients are loyal to your pharmacy, but what if they simply don’t have too much time? Mail-order pharmacy fills that void without sacrificing the quality of patient care.
There are also patients who are physically unable to come to your pharmacy. Whether it’s due to physical disabilities or lack of transportation, providing a mail-order program ensures those patients do not go without their medications.
Mail-order programs let you maximize your pharmacy’s cash flow while strengthening your bonds with your patients — a win-win if there ever was one.
Being an independent pharmacy owner means you’re a business owner. And businesses need to make money to survive.
In the world of goods and services, your independent pharmacy provides one of the most essential goods: a path to a healthier self.
By embracing new services and clever marketing strategies, your independent pharmacy will have several strong avenues of revenue. What matters is you use them to their fullest.
