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New year, new insurance — same pillar of the community. The new year brings new possibilities and opportunities to excel at your pharmacy craft.
While you might feel overwhelmed with the onslaught of new insurance cards at the start of the year, remember you’re still running a business — and businesses need to make money to stay afloat.
Hang up that crazy cat calendar and make the most of this new year with these tried and tested ways to maximize your pharmacy’s revenue. You might be doing some of these already, but a refresher course never hurt anyone.
Your pharmacy business is more than the prescriptions you fill or the vaccines you administer. Not all your pharmacy’s moneymakers require a prescription. Look no further than your pharmacy’s over-the-counter (OTC) products.
Patients don’t need to jump through hurdles to buy ibuprofen or loratadine like they would for prescription-grade promethazine or oseltamivir. Maximize the convenience factor by sorting your OTC products based on their popularity.
Depending on the season, you know which kinds of products to showcase. Springtime will be perfect to show off your nasal sprays and antihistamines, whereas autumn and winter are prime times for cold and flu medications.
If you want to know what specific OTC products are flying off the shelves, your pharmacy software system should generate a comprehensive report of this. PioneerRx, for example, can generate reports on all your pharmacy products, from fridge items to DME.
Visit PioneerRx University to learn how you can make the most out of your pharmacy system. The deeper you go, the greater your pharmacy’s profits will be.
Sometimes you need to lose to gain. Pharmacy work doesn’t end when you take off the white coat or lock up for the day. Like your patients’ health journeys, pharmacy work is a round-the-clock endeavor that knows no limits.
It involves actively participating in health events, local gatherings, or educational sessions where you can impart your expertise. Consider organizing health fairs, seminars on wellness, or partnering with local organizations to advocate for health issues relevant to your community.
Whether it’s sharing health tips at a local event, engaging in community health initiatives, or being active on online platforms to provide guidance, remember, your impact as a pharmacist extends far beyond the shelves of medications within your pharmacy business.
By stepping out and actively engaging with your community, you not only expand your reach but also solidify your position as a trusted healthcare advisor. Your dedication to proactive care and community engagement sets you apart, reinforcing your pharmacy's pivotal role in enhancing the health and wellness of those you serve.
PioneerRx knows that technology trends change with the wind, bringing ample opportunities to thrive and innovate. The important part is to make the most of great change.
Your patients expect the best out of your pharmacy, expecting great efficiency and quality from you. You and your staff can’t be everywhere at once, so lean on your pharmacy technology to help with some of the heavy lifting.
Take your pharmacy software for example. Depending on your software, you can automate patient communication through text messages or voicemails. This kind of feature ensures your patient stays up to date with their prescriptions while you can focus on more urgent tasks like vaccinations or ER prescriptions.
Maximize your pharmacy business by automating certain tasks so you can give your undivided attention to what’s currently happening in your pharmacy.
Rethink Your Pharmacy’s Marketing
If you administer a vaccine but no one is there to see it, did it actually happen? Yes, because you thoroughly documented it and followed HIPAA guidelines.
Even still, your pharmacy business offers services that can transform your patients’ health journeys, so let them know about it!
Having a marketing plan for your pharmacy business has never been easier. An active social media presence can go a long way in strengthening your pharmacy’s profitability.
Start with the big three: Facebook, Instagram, and X (sorry, Twitter). Create a handle or username that’s easy to remember — like “____pharma” — just make sure your pharmacy’s name is there in its entirety. Otherwise, your patients or prospective patients might find it hard to remember.
You can also venture into other social media outlets like TikTok to maximize your outreach (the power of youths!), but start with the aforementioned three.
Personalize your feed by highlighting your pharmacy’s services and products. The main appeal of independent pharmacy is you can put your own stamp on patient care, so why should your marketing be any different?
Stand out from the pact by showing users what makes your pharmacy your pharmacy. You own an independent pharmacy for a reason, so let your community know what you’re all about.
Greater online presence means greater visibility, which means a greater number of potential customers coming your pharmacy’s way. All you have to do is post.
Read our blog “The 5 Facebook Best Practices for Your Pharmacy” to jumpstart your pharmacy’s social media presence.
As we stride into 2024, the pharmacy business continues to evolve, presenting us with both challenges and lucrative prospects. Remember, your pharmacy business is more than a business; it's a cornerstone of the community, dedicated to improving health and well-being.
By reimagining your approach to front-end displays, extending your reach beyond the pharmacy walls, harnessing the power of cutting-edge technology, and embracing the realm of digital marketing, you're poised to elevate your pharmacy's success in the coming year.
