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Pharmacy Profits the PBM's Can't Touch

While there seems to be no way around PBM DIR fees attacking your pharmacy's profits and next-to-nothing reimbursements, there are still many ways for your independent pharmacy to remain profitable.

By shifting your focus to profit centers not controlled by PBM’s, many independent pharmacies are finding new sources of revenue and building a bigger and better business. Independent pharmacies are looking to non-traditional services like dispensing pet medications, special ordering items, selling CBD oils, essential oils, building a stronger front end with sales and rewards programs attached and adding supplement sales to their every day workflow. Even providing vaccination services and partnering with organizations like CPESN for patient clinical care are great ways pharmacies can recoup some of their losses.

There are so many tools at your fingertips through your pharmacy software system! Easy-to-run utilities and reports in your pharmacy software can help you manage and simplify new ventures in your pharmacy. Many independent pharmacies are relying on their local communities to pull in new non-prescription revenue sources, like partnering with local clinics to offer specialized patient care. Figuring out where to start can seem overwhelming, but you should be able to rely on your pharmacy software vendor for help.

Looking for new pharmacy customers?  Why not market to the ones already living with your patients? Pet medications recorded $9 billion in sales last year and according to a survey by Pet Medications in the US, Sixth Edition, “the $9 billion in US retail sales in 2018 includes sales through veterinary hospitals, brick-and-mortar stores, and online retailers. That’s up from $8.55 billion in 2017 and represents a continuing upward trend – the pet medications market has had a compound annual growth rate of 8.3% over the past five years.” We’re always urging pharmacy owners to considering seeking revenue sources that the PBM's can’t touch and pet medications is undoubtedly a profitable opportunity for independent pharmacies. There are several pet medication wholesalers ready and willing to partner with community pharmacies! Datascan's pharmacy software system can even streamline your ordering through EDI interfaces with pet med wholesalers. 

Have you considered offering clinical services and specialized care in your community pharmacy? Specialized care can mean many things – offering weight loss plans, diabetes and other chronic disease care, and even smoking cessation plans have helped many independent pharmacies attract new patients and referrals from local doctors. Not only do programs like these cultivate new business for your pharmacy, but they allow you to bring non PBM-centric profits into your business. Did you know that pharmacists are able to bill for so many services outside of basic prescription billing?

Sustainability has come to mean diversification in your independent pharmacy – accepting that traditional ways of owning a successful pharmacy are no longer an option and we must adapt to the changes in the industry. There are companies like Mobile Mediclaim that pharmacies can partner with to set up, credential and bill for clinical services like vaccines, disease screenings, and much more! Many independent pharmacies are seeing an increase in profits by building medical billing into their pharmacies. Organizations like CPESN have helped pave the way for pharmacists to build patient point of care services into their pharmacies as well. Datascan even offers a free integration with CPESN that allows you to develop and export patient eCare plans directly in your pharmacy software system. This free integration helps save time, money, and makes it even easier to stay up-to-date with your patients.

Involving yourself in your patients' care, outside of just prescription filling, not only results in bigger profits, but it helps build better star ratings and helps to lower your DIR fees as well. It’s a win-win for independent pharmacy owners. Implement the automated tasks available in your pharmacy system and differentiate yourself from the competition. Offer compounding, delivery, immunizations, DME.  Every little bit can help your pharmacy to recoup some of the profits you are losing while we fight PBM abuse.

Harness the technology your pharmacy management software vendor offers. After all, you are paying for it, so why not utilize it? Seek partnerships with vendors that can provide you with the necessary tools for success. The future of independent pharmacies depends on your survival. The road to success is not a one way highway! Consider alternative profit centers and give yourself the chance to find sustainable profitability as a community pharmacy.  



 

Schedule a Pharmacy Software Demo or Contact Us

Contact us today to schedule a live, one on one, free pharmacy software demo with a member of our sales team. Just like our software, the Datascan demo is unique. While many of our competitors herd you into a virtual conference call with others looking at their software, our one on one demonstration gives you the time to ask questions, explain your needs, and be treated like a person, not a number!

Give us a call 877-222-RXRX or email Sales@datascanpharmacy.com and experience the difference.