5 SERVICES THAT WILL INCREASE YOUR PHARMACY REVENUE
Most pharmacists are genuinely motivated by a strong sense to help other people. It was, I’m sure, one of your responses on your pharmacy school application. As independent pharmacy owners, we share the same motivation as all pharmacists but, because we are also entrepreneurs, a strong sense of capitalism also drives us. While the primary goal is to provide needed services and medications to our patients, we also strive to make money. This series of posts is designed to help independent pharmacies diversify their revenue streams and gain new customers.
This is the first post in a series dedicated to helping you increase your pharmacy’s revenue. In this post, we look at 5 services you can employ in your pharmacy to help you do just that. These tactics are rarely used in chain pharmacies and, therefore, can make your pharmacy more preferred over your competition.
Does your pharmacy offer compounding? Even though insurance reimbursements are not looking good these days, compounding can still prove to be a very lucrative service and provide your pharmacy with an edge over your competition.
Some compounding is still reimbursable by many insurance plans. While I don’t have a list (yet) of the services that are still billable, in my own practice I have noticed that many hormone compounds, dosage form changes, and raw ingredients are usually covered. Because chains like CVS disallow their pharmacists to compound, independent pharmacies retain a leg-up on the local competition.
Also Read: 8 Ways To Promote Your Independent Pharmacy