With more big-name players entering the game every day, it’s becoming increasingly difficult for independent pharmacies to survive in today’s market, let alone grow their business. What’s an independent like yourself to do?
You could sell out to a chain, make a buck, and wash your hands of the whole deal. You could buckle down, work tireless hours, keep doing the same things you’ve been doing for years, and hope that your business grows. If those aren’t feasible options, check out these four ways to overcome your pharmacy’s growth challenges.
Independent pharmacists nationwide are being gouged by steep DIR fees. Oftentimes making less on the prescription after claw backs than they paid for the medication. South of an act of Congress, which is happening in some states, your only defense is completing interactions that can boost your star measures. However, not every pharmacy has the resources it takes to focus heavily on clinical.
How many days this week have you had to skip lunch because you were too busy to stop for a few minutes and eat a sandwich? Like it or not, this is a common occurrence in the industry, especially for smaller pharmacies who only have a single pharmacist and one tech on staff. Wouldn’t it be nice if you could clear out just a few minutes during the day to give you and your team a break? Well, we've collected some tips that may speed up your workflow just enough to give you that little break you're looking for.
Dispensing specialty medications can greatly benefit your pharmacy. It gives you an edge over the competition because, unlike retail pharmacies, there isn’t a specialty pharmacy on every corner. Doctors will send patients your way to receive their specialty medications, and it’s likely that for convenience they’ll transfer the rest of your meds to you, increasing your customer base and revenue.
“Congratulations, you made a $5 dollar profit on this prescription. Oh wait… I’m going to have to take $4 of that back for various fees. Congratulations, you made a $1 dollar profit on this prescription.”
This is an example of how DIR fees affect your reimbursements and ultimately your pharmacy’s bottom line, only on a much smaller scale.
Pharmacy automation promotes eliminating human error and streamlining your workflow by using a machine to assist in counting, packaging, and labeling prescriptions.
Many pharmacy automation tools have built-in functionality to match medication and dosage to the prescription. They help to eliminate inventory shrinkage. Some are even capable of complex pharmacy software integrations and full prescription fill of your most common medications.
With so many different types of automation tools on the market, how do you choose which one is the best investment for your pharmacy business?