You are here: / Pharmacy Growth Strategies

PDS BLOG

Pharmacy Growth Strategies

Ignite your pharmacy business with the most innovative growth strategies and ideas that produce real results.

Expanding Your Pharmacy’s Reach Through Point-of-Care Testing

/in , , /by

Pharmacies were at the forefront of getting communities tested and immunized through the pandemic. Through this initiative, patients and communities saw that pharmacists’ impact on health and wellness goes beyond the pill bottle. Unfortunately, pharmacy-related COVID-19 revenue is expected to decline over the next year by 60%-70%. It’s imperative to remember that Point-of-Care Testing (POCT) opportunities are not limited to COVID-19 tests. As the industry moves forward in 2022, independent pharmacies can maintain momentum by expanding into other POCT services.  

In the past, many pharmacy owners have been reluctant to expand for a variety of reasons:  

  • Fear of how expanding services could affect relationships with providers  
  • Doubts about patients’ willingness to pay out of pocket
  • Uncertainty about logistics involved in implementation 

“We live in a time where there is a high demand from patients to find out what’s going on with themselves. The reality is that many primary care practitioners are struggling to meet that demand,” states Nandita Koodie, PDS Patient Care Services Program Manager.

The Impact of Point-of-Care Testing

Implementing patient care services allows your pharmacy to become a healthcare destination. A comprehensive POCT program allows patients to come into your pharmacy for a test and get help with prescriptions or other OTC solutions. 

Impact on Your Patient 

Establishing a comprehensive patient-care business model creates the opportunity to shift one-time customers to lifetime patients. The key is connecting through health and wellness solutions. In a 2020 retail health and wellness study, JD Power found that 75% of patients will utilize a service if their friends and family recommend it. Patients will return to your pharmacy establishment year after year for sniffles, upset stomachs, and earaches. Each time you help them, it’s likely they will tell their friends and family about your pharmacy.  

Impact on Your Pharmacy Team. 

Successful implementation of POCT services can’t be accomplished alone; you must lean into an empowered pharmacy team. Historically, independent pharmacies have offered scattered services. This approach results in overextended staff, an inconsistent customer experience, and inefficient workflows. Want to create an environment where employee engagement thrives? Train your staff to support and provide POCT services, and lean into your team to create workflows and systems that make sense for your operation.

Benefits of empowering your pharmacy staff include: 

  • Techs will have an expanded role and scope in the pharmacy business 
  • Front end workers will be more knowledgeable about OTC offerings 
  • Pharmacy staff will be proactive about identifying patients that can benefit from services 

Eventually, your staff will be the driving force that brings your vision of a comprehensive POCT program to life. 

Impact on Your Pharmacy Business 

Pharmacists can do more than fill prescriptions. When you are thoughtful and selective, your POCT services can become a niche that differentiates your business. Showcase your clinical strengths and customer services to attract patients. 

Your goals should be:

  • Creating a more sustainable means for generating revenue 
  • Shifting from volume or product-focused to value-based care 
  • Differentiating your business by creating a solutions niche 

What’s Involved in Implementing Pharmacy Point-of-Care Testing 

PDS has done the heavy lifting to identify areas you need to consider as you establish or expand your POCT offerings. A properly designed program can improve the lives of your patients and create a lasting partnership with the medical providers in your area.

Pharmacy Workflow – Getting Efficiencies in Place

Implementing a new initiative in your pharmacy means organizing new workflows to maximize the strengths of you and your team. You’ll have to consider a process for patients to fill out paperwork and shift to a more appointment-based pharmacy model for some of these services. As you develop workflows to expand, consider the following questions. 

  • How will you manage walk-in patients?
  • Do you have a system to make appointments?
  • Where will patients wait?

Community Health and Wellness Needs 

Start by focusing on your customers. The key to successful expansion is finding your pharmacy niche. Look for demographic-specific patients to serve through comprehensive care services. You can begin to identify opportunities by using any data in your pharmacy system, or by even asking patients. 

Possible Partnership Opportunities in Your Community 

Community partnerships can help to drive new patients to your pharmacy.  You can also leverage community practitioners’ patient networks to grow your pharmacy business. 

See it in Action: Comprehensive Diabetic Care Services 

When your pharmacy implements a comprehensive care model, you will be able to thoroughly impact your patients’ health. Patients with diabetes, for example, may also need help controlling their cholesterol and blood pressure. It would also benefit a diabetic patient if you provide education on nutrient depletion and make recommendations for corrective measures. To illustrate, we’ve listed the comprehensive services that can be offered to a patient with diabetes below.

Diabetes Patient Care Track 

  • Screening & Assessments
  • Continuous Glucose Monitoring        
  • Medication Therapy Management          
  • Compliance Packaging   
  • Diabetes Support Services 
  • Blood Pressure Monitoring 
  • Grocery Walk-Throughs 
  • Diabetic Shoe Fittings 

Pharmacists, by nature, are problem solvers, and POCT allows for a more streamlined approach to resolving the health problems in our communities. If you are struggling to set up a plan, the PDS webinar on Strategic Planning along with the Patient Lifecycle Resources can help you get started.   

Additional Resources to Streamline Your POCT Program 

PDS offers access to various partners that can help you establish a POCT program.   

Cerascreen® offers a wide variety of at-home, point-of-care test kits such as Cholesterol, Vitamin D, blood sugar, food allergies, and more. Take Cerascreen® tests at home or on-site, and the collected samples are shipped via pre-paid envelope to CLIA-certified partner labs. The test results are available online within 24-72 hours. In addition, these tests allow patients to take a proactive approach to their health by discussing test results and treatment options with their pharmacists.  

Physicians 360 is a telemedicine and rapid testing company that strives to empower independent pharmacies with the tools needed to offer clinical services. In addition, this platform allows local independent pharmacies to level the playing field as more chain pharmacies begin to add in-house clinics.  

Other resources available to help your pharmacy expand its POCT offerings include our Point-of-Care Testing Webinar.

Expanding your pharmacy’s Point-of-Care Testing does not have to be daunting. Planning out your POCT program with these considerations in mind will help you pinpoint your ideal patient population and which tests to offer.  With the help of your PDS Business Coach, you can also use this information to begin developing an implementation strategy. It’s best to start with one or two programs and then expand. Then, as you and your staff get the mastery of new tests along with treatment recommendations, you can begin adding other tests to your list of POCT services. 

Four Strategic Trends Independent Pharmacies Need to Implement in 2022

/in , , /by

Everyone at Pharmacy Development Services (PDS) is grateful for our conference attendees and exhibitors in Orlando this February. The last two years have brought about many lessons and takeaways. During his conference presentation, PDS CEO Chip Phillips outlined the importance of focusing on what’s next. As a result, we identified four strategic trends that you have an opportunity to embrace and use to drive your business forward in the coming year.

Strategic Trend # 1 – Overcoming the Great Resignation  

Visual Great Resignation Strategic TrendYou have felt the pressure of high employee turnover and burnout set off by the pandemic and The Great Resignation. In a survey of independent community pharmacists conducted by NCPA, 80% say they are having a tough time filling open positions. The first step to taking control is by creating a performance-based culture in your pharmacy business. When your team feels respected, engaged, and sees opportunities for professional development, they truly become your most impactful competitive advantage.   

Attracting and Retaining Top Pharmacy Talent   

PDS is working hard to address the challenges you’re facing regarding team engagement, hiring, and retention. We have partnered with key industry organizations to bring you meaningful solutions. 

  • The Oval Group offers talent management solutions with valuable and actionable employee insight.  
  • National Healthcareer Association® (NHA) has a suite of products designed to help pharmacy technicians and pharmacists work better together.  
  • Parata provides automated filling options that can scale to fit pharmacies and teams of various sizes and capacities.  

Taking advantage of these resources means your current staff will not be overwhelmed with pharmacy operations tasks, and you can attract more new hires that will stay.   

Strategic Trend #2 – Connecting with Patients Outside of Your Four Walls   

The second trend you should consider is enabling customers to do business with you whenever and wherever they choose. Consumer and shopping behaviors are changing rapidly: 

  • Increased use of mobile and digital platforms  
  • Higher reliance on reviews and recommendations   
  • Shifts in healthcare access during the pandemic   

Every major drug retailer has accelerated its strategy toward an omnichannel presence. It is time for independent pharmacies to do the same and allow for the patient’s experience to exist outside the four walls of the pharmacy.

Meaningful Digital Marketing Presence – Omnichannel Strategies  

A well-curated digital presence must be established and maintained for your patients to engage with your pharmacy online. You may even be closer than you think. If you have a website and social media pages, congratulations – you’re headed in the right direction. PDS can work with you to expand your presence in several ways; we can:  

Consumers today are informed and empowered. Highlighting your pharmacy as a community healthcare destination is a non-negotiable in today’s market. Start building patient loyalty by empowering your team, personalizing customer experiences, and letting your customers be your guide. 

Strategic Trend #3 – Expanding Patient Care Services  

“Even with the accelerant of the pandemic, the evolution and adoption of new care delivery models is a marathon, not a sprint.” – Chip Phillips, Pharmacy Development Services CEO.  

COVID-19 increased independent pharmacists’ recognition as the most accessible healthcare provider and opportunities to have a more clinical focus. Coupled with the shift from volume-based to value-based patient care, this is the time to create the healthcare destination your community needs. The strategic trend of expanding into patient care services is indisputable.  

  • Consumers want the convenience of retail care  
  • Practitioners recognize the potential impact on patients   
  • Pharmacists are creating new systems and business models   

Once you’ve adopted the mindset that this change is non-negotiable, the next steps are clear. Continue to nurture the core business of pharmacy, dispensing revenue – while building new revenue streams such as point-of-care testing and collaborative care practices. Your dispensing business creates opportunities to interact with patients seeking services beyond just prescription filling. With those patients, you have a captive audience to promote your clinical and patient care services. 

Do-It-For-You Pharmacy Solutions   

PDSconnect is a new turnkey program that creates meaningful and profitable partnerships with community health practitioners. Begin your expansion into offering patient care services and creating sustainable revenue streams outside of dispensing.   

Strategic Trend #4 – Navigating Uncertainty in an Evolving Industry  

Dealing with the unknown is the biggest challenge of all. The pandemic dramatically changed our industry and the impact is still unclear.   

  • Missed immunizations and medical misinformation  
  • Delayed care and foregone wellness visits   
  • Changes in patient and practitioner communication   
  • Decrease in COVID related revenue   

Navigating uncertainty is a two-pronged approach. First, you must take care of your core pharmacy business. It is your foundation for building clinical offerings and nurturing patient relationships for future growth. Second, it is important to create a roadmap for improvement by leveraging your pharmacy’s performance metrics.

PDS offers an array of long-term and fast-acting solutions for key areas of your business.

PDS is Here For You

The daily challenges of new competition, disappearing profits, and accelerating change force a critical decision: Will you compete? Or simply hang on until you either close or sell? We work with owners who decide to compete.

Discover:

  • How to leverage pharmacy data
  • A clear path to improve performance
  • The power of proven best practices

No longer are you going to wake up each morning worrying about cash flow, wondering if you’re missing opportunities, or hoping for the business to improve. With PDS in your corner, the game changes. You’ll take control, move forward with clarity, and win with confidence.

pharmacy-vitamins-supplements

Even Pharmacists Should Take Their Vitamins in 2021 

/in /by

Every year it’s the same story – January 1st rolls around, and vitamins fly off the shelves as everyone vows to eat healthier, live better, and take care of themselves in the new year. But about halfway through those vitamin bottles, they are forgotten, to be guiltily looked upon whenever you need a cup or something from the spice cabinet.  

What if there was a way for you, the pharmacist, to forge a different path in New Year’s Resolutions? We don’t need to be afraid of failed promises past. That’s if you can leverage the technology of today to help your patients stick to their vitamins.  

pharmacy-vitamins-supplements

The Booming Nutraceutical Industry 

Wellness is on the rise. Every other commercial on TV is about how to feel good inside and out, with numerous new companies popping up to service this exact need. Vitamin delivery services that offer daily pre-packaged and customized doses are popping up everywhere. Fortunately, this industry is big enough for you to still get involved. According to a recent report, the nutraceutical market is estimated to reach $722.49 billion by 2027. 

While vitamin makers were previously responsible for marketing and distributing their products, the pharmacist can help fill this gap and provide additional services to their patients. Instead of having to select from rows of bottles on the shelf, your customers can have a curated experience like those of mail-order services. They also get the added benefit of simpler daily management. Offering home delivery on nutraceuticals can provide convenience for your patients and help your pharmacy stay competitive. With pouch packaging, you can combine these vitamins in the same pouches as any prescription medications, making it easy for patients stay adherent to both.  

How Technology Can Help 

While big vitamin shops like GNC and Vitamin Shoppe are running towards packaging technology to compete with other mail-order brands, you already have a leg up. This technology has been used in the pharmacy industry for decades to help patients manage their medications. Even if you have not used it before, the infrastructure and training is in place for you to quickly implement this technology. By choosing scalable packaging technology, you can start with a solution that fits your current needs and volume and seamlessly builds as your business grows.  

In a retail setting, incorporating packaging technology for nutraceuticals also allows you to reach a larger segment of your community. That includes those not taking maintenance medications. By catering to their wellness needs, you are building customer retention and loyalty to your pharmacy.  

For long-term care, your patients may already be looking elsewhere for vitamins and supplements. By offering these in-house, you have better oversight of their complete medication and supplement regimen and can capture the revenue associated with these services.  

Healthy Patients, Healthy Business 

Just as with prescription medications, adherence is key with any vitamin regimen to see benefits. By incorporating the two into one pouch, you can also have better inventory control over how many – if any – vitamins you stock on your shelves. And in the instance of an LTC facility, you can capture the additional revenue from these additions without risking the loss of that business to a competitor.  

 

 About Parata 

Parata offers the most comprehensive pharmacy automation portfolio to support improved patient outcomes, improve medication adherence, and provide more time for pharmacist-led value-based care. Comprising medication adherence packaging, dispensing technologies, inventory management, and workflow solutions, Parata’s solutions help people lead healthier lives.  Scale and stay out in front on parata.com. 

 

pharmacy patients

Extending the Patient Lifecycle in Your Pharmacy   

/in /by

As an independent pharmacy, your  goal is to become a healthcare destination in your community. That means going far beyond dispensing. It means attracting patients that will stay with your pharmacy for the long-term. And don’t forget that a great number of referrals can come from physicians and other members of the community. Being involved in the entire patient lifecycle will get you closer to this goal.

pharmacy patients

Your Patient Lifecycle 

Your patient lifecycle comprises the process of attracting, engaging, and delighting the patients you serve. In a thriving pharmacy, your patient lifecycle should progress indefinitely as you meet the changing needs of your patients. 

Attract

Attracting patients to your pharmacy is divided into two parts: reach and acquisition. You reach patients through a marketing strategy that gets their attention, keeps your pharmacy top of mind, and drives traffic to your store. If you’re not already utilizing social media to attract new patients into your pharmacy, start by using one of these 20 social media prompts. Once you’ve reached potential patients, you can help them understand their options. 

Engage

Engaging your patients is also divided into two parts. Once you’ve acquired a patient, you engage them through a conversion followed by a retention strategy. You’ve converted a patient when they purchase a product or service from your pharmacy, but the relationship should not stop there. Using an effective retention strategy, you can reactivate these patients to engage with your services again and again. 

Delight

Delighting your patients is an important and often forgotten step in the patient lifecycle. When you set your pharmacy apart and delight your patients, they are more likely to return. They are also more likely to refer their friends and family to your pharmacy, bringing you new business without the added marketing dollars. You can go that extra mile through thank you cards, follow up phone calls, and leveraging data to predict their upcoming needs. You should also consider executing a loyalty program for returning patients. 

The Power of Referrals 

JD Power, a global leader in consumer insights, determined that 80% of patients will utilize a service if it’s recommended by their physician and 75% will utilize a service if it’s recommended by their friends and family. This means referrals have a lot of pull on your pharmacy’s reputation, profitability, and your role in the community.  

If your pharmacy is not offering a service being actively recommended by physicians and other members of the community, then you are in a position to lose patients to your competition. This doesn’t mean you should offer every service available, but it does mean you need to consistently adapt your products and services to respond to the changing needs of your patient population. 

Profitability 

It is five times more expensive to acquire new patients than it is to retain existing ones and have them do the marketing legwork for you through referrals. You’ll also notice a higher success rate of 60 to 70% when selling to and through existing patients. Overall, extending your patient lifecycle can increase your profits anywhere from 25 to 95% while simultaneously expanding your client base. 

Rate Your Pharmacy  

Before you dive in to extending your patient lifecycle, you need to assess where your pharmacy is now. To do this, we use the traditional stoplight approach. 

If your pharmacy is in the red, you are providing an inconsistent patient experience, your workflow is reactive or non-existent, your team is unaware of ancillary products or services, and you have little integration between departments. Don’t feel embarrassed or ashamed if your pharmacy is currently sitting in the red zone. In fact, our Chief Pharmacy Officer, Elaine Ladd, at one point started there too. 

A pharmacy in the yellow has moved up from the red zone, but still has work to do. A yellow pharmacy has identified clear opportunities for improvement and implemented a manual process for follow-up and upselling. However, there is still limited integration between departments and workflow inefficiencies that continue to impact service delivery. 

Your pharmacy has entered the green when you are leveraging data to inform and/or upsell patients and you provide a personalized and interactive level of patient care. Green pharmacies have a highly integrated workflow and consistently evaluate data to identify new opportunities and changes in the marketplace. This creates an excellent experience for your patients and gives them reason to keep coming back. Remember that even if you are in the green today, a lack of proper monitoring and tracking could put you in the red tomorrow, so be vigilant. 

Get in the Green

If you suspect our pharmacy is in the red or yellow zones, we encourage you to reach out to us to perform a full assessment.  We’ll connect you with a coach who can help you with goal-setting, developing effective strategies, and bringing your pharmacy into the green. 

 

 

 

 

 

 

 

What Do Pickles and Customer Service Have in Common?

/0 Comments/in , /by

All too often, pharmacy owners fail to understand the importance of excellent customer service. Don’t make this mistake, as it can be incredibly detrimental to your business. Gaining and retaining customers is an important part of keeping your doors open, and owning a pharmacy probably wouldn’t be very rewarding without customers coming in. Regardless of the size of your pharmacy, excellent customer service should be at the heart of your business. So, how do you go above and beyond to give customers extraordinary customer service that they can’t find anywhere else?

Bob Farrell is an entrepreneur, author, and motivational speaker whose infectious attitude about delivering exemplary customer service has changed the way that countless businesses treat their customers. Bob’s customer service mantra “Give ’em the Pickle!” was born from a letter he received years ago when he opened the very first Farrell’s Ice Cream Parlor in Seattle, Washington. In that letter, a loyal customer vowed that he would not return to Farrell’s restaurant because the waitress wouldn’t give him an extra pickle—unless she charged him.

Can you imagine losing a loyal customer over a pickle? Giving away “pickles” is a way for any company to keep their customers happy, exceed customer expectations, and differentiate itself from competitors. So let’s talk pickles.

What it means to “give ’em the pickle.”

Pickles are those special or extra things that you do to make your customers happy and keep them coming back. A “pickle” could be a handwritten thank you note with every order shipped or walking a customer to the item they’re looking for instead of just pointing them in the right direction. A pickle could be calling your customers by name or answering the phone with a smile and positive attitude. Every little thing counts and every effort helps improve a customer experience. If it makes the customer feel good about themselves and their visit to your pharmacy – it’s a pickle.

The trick is to figure out what your customers want and then to make sure they get it. Find those simple extra things that make customers happy. In his book, Farrell points out the common sense that seems to be not so common in this day and age. In fact, the art of customer service is in danger of becoming extinct. Just walk into any big box store and you will likely experience this for yourself. It is important for every business owner to remember that without customers singing your praise, your doors won’t be open for too long. Providing excellent customer service is not hard, but it can be frustrating and even challenging at times. Bob points out why putting your frustrations aside and seeing the challenge as an opportunity to take care of the customer will make your business the best that it can be for years to come.

4 Key Principles of Customer Service

If you’re interested in raising the bar on customer service (and who wouldn’t be?), there are four key principles that will help you keep your customers coming back time and time again:

  1. Service: Make serving others the number one priority. Great customer service happens when you exceed customer expectations by adding your special touch and by having the courage to make things right.
  2. Attitude: Choose your attitude. How you think about the customer is how you will treat them. A shining attitude is contagious and shows in the quality of your work.
  3. Consistency: Customers return because they liked what happened last time. Set high service standards and live up to them every day. Add your special touch and exceed expectations.
  4. Teamwork: Commit to teamwork. Look for ways to make each other look good. In the end, everything everyone does ends up in front of the customer whether you work the front end or behind the scenes.

Giving away pickles is part of providing excellent service and sets you apart from other similar businesses. Give them what they want and keep them coming back. Give ’em the pickle is a catchy little phrase that is easy to remember and relatively simple to implement. Define your pickle, share the concept with your team, and then implement the program in your pharmacy.

 

Exceptional customer service can not only lead to loyal customers, it can also transform your bottom line. In this eBook, we’re exploring ways to increase sales while creating advocates for your pharmacy.

 

 

 

 

Benefits of an eCare Plan

Four Main Benefits of eCare Plans

/in /by

Here at PDS, we take pride in highlighting some of the incredible solutions in our industry. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce PioneerRx. Read on for their sponsored blog post about the impact that eCare plans can have on your pharmacy’s business. 

The greatest silver lining of the pandemic is that community pharmacists are finally being recognized for the value of care that they provide to their patients. Community pharmacies are the frontline members of a patient’s care team, often seeing them monthly and identifying their barriers to a healthier life. In many communities, the pharmacy is where patients have received point-of-care testing, counseling services, and now COVID-19 testing and vaccines.

But as the saying goes, if you don’t document it – it didn’t happen. This is why eCare Plans are so important for maintaining healthy patient populations and ensuring that pharmacists are getting paid for their services. Read on to learn the 4 main benefits of eCare Plans.

Payment for Services

The largest benefit, specifically for pharmacists, of generating eCare Plans is that they contain a payer section. If you are offering clinical services within your pharmacy, paperwork should not be the barrier between you and a reimbursement. The payer portion of the eCare Plan allows pharmacists to identify which payer they are submitting the documentation to. eCare Plans detail what happened, to whom, by whom, and when so that there is clear documentation of the service provided to determine what reimbursement is suitable.

Within PioneerRx pharmacy software, eCare Plans are automatically generated and can be submitted to CPESN. This means that pharmacies are getting reimbursed for the services they provide without submitting additional paperwork. Document the care service within a patient’s profile once it is performed, identify which payer should be contacted, while PioneerRx formats and compiles the information into an eCare Plan. From there, the pharmacist submits the plan to CPESN. Med sync eCare Plans are automatically submitted to CPESN at the end of each fill cycle.

Care Goal Setting

Chronic care management requires a series of small actions that build to overall patient health improvement. These actions are compiled into a care plan by the pharmacist, creating a targeted goal path for the patient’s health journey. Common care actions include patient education, recording labs, vitals, vaccination, medication review, etc. By setting care goals that align with a patient’s desired outcomes, you can ensure that your patient is on track to achieve the overall improvement outlined in the care plan.

Detailed Care History

An eCare Plan keeps the entire plan described above with its goals and actions in one document that can easily be referenced in the future. When counseling a patient, a pharmacist can reference the care plan, which outlines a detailed care history in the same document where past and present medications, lab values, and other notes are located. Beyond clinical services, pharmacists can document health barriers and other useful information within eCare Plans, such as socioeconomic status, transportation, and nutrition.

Collaborative Care

eCare Plans are interoperable documents that aggregate data from multiple sources and communicate data out to other sources. Besides payers, you can also share eCare Plans with other members of your patient’s health team, such as physicians or laboratories. It ensures that each member of the care team that interacts with a patient will have a complete picture of their health history, and be able to perform the appropriate care actions based on what the patient has already experienced or is currently undergoing. The value provided by eCare Plans encircles patients, pharmacists, and all members of a health team. Now is the time to get paid for the services you provide and better manage your patient’s outcomes.

About PioneerRx

PioneerRx is the #1 pharmacy software for independent pharmacies making a difference in healthcare. With 50% of our business coming from referrals, PioneerRx pharmacy software has
become the tool of choice for innovative pharmacies. Our weekly, cutting-edge improvements provide speed, simplicity, and flexibility. Join our mission to Save + Revitalize Independent
Pharmacy.

7 Ways to Increase Non-Prescription Pharmacy Sales

7 Ways to Increase Non-Prescription Pharmacy Sales

/0 Comments/in , , , /by

Prescriptions may be the number one reason patients come into your pharmacy (they are your most vital revenue source, after all). To maximize your pharmacy’s revenue potential even more, take advantage of the non-prescription sales opportunities available to you today.

Prescription profit margins have seen a decline in recent years. On the other hand, OTC or front-end product profit margins have remained consistent and strong. While prescriptions make up the bulk of your revenues, a good OTC sales strategy can be just as impactful to your profitability.

Through these seven easy-to-implement strategies, you can encourage patients to make non-prescription purchases and ultimately boost your pharmacy’s revenue.

 

how to boost non prescription pharmacy sales

1. Do Your Market Research

Just because you like a particular product, doesn’t mean everyone else does too. Don’t rely on your intuition to figure out the best ways to grow your non-prescription sales. Review data and research to determine which over-the-counter and retail products are trending. A study by Hamacher Resource Group (HRG) revealed the cold & allergy, vitamins & dietary supplements, and pain relief categories represent nearly 43% of unit sales in health and wellness.

Be sure to review your sales figures to see which product categories are most popular with your customers and take steps to make these products easier to locate in your pharmacy.

2. Use Your Pharmacy’s Floor Plan to Your Advantage

An effective pharmacy layout is optimized to display merchandise that you want patients to see and buy. Some areas of your pharmacy probably receive more foot traffic than others. For example, areas next to the prescription counter and aisles leading to the checkout registers tend to see more traffic. Rotate products in and out of these areas and at the end-of-aisle displays to see which items result in increased sales when relocated to these highly visible locations. Test different floor areas. Move merchandise around. A little reorganization has the power to influence your patients’ purchasing decisions.

3. Train Your Pharmacy Team to Cross-Sell and Upsell

A large number of drugs dispensed can cause drug-induced nutritional deficiencies. Many of the patients that walk through your door are already buying nutritional supplements. Knowing this, you should ask yourself:

  • Are they buying supplements from your pharmacy?
  • Are they buying quality supplements that are beneficial to their health?

Upselling nutrient depletion supplements is a win-win. Patients who are buying supplements elsewhere don’t normally consult a pharmacist at the time of purchase, and are often not taking the correct nutrients their body needs. For example, you make $5 selling a patient a beta blocker, and then you make $15 selling them the CoQ10 his body needs to counteract drug-induced nutritional deficiencies.

Your pharmacy team is key to this “UpSolutions” strategy. Train them to build relationships with customers and make relevant product suggestions based off the drugs patients are picking up.

This can also work for any product you sell in your store. Coach your team to be helpful and ask customers what products they are looking for, thus opening the conversation to upselling. Check out the OTC Guide, which gives you specific product recommendations based on what your patients are already purchasing.

It can also be helpful to hold weekly team meetings to inform your staff of what inventory needs to be moved, marked down, or removed.

Idea: Hold a contest and reward staff members that upsell the most products each month. For more information on upselling non-prescription products, check out the on-demand webinar: Outside the Vial: Improving Profitability with OTC Sales.

4. Build Strong Customer Relationships

According to HRG research, customer service is overwhelmingly rated as the most important competitive advantage. Consumers who  establish good, trusted relationships with their pharmacy are more likely to return compared to when visiting stores where they don’t have a personal connection. Your talented team is capable of creating an atmosphere of comfort and trust so be sure to train them to engage with customers and establish personal relationships whenever possible. Guide your staff to recognize repeat customers, greet them by their first name, or ask questions about their families, work or pets. Everyone appreciates a personal touch.

5. Stock Related Products Closely

Knowing how products relate to each other can help your pharmacy increase retail sales. For example, people who are looking for a knee brace may also need joint cream. Customers with a cold might be looking for a box of tissues. Display related products next to each other so customers can easily find what they are looking for. Don’t forget to use your pharmacy floor plan to help you determine how to position related products for maximum sales impact!

6. Be Your Own Secret Shopper

Forget everything you know about your pharmacy and walk through the doors as a secret shopper. Walk the aisles with a fresh eye and ask yourself if things look inviting. Would you continue to shop in this store? If you are hesitant, it may be time to make some changes. Updating your decor, brightening the lighting, or simply adding a fresh coat of paint can go a long way.

7. Pharmacy Customer Service That Sizzles

It doesn’t matter if you run a pharmacy or a ditch-digging company, everything begins and ends with customer service. Offering truly exceptional service is one of the best ways you can boost merchandise sales at your pharmacy. Ask the question, “Is there something we could do to improve your shopping experience and, if so, what would it be?” People love a listening ear. And their feedback is just what your team needs to make necessary improvements.

A pharmacy is so much more than just a place to fill prescriptions. It’s a place where people can find convenience products, supplements, food, souvenirs, and other household items. Knowing the most effective ways to increase sales of these items will pay off with a healthy bottom-line for your independent pharmacy.

What’s Next?

Looking for more ways to drive your most lucrative patients to your door? Download our free eBook, Pharmacy Business Blueprint today to increase your profits while providing world-class healthcare.

 

 

 

PDS Members: Log in to PDSadvantage to get access to the OTC Education and Resources page  or detailed information about how to implement clinical services in your pharmacy.

 

Pouch vs. Blister in a COVID World

/in , , /by

Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce RxSafe. Read on for their blog post about pouch vs. blister in a COVID world.

This year has been full of changes and challenges for both patients and pharmacists. Coronavirus has increasingly led to many patients preferring “no-contact” or “touchless” services.  

Independent pharmacists can reduce the risk of COVID-19 transmission by limiting contact between staff and patients. Listen to Kyle Lomax and Traci Bayer, RxSafe customers, explain how they are meeting this new “contactless” demand. 

 

RxSafe


Will “Touchless” be the Norm?  

 When the pandemic first started, many people thought it would only last a few weeks. Since then, the rapid and sustained spread of the virus has increased patients’ desire for limited contact, especially with healthcare professionals. 

It is clear that this pandemic will have a lasting impact on the way patients interact with pharmacists. Patients are likely to use pharmacies that offer pouch packaging and “no-contact” delivery services.  

“Our delivery has almost quadrupled,” says Lomax. “I think that our commitment to this wide radius of delivery has really made us stand out in our role, especially in our rural communities.” 

Even after the widespread distribution of the COVID vaccine — which will take the better part of a year — patients may be more likely to limit their contact in order to avoid any type of virus or illness. 

Why is Pouch Packaging Safer? 

Traditional vial filling involves many touch points that increase the risk of transmission. Even after the prescription leaves the pharmacy, there are many more touch points that occur with consumption. William Holmes, CEO of RxSafe, details how quickly the number of touchpoints can grow with traditional vials. 

“Let’s presume now a family member might be assisting someone with opening and closing their vials, that’s 30 times a month that vial gets opened and closed and sometimes pills get poured out into a hand and then the bulk poured back,” explains Holmes. “With each touch, you’re increasing the risk of disease transmission.”  

On average, there are 317,000 touch points per 1,000 patients using the manual card fill system. Using an automated pill packager reduces the touchpoints to approximately 1,140 touch points.  

Pouch packaging automation, such as the RapidPakRx, can drastically reduce touch points. When consuming their medications, patients just have to tear open one pouch. Also, pouch packaging allows for a 31-day script to be filled, decreasing contact between patients and pharmacy staff.  

“Even during COVID, we’ve had very few people go without their medications,” says Bayer, “because their prescriptions are ready almost a week before they’re due.” 


Need additional information?

Learn more about how you can create efficient operations in the midst of COVID with the PDS COVID Optimization Program.  You can also get a sneak peek of the latest PDS member town hall to hear more about how independent pharmacies are adapting their operations to best serve their patients through COVID.

 

About

Are you interested in learning more about how the RapidPakRx can help your pharmacy provide “touchless” service? Visit the RapidPakRx product page for more information.  
immunization program

Starting an Immunization Program in Your Pharmacy

/in , , /by

Providing an Immunization Program in your pharmacy is a great way to diversify your pharmacy’s offerings and revenue streams, while also filling an important community need. Help your patients and take control back from the PBMs.

Before You Start an Immunization Program:

Consider the clinical (and business!) benefits for your pharmacy.

  • Expand your service mix beyond traditional dispensing services
  • Don’t lose prescription revenue from customers who transfer their prescriptions over to a competing pharmacy that offers core and seasonal vaccines
  • Complement and support other chronic disease management services that you offer
  • Improve the overall health status of your community and become the clinical service hub of the area
  • Support medication adherence services like synchronization

 

How do I Get Started With Immunizations?

1. Understand State Regulations Regarding Pharmacist Vaccine Administration

State regulations determine which vaccines can be administered to what types of patients. Not all pharmacists can give all vaccines to all patients.

immunization

The first step is to know what’s permitted in the pharmacy’s own state. One of the most common restrictions is age as some states don’t allow pharmacists to administer vaccines to children under age 18.

Pharmacists need to be certified to administer vaccines in the pharmacy. They are required to take an ACPE-accredited immunization (like APHA’s course). Pharmacists must also be CPR certified and take a bloodborne pathogen or OSHA training.

Another regulatory consideration is reporting requirements. Some states require pharmacies to report the vaccines given and who received them to a state immunization registry.

It is also important to consider whether a state requires pharmacists to have collaborative practice agreements with physicians in order to administer vaccines. Collaborative agreements with physicians allow eligible pharmacists to administer vaccines to patients without individual prescriptions.

 

2. Understand How You Get Paid!

Independent pharmacies are hesitant to launch immunization programs due to complex and confusing reimbursement rules that dictate how pharmacies can bill for vaccines.

This is less of a barrier with the HHS order for Pharmacies to get paid for administration of the COVID 19 Vaccines.

If a pharmacy serves Medicare patients, it must go through the process of getting a PTAN as Medicare Part B provider in order to bill Medicare for vaccines including COVID Vaccines as a medical benefit.

It’s important you automate billing and collections for vaccine services through technology by outsource billing and collections through a third-party vendor. You want too be able to focus on providing clinical services. Hire the billing to professionals!

 

3. Have a Plan to Manage Vaccine Inventory and Supplies

Consider the requirements before ordering your first shipment of any vaccine. For example, planning and ordering flu vaccines for the next flu season starts before the previous flu season ends.

Pharmacies should know the storage requirements for the vaccines they intend to administer. The CDC has guidelines for each type. Some require refrigeration. Others require freezing. That requires a way to monitor temperatures.

In terms of physical space, pharmacies should create a private area in which they administer vaccines to patients. A private room is worth the investment.

 

4. Organize Your Workflow

Pharmacies should think about and walk through their workflows prior to starting a vaccine practice.

  • How will the pharmacy take walk-ins?immunizations form
  • Will you train all the pharmacists?
  • How will appointments be made?

As most experienced immunizing pharmacists can attest, actually giving a dose of a vaccine takes the least amount of time during the entire process. More time is spent by patients and pharmacies completing medical history forms, filling out consent forms, checking and verifying insurance benefits, copying health insurance cards and identification cards, billing for services and arranging and making payments.

Pharmacies should assign the most appropriate person to perform each task, ideally having technicians and other staff do most of the non-clinical work and leaving the pharmacist to administer the vaccine. The goal is not to disrupt the normal workflow of taking, filling and dispensing prescriptions and refills but integrate this new service into the workflow seamlessly.

 

5. MARKETING, MARKETING, MARKETING to Promote Your Immunization Program and Your Clinical Services!

It’s important for independent pharmacies to promote their programs via multichannel marketing campaigns. Your first target should be your current pharmacy patients.

A note about COVID vaccinations – this opportunity is driving new patients to you for FREE!! Spend the time and money to make sure you are getting all contact information for later programs. Also be sure you are educating your staff on how to make these COVID Vaccine patients NEW patients to your Pharmacy.

Vaccine programs can serve as gateways for pharmacies to grow their clinical operations. They can learn what it takes to run a clinical program and become comfortable adding other clinical services to their business. In doing so, they can expand their businesses to succeed in today’s industry.

 

Need More Information?

Learn more about how Community Pharmacists Make a Difference With Immunizations, written by PDS member, Travis Wolff, PharmD and Emma Leffler, PharmD. If you still need more help deciding if starting an immunization program is right for you, schedule a call with PDS and sign up for the 2021 Super-Conference in May.  

Coming out of COVID: Focusing on Growth

/in , , /by

Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to work with Drug Topics. Read on for their sponsored blog post about the business landscape after COVID within pharmacies and 5 objectives for focusing on growth again, written by Ollin Sykes, CPA, CITP and Scotty Sykes, CPA, CFP.

5 Objectives for Boosting Rx Business and Cash Clinical Services

Coming out of the sudden, severe lockdowns from the coronavirus disease 2019 (COVID-19), pharmacies are adjusting to a new way of serving patients and providing services. To build some positive momentum, here are 5 ways that current pharmacy owners are adapting their businesses to serve people. 

 

#1. Crisis-Based Services 

During a crisis, helping your patients and community can also lead to new services. Out of COVID-19, pharmacies have the opportunity to provide items like hand sanitizer, cleaners, safety garments, infrared thermometers, and more. By packaging and pricing a variety of products for the size of company or organization, you help customers quickly get the supplies they need from a local source. 

#2. Managing DIR and GER Challenges

Direct and indirect remuneration (DIR) fees are typically the third largest expense in a pharmacy behind inventory and payroll costs. You can mitigate higher DIR fees by monitoring your Star Ratings, but also by exploring med syncing and compliance packaging. If you can reduce DIR fees by 1 to 2 percentage points through this investment, it’s easy to calculate how such technologies can pay for themselves and more — plus result in happier patients and families. 

As for generic effective rate (GER) challenges and potential clawbacks, which are not influenced by performance measures, make sure that you know which contracts, if any, include GERs or “effective rate guarantees” in the contract language. You can work with your PSAO on contract terms, and also consider a separate inventory for plans with GERs. The separate inventory could be sourced differently with a higher average wholesale price to lessen a potential clawback.

 

#3. Offering Cash Clinical Services

This is a pioneering area where pharmacists can identify ways to keep their patients healthier and prevent or manage larger health problems. It may include phlebotomy and clinical testing to identify and consult on the root cause of ailments that can be treated prior to or beyond medications. Whether that results in non-interactive private label nutritional supplements or food sensitivity solutions, you should explore cash clinical services that make sense for your pharmacy. 

Explore a few private label providers before you move forward with patient testing and consulting. Build relationships with a few trusted vendors, and educate your team first so that you feel confident promoting probiotics or other supplements to patients. 

#4. Building Community Relations

Who are your target patients and customers? Take a look at who they are, the prescriptions they use, their family members, and common health care services. How can your pharmacy add value to their treatment experience and act as a resource? 

For example, Nicolette Mathey, PharmD, a Florida-based pharmacist and a consultant to pharmacists through her company, Atrium24, identified elective surgeries as a trend in her community. So she developed a branded surgical treatment kit for cosmetic surgery clinics. The kits inform patients about surgery preparation and after-care. Often, the patients end up working with Mathey’s pharmacy on any medications or products related to their surgeries. 

Another idea is to join — or have one of your team members join — public social media groups in the community. Interact with parents, coaches, or seniors on healthy living topics. Provide guidance if community members express a need that your pharmacy can solve. 

#5. Enhancing Quality of Life

What happens when your pharmacy becomes a resource in your community during challenging times? You are viewed as a health care provider and a friend, building a network of healthier, informed community members and patients who rely on your business. As a trusted resource, you gradually diversify your services and revenues, which improves your bottom line margins, profits and quality of life. 

Coming out of COVID, make sure that your pharmacy is a part of the larger community and health care conversation. You matter. 

 

Need additional information?

To learn more about how independent pharmacies are adapting their operations to best serve their patients through COVID, get a sneak peek of the latest PDS member town hall.

 

About

Ollin Sykes is founder of Sykes & Company, P.A., and Scotty Sykes is a partner in the firm. Along with a knowledgeable team of counselors and advisors, they help independent and community pharmacies across the U.S. manage industry and business challenges — and thrive. https://www.sykes-cpa.com/ask-sykes/

About PDS

Company Overview
Our Team
Careers
Press / Media
Podcasts

pds logo

Pharmacy Times SAP Seal

For Members

PDSadvantage
Training

PDS Events

Pharmacy Webinar Series
PDS Super-Conference
PDSspeaks
Event Calendar

Recent Posts

View PDS Blog

Let’s Talk

Or Contact Us Here