You can reduce your pharmacy’s reliance on PBMs by earning more revenue from clinical services.
How is clinical revenue or service-based revenue defined? My definition of clinical revenue has two components:
- It is revenue that does not flow through a PBM.
- It leverages your pharmacist’s intellectual knowledge and skills.
There are many examples of clinical revenue, such as MTMs, annual wellness visits, LTC consulting, food sensitivity testing, travel vaccines, and more.
Many pharmacy owners I talk to know they want to pursue clinical revenue for their pharmacy. However, they are not sure what types of services to focus on first.
That’s why I’ve compiled this list of straightforward and low-barrier methods to get you started on your clinical path and diversify your revenue.
Point of Care Testing (POCT)
This industry is rapidly growing and changing, making it the perfect time for independent pharmacies to get involved. Patients are looking for quick solutions to their problems. The peak point of care testing season starts in October and carries through March. However, you can generate revenue from POCT year-round.
Today, most people are used to the convenience of Amazon Prime. Just like they want their packages fast and efficiently, your patients want their healthcare fast and convenient and are willing to pay for it!
The most common point of care tests are COVID, Strep, Flu, RSV, UTI, and A1C. However, there are many, many more! I recommend focusing on infectious diseases before moving into the wellness tests. A great aspect of POCT is that it does not have to be your pharmacist to run it. Any trained personnel can run CLIA-waived tests.
I believe so strongly in point-of-care testing revenue for pharmacies that I recently partnered with Dr. Kristin Tallent and brought her renowned POCT course into our membership. Our members can now access a complete A to Z course on point-of-care testing for free! Consider joining the Pharmacy Badass University and get a comprehensive training course on point-of-care testing and start implementing this strategy immediately!
Save Money On Tests
One of the fun things I get to do on behalf of pharmacy owners is vet places to purchase products and resources. I have put together some cost-saving deals for pharmacies that follow DiversifyRx for point-of-care tests.
- RxRise: has COVID tests for a flat $5 per test (includes Free shipping) with a minimum order of 1 case (300 tests). Be sure to mention Lisa or DiversifyRx to get your discount.
- DB Diagnostics: has many tests and supplies to help your point-of-care testing program thrive. Be sure to put DiversifyRx in the memo to get your specials.
Weight Loss Coaching
According to recent statistics, most Americans are overweight, with half falling into the obese category.
Without a doubt, you have plenty of patients who need to shed some pounds.
If you want to help your patients and make money from your services, there are several strategies you could use. For example, you could market weight-loss prescriptions or specific supplements or even create unique compounds. I recommend you consider weight-loss coaching services.
With our recommended program, you get everything you need – a thoroughly proven system that is easy to implement. Dr. Mark Nelson has helped numerous pharmacy owners start a coaching practice within their pharmacy. You already have access to so many patients that could use these services; now, you just need to offer them a solution. In just a few hours a week, you could easily coach 20 patients, which would net about $2,300 a month. Similar to point-of-care testing, it doesn’t have to be the pharmacist to do the coaching. Any staff member can do it, and there is no limit to how many patients you can be serviced. Some pharmacists have easily coached 50 to 80 patients a month, part-time!
Remote Patient Monitoring and/or Chronic Care Management
RPM and CCM are typically the go-to areas that many pharmacy owners hone in on to get started with generating clinical revenue. In the past, I wouldn’t have put this in the easy category. However, since meeting Ean Shelley from ValueCare Suite, I think it is far easier than ever before.
RPM is a unique service; you must use software to track the patient’s usage and results to bill for it. If you want to approach a prescriber to collaborate, you have to hope they have software or are willing to get one. Now with ValueCare Suite, you can bring a total solution to your local providers.
Ean and his team not only walk you through the process step-by-step, but they also provide contracts and fee guidance. One of the most important tidbits I have learned from him is to never split the revenue on a percentage basis. Instead, the pharmacy should be billing the provider in a fee-for-service model (which can mimic a percentage). By billing this way, the pharmacy doesn’t have to wait to be paid, and you know exactly how much you are making.
You are probably thinking, I thought you said EASY! Yes, PGx testing can be easy. You don’t need a genetics degree or even a special certificate. As a pharmacist, this is something you can jump right into. So, work at the top of your license, help your patients avoid tragic outcomes, and make additional profit for your pharmacy. It’s a win-win-win!
Our preferred partner for pharmacogenetic tests is GX Sciences. I like them as they make the process of opening an account simple. You can access their form HERE. They also have different purchasing options. You can buy in bulk and resell at your desired price, or you can order 1 test at a time.
In addition to a full PGx panel, they also have a nutrigenomics test and a Tricho (hair loss) panel. I am a huge fan of the Tricho Test and am finishing up a complete program for pharmacies to help patients, specifically with hair loss.
Lastly, their reports are easy to read and understand. They make it simple to know what recommendations to make to patients and providers. It takes about 7-10 days for you to get the results back for your patient.
There are several great ideas here. Ideas are worth nothing unless you act on them. Don’t try to do them all. Instead, choose one and focus solely on that until you are successful. Each of these strategies can potentially put tens of thousands of dollars in profit into your pockets. That can only happen if you follow through.
We are here to help. Please reach out to email@example.com or consider joining Pharmacy Badass University to get the support you need to be successful.