The interest in compounding has definitely increased recently. Use these 5 proven strategies to grow your compounding prescriptions and profits.
I love compounding. It was my first passion in pharmacy. For me, every potential compounding patient is a problem that needs solving. Big pharma medicine can help most people but can’t help everyone or every problem. This is where compounding pharmacies shine. You get to swoop in and be the hero by making a medicine a liquid, helping a patient gain hormone balance, or even helping a beloved family pet get better.
Here are my top 5 tried-and-true strategies to grow your compounding pharmacy. I promise these tips won’t cost a lot of money, and they are easy to implement. So pick your favorites and start growing your compounds!
- Post a video every day
- Use my compounding bookmarks
- Leverage coupons
- Start a referral program
- Ask for more business
#1 Strategy to Grow Your Compound Pharmacy: Post A Video Every Day
UGH, videos again, Lisa!?! Yes! Compounding is fascinating for your patients. To them, it’s like watching a magician perform a trick. The process of creating a customized medication is something they’ve never seen before. Even though it’s routine for compounding pharmacists, the average person finds it fascinating because it’s a whole new world they didn’t know existed. By showcasing your compounding skills through daily videos on social media, you can attract and engage potential customers who are captivated by the process.
These videos don’t have to be long, and you don’t even have to talk throughout the entire video. The visual appeal of seeing a compound come together is often enough to pique people’s interest and encourage them to contact you for more information. Compounding videos definitely get social media browsers to “stop the scroll,” which should be the goal of every social media post. You can do various videos, from quick ones, as you see HERE, to longer ones explaining why you are making the compound. Explaining the types of problems you solve will prompt others to find out if you can solve their problems too.
#2 Strategy to Grow Your Compound Pharmacy: Compounding Bookmarks
These aren’t a typical ‘bookmark.’ I call these magical little tools a bookmark because they look like oversized bookmarks.
So, what are compounding bookmarks, exactly? Essentially, They’re quick-reference sheets that provide doctors with information about various compounds and how to prescribe them. They’re designed to be eye-catching, informative, and easy to use, making them a valuable resource for any prescriber of compounds.
Compounding bookmarks is like Prescribing Compounds for Dummies. Not that prescribers are dummies! They just need a quick reference guide to make it EASY to prescribe.
Customize your bookmarks for your pharmacy and your prescribers.
Each template is created in Excel so you can easily customize it with your preferred compounds, messaging, and any prescriber preferences. I recommend starting with making your preferred versions. These will contain compounds you want to promote and you are confident in. You can then work with individual offices to create their own version if desired.
#3 Strategy to Grow Your Compounding Pharmacy: Coupons
Coupons are like catnip for customers- they love getting deals and saving cash. Many prescribers and patients can be skeptical of compounding (yes, still after all these years!). Offering a special for a new compound or for bulk buying can be a great way to earn new business from a prescriber and get patients to purchase more. Here are my favorite types of coupons for compounding pharmacies:
- Buy 2, Get 1 Free: An example is buy 2 months get 1 month free. Buy 2 units, get 1 unit free. Whichever way works best for the type of compound based on its BUD and normal usage.
- Free Trial: Offering a free short-day trial of a compound can be huge. Patients will often hesitate to try a compound because they don’t know if it will work or if they will react negatively to it. I used to do a ton of free trials for our sleep gel. It would work within 1-3 nights, and many patients would return for a full-length prescription. Some states don’t allow free prescriptions. If you are in a state with that rule, then you can do a coupon for $1.
- BHRT Trial/Free 90 Days: I love BHRT. I have seen it help thousands of patients. I grew my BHRT practice very rapidly through our BHRT Trial. Essentially it was 90 days of free hormones in exchange for patients completing their symptom questionnaire and working with me to adjust their dosing. I knew I could get them feeling great within 90 days, so they never wanted to go off their hormones. It worked! For our Pharmacy Badass University members, we have all the templates for your own BHRT Trial.
#4 Strategy to Grow Your Compounding Pharmacy: Referral Program
A pharmacy patient referral program is one of my favorite pharmacy growth strategies. It is simple to implement and only costs you when it works. I created my referral program after being disenfranchised by the chain transfer coupons and other companies’ best deals only being offered to new customers. I set out to create a program that rewarded my loyal customers for being loyal and referring new patients.
- Here are the basics of my referral program.
- $20 was credited to the patient’s account that referred a new patient. For compound specific referral program, I would offer $30 or even $40.
- When the new patient entered the pharmacy, we asked them how they had heard about us.
- The credit could be used at any time in the pharmacy.
To make your referral program successful, you must shout about it from the rooftops! Put in-store signage everywhere. Use bag stuffers. Talk about it on social media and with prescribers. Everyone should know you have a referral program. through a referral program, I added over 400 new patients a month for over a year and a half. To get more details on a referral program, head over here.
#5 Strategy to Grow Your Compounding Pharmacy: Ask For More Business
As pharmacy owners, we too often assume everyone around us knows we want more business. Time and time again, I am reminded that others aren’t thinking about what we need and want. We have to remind them consistently. I have grown my newest pharmacy’s compound business by simply having employees tell others we want more business.
It is simple.
When a prescriber’s office calls in a prescription, let them know you have the capacity for more prescriptions. Ask if they have other patients that might benefit from your compounding services. You can also let them know about some other types of compounds that you make. When patients pick up or call about their compound, tell them to tell their friends. Remind them you can fill many types of compounds, and if they know anyone who isn’t getting the help they want, you are happy to help them.
Ready, Set, Compound
There you have it, folks. 5 top-notch strategies to grow your compounding profit!
Whether you’re just starting out or looking to take your practice to the next level, these tips will surely set you on the path to success. For additional support and access to amazing resources, we invite you to check out our membership at Pharmacy Badass University.