Let’s get you caught up with the best independent pharmacy cash-based revenue opportunities in 2023 with our most popular blogs.
The year 2023 was another dynamic year for independent pharmacies, filled with challenges and opportunities. To ensure you stay ahead of the curve, we’re recapping our most popular 2023 blogs for each Pharmacy Profit Pillar, and we are starting with pharmacy cash-based revenue.
Pharmacy owners are struggling with cash flow right now. Boosting your cash-based revenue is a great strategy to increase cash flow and be able to sleep at night. Cash-based revenue is just one of our 6 Pharmacy Profit Pillars.
Here’s a quick overview of the 6 Pharmacy Profit Pillars for a healthy, cash-flowing, profitable pharmacy:
- Cash-Based Revenue
- KPI Optimization
- Marketing
- Non-PBM Revenue
- PBM Optimization
- Team Development
Remember, each pillar represents a critical area that contributes to your pharmacy’s financial performance. 2024 is going to be a tough year. It is estimated that as many as 1 in 5 independent pharmacies might be forced to close due to a lack of cash flow from the DIR Fee Apocalypse.
Don’t be a part of the bottom 20%!! DiversifyRx is here to help. Get caught up on the best tactics from 2023. Never hesitate to reach out if you need help.
Resources To Increase Pharmacy Cash-Based Revenue
The cash-based revenue is a pillar often overlooked by pharmacy owners despite its incredible potential. Dispelling the myth that patients won’t pay cash for products or services is crucial. Believe it or not, people in your community spend their hard-earned money on cash products/services every day. By offering the services and products they desire, you can entice them to spend it with you. Rather than focusing solely on filling more prescriptions, redirect your marketing and growth efforts toward informing people about your other services and products, especially the more profitable ones.
Why is pharmacy cash-based revenue so advantageous, you ask?
The answer is straightforward! By increasing pharmacy cash-based revenue, there’s less dealing with PBMs, no billing issues, no audits, and you receive immediate compensation for a product or service. Some of our favorite tactics include selling supplements, offering point-of-care testing, delving into pharmacogenetics, providing specialized services, and offering consultations. Below, you’ll find our top blogs that will guide you in enhancing your cash-based revenues.
Solve Problems & Maximize Revenue With On-Hold Messaging – creative ways to solve patients’ problems and maximize revenue using your pharmacy’s phone.
Expand Your Pharmacy Revenue Streams with Educational Classes – Grow your Pharmacy Revenue is often at the top of pharmacy owners’ to-do lists. Learn how you can do it with these easy strategies.
Selling Weight Loss Products with Integrity – Offer a Diverse Range of Weight Loss Products in your Pharmacy.
5 Proven Strategies for Growing Your Compounding Pharmacy – These tips won’t cost a lot of money, and they are easy to implement. So, pick your favorites and start growing your compounds!
As you strive to expand and enhance the profitability of your pharmacy, you’ll inevitably face challenges and uncertainties, and the DiversifyRx team is here to help you. Unlike many other “gurus,” we are not limited to a single expertise; rather, we are experienced pharmacy owners and industry professionals ready to provide timely and reliable solutions to your questions.
What is your plan to survive and thrive in 2024?
If you don’t have one or aren’t sure your plan will get you through, we invite you to check out Pharmacy Badass University. You’ll learn the exact steps you need to increase cash flow, improve profitability, and keep your pharmacy open so your patients and employees won’t be forced to go to chain pharmacies.
Catch us each week as we explore our best blog resources of 2023 for the six Pillars of Profitability.
