Ditch your dependence on PBMs and grow your non-PBM revenue with this review of our top 2023 blogs.
PBMs. Ugh. We feel the same. Don’t let the rule your pharmacy or ruin your profits. Let’s focus on helping you grow your non-PBM revenue. Yes! There are many opportunities that have nothing to do with a PBM. Let’s recap the most popular 2023 blog posts that spotlight non-PBM revenue.
Here’s a rundown of the 6 essential Pharmacy Profit Pillars crucial for a thriving, financially successful pharmacy with a healthy cash flow.
- Cash-Based Revenue
- KPI Optimization
- Non-PBM Revenue
- PBM Optimization
- Team Development
Remember that each pillar signifies a crucial aspect influencing your pharmacy’s financial success. 2024 poses challenges; estimates suggest that up to 1 in 5 independent pharmacies could face closure due to insufficient cash flow resulting from the DIR Fee Apocalypse.
Don’t let this happen to you. Take action now to defend your cash flow and grow your profits.
Establish a foundation for profitability by enhancing your non-PBM revenue streams.
If you are like most independent pharmacies, then over 90% of revenue likely flows through a PBM. This substantial revenue amount creates uncertainty and worry for pharmacy owners. PBM revenue is fraught with issues like aggressive audits, cash flow problems, clawbacks, and crappy reimbursements. Expanding your non-PBM revenue can help alleviate these concerns.
What should your non-PBM revenue goal be?
Our goal for our members is to help them get to 20% of revenue from non-PBM sources. Typically, most pharmacies operate around 5%. While it might not appear substantial, this percentage significantly impacts your pharmacy’s profits and cash flow. At DiversifyRx, we staunchly believe that diversification is fundamental for success (it’s evident in our name!). Relying solely on chance walk-ins to generate profitable dispensing revenue is no longer a viable strategy for pharmacy owners. We suggest you join us at our Pharmacy Profit Summit in Dallas in March 2024
Recources for Non-PBM Revenue
An Introduction to RPM & CCM – Many of our members have just soared with RPM & CCM services. Remote patient monitoring and chronic care management are favorites of ours and Medicare’s. You help the neediest patients and work with local providers, all while making real profitable income.
The Power of Monthly Recurring Revenue: Memberships for Independent Pharmacies – This approach not only secures a consistent flow of revenue but also fosters a loyal customer base invested in their pharmacy’s services.
5 Proven Strategies for Growing Your Compounding Pharmacy – Top 5 tried-and-true strategies to grow 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.
Tips for Marketing Weight Loss to Prescribers – Emphasizing the holistic approach to weight loss, including lifestyle modifications and ongoing patient support, can resonate with prescribers seeking comprehensive solutions for their patients.
3 Trends for Independent Pharmacy Owners for 2024 – Adapting to these trends presents a prime opportunity for independent pharmacy owners to innovate, expand services, and cater to evolving patients.
As you aim to broaden your pharmacy’s success and financial strength, you’ll encounter obstacles and unknowns. At DiversifyRx, our team is prepared to assist you in every aspect of your pharmacy’s operations.
Don’t worry, we’re here to support you! Explore Pharmacy Badass University for precise guidance on monitoring your Non-PBM Revenue. We don’t want you to be one of the independents to close. Your employees and patients love you! They don’t want to have to go to a chain.