KPI Optimization: The Sixth Pillar to Pharmacy Profitability

By Dr. Lisa Faast | June 23, 2022 | KPI Optimization
KPI stands for Key Performance Indicator. A KPI is a data point or number you can track in your pharmacy. I am a data nerd, so I have written on several KPIs; feel free to browse through all KPI-related blogs HERE. While there are 100s you could track in your pharmacy, what you want is …

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Team Development: The Fifth Pillar to Pharmacy Profitability

By Dr. Lisa Faast | June 16, 2022 | Team Development
Your team of employees has a huge impact on your profitability. When it comes to pharmacy profitability, you have to consider how your employees can contribute to or lessen your profitability. I have learned over the years, that you can’t do this alone and your team will make you or break you. For these reasons, …

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Pharmacy Marketing: The Fourth Pillar of Pharmacy Profitability

By Dr. Lisa Faast | June 10, 2022 | Marketing
Efficient and effective pharmacy marketing is critical to your profitability.  Your pharmacy marketing should not be an afterthought or a make it up as you go along initiative. It is critical and should be planned, tracked, and optimized as much as possible. No matter which pharmacy profit tactic you implement in your pharmacy, you will …

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PBM Optimization: The Third Pharmacy Profit Pillar

By Dr. Lisa Faast | May 31, 2022 | KPI Optimization,  PBM Optimization
Our third pharmacy profit pillar, PBM Optimization, will significantly impact your bottom line in the shortest amount of time for most independent retail pharmacies. While most pharmacy owners hate PBMs, they are a part of our everyday business and the key to success. You can’t ignore them when about 90% of a pharmacy’s revenue is …

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Non-PBM Revenue: The Second Pillar to Pharmacy Profitability

By Dr. Lisa Faast | May 25, 2022 | KPI Optimization,  Non-PBM Revenue
As we continue to work on building a profitable foundation for your pharmacy, let’s dive into our second pillar to pharmacy profitability which is Non-PBM Revenue. Why Non-PBM Revenue to Increase Pharmacy Profitability? We all hate the PBMs. Having so much of your pharmacy’s revenue come through a PBM creates uncertainty and anxiety for pharmacy …

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Cash Based Revenue: The First Pharmacy Profit Pillar

By Dr. Lisa Faast | May 19, 2022 | Cash Based Revenue
Improve your pharmacy profit and cash flow by increasing your cash-based revenue.  With so many gurus out there that always seem to give conflicting and confusing information, we at DiversifyRx are known for keeping it simple. Since we have worked with thousands of pharmacies over our career, we noticed a handful of common areas pharmacy …

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Pharmacy RPM 2022

Update To Remote Patient Monitoring Billing

By Dr. Lisa Faast | May 12, 2022 | Non-PBM Revenue
Interest in Remote Patient Monitoring (RPM) services has skyrocketed in the past few months. Here’s what you need to know. Remote Patient Monitoring, Remote Physiologic Monitoring, and Remote Therapeutic Monitoring are growing trends in healthcare, and they can benefit pharmacies of all sizes. By providing RPM services, pharmacies can improve patient outcomes, increase medication adherence, …

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6 pharmacy profit pillars

How To Maximize Pharmacy Profit With These 6 Pillars

By Dr. Lisa Faast | May 5, 2022 | KPI Optimization
The key to growing your pharmacy profit is implementing tactics within each of the 6 Pillars of Pharmacy Profitability.  Over the years, I have talked to thousands of pharmacies about profitability. A particular pattern started to emerge when I would sit down and break open their entire business strategy. There are six areas I notice …

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pharmacy marketing

Authentic Content Is King For Pharmacy Marketing

By Dr. Lisa Faast | April 28, 2022 | KPI Optimization
Authentic content will do wonders for your pharmacy marketing—guest post by Heather Haro.  Content Content Content! I recently attempted to complete the 75 Hard program. If you are unfamiliar with this program, it is a mental toughness program designed by entrepreneur and best-selling author Andy Frisella.  The challenge is 75 consecutive days of: 2 – …

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pharmacy payroll pharmacy profit

How to Quickly Lower Your Pharmacy Payroll Without Firing Anyone

By Dr. Lisa Faast | April 20, 2022 | KPI Optimization,  Team Development
Your pharmacy payroll has the power to make you or break you. We consider it one of the 3 critical KPIs (key performance indicators).  How Do You Know If Your Pharmacy Payroll is High, Low, or Just Right? To determine your payroll grade, you need to calculate your payroll ratio. Your payroll ratio is a …

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    DiversifyRx is dedicated to helping pharmacy owners kick a$$. We strongly believe the key to success is diversifying your revenue streams and maximizing each opportunity that is right for you. DiversifyRx was created by pharmacy owners for pharmacy owners. We have experienced a lot of triumphs and disasters and want to share our knowledge with you. This site contains affiliate links to products or services. We may receive a commission for purchases made through these links.

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