Increasing Per-Patient Spending In Independent Pharmacy
By Dr. Lisa Faast | | Marketing
The lowest-hanging fruit to grow your pharmacy profitably is to increase per-patient spending. The lowest-hanging fruit to grow your pharmacy profitably is to increase per-patient spending from your current customer base. Running a profitable pharmacy requires more than just providing the right medications and healthcare products. It’s essential to maximize every patient’s spending to thrive …
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Building Patient Loyalty: Creating a Pharmacy Membership Program
By Dr. Lisa Faast | | Marketing
My bold statement: every pharmacy owner would benefit by offering a pharmacy membership program. Building patient loyalty and increasing spending go hand in hand with achieving long-term success in the pharmacy landscape. One effective technique to achieve both of these goals is to establish a pharmacy membership program. These programs offer a range of benefits …
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DSCSA Compliance for Independent Pharmacies
By Dr. Lisa Faast | | KPI Optimization
While DSCSA (the Drug Supply Chain Security Act) enforcement is postponed until November 2024, it is critical to move forward in becoming compliant sooner rather than later. In the world of running a pharmacy, patient safety is Everything. To achieve this, the U.S. pharmaceutical industry is wrapped up in a web of regulations, and one …
Hazardous Drug Compliance
By Dr. Lisa Faast | | Team Development
Not all medications are created equal. Are you handling your hazardous drug properly? Hazardous drugs constitute a distinct category of pharmaceuticals that demand special attention from all types of pharmacies, not just compounding. Adhering to regulations related to hazardous drugs in pharmacies is of vital importance. Compliance for hazardous drugs will look wildly different based …
Navigating DEA Compliance: Essential Insights for Independent Pharmacy Owners
By Dr. Lisa Faast | | Team Development
It is important to stay on top of DEA compliance in this ever-changing world. Many changes, requirements, and increases in enforcement are heading to independent pharmacy owners in November. In a recent podcast, Jeff Hedges from RJ Hedges shared with us some of the new items the DEA is looking for in your pharmacy. Our …
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Mastering PBM Billing Compliance: A Comprehensive Guide To A PBM Audit
By Dr. Lisa Faast | | PBM Optimization
Don’t let a PBM audit ruin your plans. When your pharmacy relies on a Pharmacy Benefit Manager (PBM) for 90% or more of its revenues, it’s imperative to ensure 100% PBM billing compliance so you can pass any PBM audit. Compliance with PBM billing regulations is more critical than ever, given the increasing number of …
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3 Trends for Independent Pharmacy Owners for 2024
By Dr. Lisa Faast | | Cash Based Revenue, Non-PBM Revenue
2024 is bringing a lot of changes for pharmacy owners. Here are three trends you should incorporate into your pharmacy for success. The pharmacy industry is no stranger to change. Constant updates to contracts, the supply chain, and patient expectations have shaped the way pharmacy owners should approach 2024 and beyond. With new challenges come …
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The Importance of Gross Profit Margin for Pharmacy Owners
By Dr. Lisa Faast | | KPI Optimization
Gross Profit Margin is a financial metric that calculates the percentage of revenue left after deducting the cost of goods sold (COGS). In the context of a pharmacy, the revenue represents the total income generated from selling medications, healthcare products, and services
The Importance of Financial Forecasting for Pharmacies
By Dr. Lisa Faast | | KPI Optimization
If you are like most pharmacy owners, I am betting you don’t do any financial forecasting for your pharmacy. Let’s dive into why you should. Luckily for most pharmacies, business is steady from month to month. There aren’t typically huge swings in revenue. This stability is a double-edged sword. On the good side is predictability …
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3 Critical KPIs for Pharmacies in 2024: Boosting Cash Flow
By Dr. Lisa Faast | | KPI Optimization
Can You Significantly Boost Your Pharmacy’s Cash Flow in Just 90 Days? As the new quarter begins, it’s time to reflect on your pharmacy’s performance in the previous quarter. Were your plans and ideas overshadowed by the daily grind of managing your independent pharmacy? Many pharmacy owners find themselves dissatisfied with their progress in the …
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About DiversifyRx
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.
