Adding cash-based functional medicine revenue to your pharmacy is a potential goldmine for profits and tons of clinical satisfaction.
As pharmacy continues to evolve, one area that has seen significant growth is functional medicine, a patient-centered approach to managing chronic diseases.
For pharmacy owners, venturing into a cash-based functional medicine pharmacy can be a lucrative and satisfying pursuit.
Let’s explore the concept of functional medicine pharmacies, the benefits they bring to patients, and how you, as a pharmacy owner, can transition or start a cash-based functional medicine practice.
Understanding Functional Medicine
Functional medicine addresses the underlying causes of disease, using a systems-oriented approach while engaging both the patient and practitioner in a therapeutic partnership.
Unlike traditional medicine, which often focuses on the treatment of symptoms, functional medicine aims to understand and correct the root causes of illness.
Do you need to be a holistic functional medicine wizard to start?
NOPE!
You are already an expert in many areas. You do NOT have to get a bunch of new certificates or degrees. As a pharmacist yourself or your employee pharmacists, you already have all the education you need.
Do not let the lie of imposter syndrome stop you. Here’s how:
- Start small
- Get feedback
- Gain confidence
- Keep going!
Start With The Easy Stuff
Supplements are some of the lowest-hanging fruits for adding cash-based functional medicine revenue to your pharmacy. Start small and easy. Then, as you become more confident, you can get into more complicated protocols.
Here are some easy-peasy ideas.
- Methylated b-vitamins
- Magnesium complex blends
- Vitamin D3 and K2
- Probiotics with digestive enzymes and prebiotics
- Nitric oxide boosters
The Rise of Cash-Based Functional Services
A cash-based model allows greater transparency in pricing and services, something that patients increasingly value. A functional medicine pharmacy operating on a cash-based model isn’t influenced by insurance limitations, potentially providing a higher level of care and customization of services.
We learned during the pandemic that patients are willing to pay for the services they want – regardless of whether a third-party payor will pay for them. Tap into this individual control movement. Offer services that your patients want. Help them solve their most pressing problems, and they will gladly pay for your services.
Advantages for Pharmacy Owners
1. Autonomy and Patient Relationships
Switching to a cash-based model can relieve some of the pressures of operating within the insurance system. It gives you more control over your business, allowing you to spend more time with patients and build strong, lasting relationships based on comprehensive care.
2. Profitability
Without the need to conform to insurance regulations and pricing structures, you have the flexibility to set service prices based on the value provided. This control can lead to increased profitability and the opportunity to grow your business in new directions.
3. Niche Specialization
By specializing in functional medicine, you position yourself in a niche market with less competition, which can drive customer loyalty and referrals.
Transitioning to a Functional Medicine Pharmacy
Step 1: Conduct Market Research
Before making the shift, it’s vital to understand your market and the demand for functional medicine services. Research can also guide you in setting competitive prices for your services. See what is trending on TikTok or simply ask your community about what problems they would love to be fixed with their health or what topics interest them the most.
Step 2: Gain Functional Medicine Confidence
Functional medicine can be a bit of a scary term for pharmacists. Many are now calling it well-care or wellness programs. Typically, you won’t need to get any special certification. One of the best ways to learn is to get started with a patient. You don’t have to immediately know all the answers. I will go research that is a perfectly acceptable response. Also, many professional-grade supplement companies offer free in-depth knowledge and training programs.
Step 3: Update Your Business Model
This includes restructuring service offerings and pricing and possibly even redesigning your pharmacy space to accommodate patient consultations and expanded services. Make it easy for patients to pay you!! A simple Stripe account can do wonders for you. You can pair Stripe with Calendly and get paid before you even speak with a patient.
Step 4: Marketing Your Services
Developing a marketing plan sounds frightening. It doesn’t have to be! A marketing plan can be as simple as posting a live video every day on 2 social media channels. Just because marketing might be outside your area of expertise, that doesn’t mean it needs to be complicated or confusing. Leverage your relationship with your current pharmacy patients and your social media channels.
Step 5: Build Relationships with Other Healthcare Providers
Networking with clinicians who understand and value functional medicine can result in a steady stream of referrals. Think of chiropractors, massage therapists, nutritionists, or life coaches as marketing partners. You can promote them, and they can promote you.
The Future of Health is Personal
The call for personalized medicine continues to grow, and with it, the demand for functional medicine services and products. Your pharmacy can be a critical piece of this movement for your community.
But…
Not if you don’t take action. The most important step is the first step. Just do it as Nike says. You don’t have to have a 10-year plan to start educating your patients on the benefit of boosting their nitric oxide levels.
Starting or transitioning to a cash-based functional medicine pharmacy may seem overwhelming at first, but with the right approach, it can offer immense satisfaction professionally and financially. If you’re ready to take your pharmacy business to the next level, consider the untapped potential that functional medicine has to offer.
