Search Results: kpi optimization

Aug 20 2021

6 Secrets To Increase Pharmacy Profits From PBMs

By Dr. Lisa Faast | August 20, 2021 | PBM Optimization

If you want to increase pharmacy profits, then you must optimize your PBM-based revenue. Most independent pharmacies’ revenue comes through a PBM. In fact, it is normal for over 95% of a pharmacy’s sales to come from a PBM. This reliance on PBMs leads to almost all of a pharmacy owner’s headaches. Audits, clawbacks, DIR […]

Dec 16 2020

How To Compete Against Amazon Pharmacy and Win Part 4

By Dr. Lisa Faast | December 16, 2020 | Cash Based Revenue, Non-PBM Revenue, PBM Optimization

Stop competing against Amazon Pharmacy (and other big-box pharmacies) because you are not in the same business they are in. Sure, you both sell prescription drugs, but that doesn’t mean you are in the same business. That would mean a drive-thru food joint and a steakhouse are in the same business because they sell food. […]

Mar 16 2023

Badass Staff Meetings: Here is the Formula

By Dr. Lisa Faast | March 16, 2023 | Team Development

Let’s talk about all things staff meetings We don’t have a choice. Running staff meetings is a necessity we can not ignore if we want to create a badass pharmacy team. Staff meetings are an opportunity to gain more team engagement, discuss new and upcoming initiatives, collaborate on ideas, learn what’s working and what’s not, […]

Apr 20 2022

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 […]

Sep 7 2023

The Ultimate Guide to Marketing Your Pharmacy’s Point of Care Testing Services

By Dr. Lisa Faast | September 7, 2023 | Non-PBM Revenue

Point of Care Testing (POCT) is a powerful tool for independent pharmacies, offering an opportunity to expand revenue streams and provide essential healthcare services to your community. This comprehensive guide will explore effective marketing strategies to make your POCT services successful. From understanding your target market to leveraging online reviews, we’ve got you covered. Understanding […]

Feb 3 2021

The Magic Of Compounding Bookmarks

By Dr. Lisa Faast | February 3, 2021 | Cash Based Revenue, Marketing, PBM Optimization

There’s no real pixie dust here, only a simple and highly effective tool for innovative compounding pharmacies. The Beginning Over 16 years ago, I was in the throes of opening my first pharmacy from scratch. I became interested in compounding after a PCCA training class while in pharmacy school. Before I opened my doors, I […]

Apr 28 2021

Increase Pharmacy Profits By Reducing Expenses

By Dr. Lisa Faast | April 28, 2021 | KPI Optimization

A dollar saved is a dollar in your wallet. The fast track to increase pharmacy profits is by reducing your pharmacy’s expenses. Many pharmacy owners are addicted to revenue. We like quoting to others how big our top line has become. Unfortunately, high revenue does not mean large pharmacy profits. In fact, for every $1 […]

Mar 31 2021

7 Excellent Tips To Get New Patients

By Dr. Lisa Faast | March 31, 2021 | Marketing

Getting new patients doesn’t have to be complicated. Follow these steps, and you will be on your way to growing your pharmacy with new patients. Every pharmacy needs new patients. Even if you have a thriving pharmacy, you lose patients every day. Perhaps they move away, or their insurance changes and requires mail-order. This loss […]

Oct 20 2023

The Importance of Gross Profit Margin for Pharmacy Owners

By Dr. Lisa Faast | October 20, 2023 | 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

May 1 2024

10 Pharmacy Marketing Lessons From The Eclipse

By Dr. Lisa Faast | May 1, 2024 | Marketing

Alright, let’s deviate from the usual and explore something unexpected—pharmacy marketing lessons from the recent total solar eclipse! Now, I get it. You might be wondering how on Earth (or should I say, in the sky?) this relates to pharmacy marketing. But trust me, there’s more to this cosmic event than meets the eye. April […]