If you missed the Day 1 Pharmacy Profit Summit recap, you can catch it here.
Day 2 was packed with even more speakers that gave critical information on how to grow your profits with various solutions. Let’s dive into day two and get the specific information you need.
Dr. Lisa Faast
Dr. Faast started by welcoming everyone back and sharing information about projects and offers for attendees.
First, she spoke about The Would You Like Shots with That project. This project is focused on exposing some hard truths behind the fast-foodification of today’s pharmacies. You can learn more about it on their website.
Next up is an offer from RxRise. COVID antigen tests at $5 per test with free shipping with a minimum 1 case (300) order. To get the deal, you can go to RxRise.com or call 888-812-6262 and mention Lisa or DiversifyRx to get a discount.
A special thank you to VMC Pharmacy Program was also made since they sponsored breakfast. See how VMC can help increase your profitability here.
Jeremy Manchester – Raise The PBM Shields
Jeremy Manchester from Liberty Software started the day by refreshing attendees on the most common audits pharmacies are facing right now. Following your PBM manuals and protecting yourself from audits will help you boost profits for years.
Colin Cross – White Labeling Supplements
Consumers spend billions annually on supplements, and pharmacies can do a better job of tapping into this profitable and cash-based revenue stream. There are many advantages to white-labeling your supplements, from increased loyalty to stable recurring revenue and even custom formulations. Legere Pharmaceuticals offer the ability to private label your supplements to increase your cash flow and grow your brand further. You can check out their options for your pharmacy here.
AJ Asgari – Growing Your Online Revenue Streams
As a multi-pharmacy owner and founder of Drugstore2Door, AJ Asgari is an expert on how a better online presence can boost your bottom line. Pharmacies need to be able to make money 24/7/365. Your website should be driving additional sales to your pharmacy. If you don’t offer the convenience your patients expect, they may go elsewhere. You can learn more about Drugstore2Door here.
Brad Jones – Driving Profits In Your Front-End
Brad Jones discussed how most customers do not make logical buying decisions as they unconsciously focus more on rewards and pleasures. Your front-end sales depend on how you present items to your patients and which products you carry. It is not about the best image or perfect video. You can learn more about Brad Jones and his company, Retail Management Solutions, here.
Dr. Adam Robinson – Workflow 2.0
Adam Robinson, the workflow whisperer, shared many nuggets on increasing your revenue by optimizing your workflow. One of the biggest takeaways is that you must learn to delegate and empower people to take charge in their area. By improving workflow, Adam was able to decrease errors, increase profits, and increase employee satisfaction. You can reach out to Adam and Scott here.
Rapid Fire Session #2 – How To Lower Your COGS
Tom Napolitano – Real Value Products
Purchasing products with net pricing and not waiting on a rebate is key to profitable success. Tom explained how Real Value Products has low net upfront pricing and free consultants for all customers to help you increase your profits. You can learn more about Real Value Rx here.
Peter Saad – Pharmacy Owner
Peter dove into why your primary vendor agreement costs you tens of thousands of extra dollars a month. Pharmacies are chasing brand costs that they will never be able to meet and grossly overpaying for their generics. He broke down many examples of how pharmacies can save by purchasing outside of their primary wholesaler.
Craig Robinson – RxCherryPick
RxCherryPick is the anti-primary wholesaler company. They have been educating pharmacy owners for years on how your prime vendor agreement holds you back rather than helps you. Craig showed a simple formula for how you can calculate how much cash flow you could generate once you leave your primary wholesaler. You can learn more about how RxCherryPick can help you reduce your COGS here.
Ozzy Osbrink – SRG
Ozzy discussed how one-sided prime-vendor agreements are trapping many pharmacy organizations. SRG can help you reduce your COGS by being a neutral third party and knowing how to negotiate with wholesalers to ensure you get the lowest net cost of goods. You can learn more about SRG here.
Dr. Lisa Faast – What To Do First
As we start coming to the end of Day 2, Dr. Faast dove into the Pharmacy Profit Roadmap. There were three main areas she covered:
1) Get quick wins – get quick results and start winning with your changes
2) Fix your leaks – focus on the three most important KPIs and get them green
3) Diversify + optimize – Look at other ways to increase your profits (Supplements, RPM/CCM, functional medicine, etc.)
Rapid Fire Session #3 – Think Outside The PBM
Benjamin Clarke – BetterRx
Hospice services need independent pharmacies to properly care for patients. Many hospice prescriptions are not profitable. This problem is where BetterRx comes in to save the day. You can learn more about how BetterRx can help with this area by clicking here.
Debbie Marcello – Happier at Home
Medical At Home was a popular topic at the summit. Happier at Home has been helping pharmacy owners break into the stay-at-home medical market for over 17 years. Some service areas include non-medical home care, personal assistant services, care advocacy, and medication administration solutions. Happier at Home can help you with some of the best marketing materials, excellent training and support, and multiple lines of private pay businesses. Learn more about Happier at Home here.
Dr. Lisa Faast – StreamCare
Dr. Lisa Faast spoke on behalf of StreamCare, who couldn’t make it last minute. The StreamCare advantage eliminates greedy PBMs from work comp claims and allows you to bill the insurance carrier directly. You can learn more about StreamCare and see if you are eligible here.
Rapid Fire Session #4 – Optimize Your PBM Revenue
Robbie Stokes – Pricing Concepts
In Robbie’s simple conversation, he explained that most pharmacies are leaving significant amounts of money on the table by not regularly updating their pricing tables in their PMS. Pricing Concepts helps independent pharmacy owners ensure they are using the most optimized pricing tables for their prescriptions. You can learn more by emailing Robbie Stokes here.
Dustin Tyler – EZSCRIPTRx
Dustin explained how EZSCRIPTRx could help pharmacy owners with real-time benefits verification. Their system helps pharmacy owners optimize their patients’ coverages without any test claims. You can help your patients as well as stay compliant with your PBM contracts. Learn more about EZSCRIPTRx here.
Dr. Lisa Faast – Capturing the Cash Prescription Market
What is your cash Rx percentage? Many pharmacy owners have a goal of increasing their cash-based prescriptions. Lisa analyzed the most common cash strategies: memberships, cost plus, pre-pay, extended-day supplies, and bundles.
Mike Vesely – Staff Infection
As a business coach for DiversifyRx, Mike noted how many pharmacies have staff issues affecting their performance. A great question to ask yourself is: Knowing what you know now, would you rehire this person? If you have someone to that you answer no, why are they still there? It can be hard to improve your team culture if you have a bad apple. There are a lot of areas to consider with your staff and ensure they are performing at their best and as a team.
Lisa Faast – Low Cost Guaranteed Ways to Grow
Understanding how to generate traffic for your pharmacy is a pivotal area pharmacy owners must focus on in today’s environment. Traffic is how many people come into your pharmacy or visit your website. Knowing how to increase your traffic in low-cost ways is a secret to success. If you need to learn more about marketing strategies, consider joining Pharmacy Badass University.
We heard over and over again how attendees enjoyed the content and the how-to presented by each speaker. Next week is a recap of our Bonus Day event dedicated to clinical and functional medicine revenues. If you want access to the recordings of each Pharmacy Profit Summit and personalized help in increasing your pharmacy’s profits, then we invite you to join Pharmacy Badass University.