If increasing pharmacy profit is a goal, you need a lower COGS. What Is Cost Of Goods Sold (COGS)? The cost of goods sold (COGS) is the cost of an item or service that you sell. For pharmacies, it is critical to point out the COGS is NOT COGB (cost of goods bought). Because pharmacies …
What will your pharmacy look like in 5 years? You create your future by setting a pharmacy vision and planning your pharmacy goals. Bring your pharmacy vision, dreams, and goals to life! Setting a pharmacy vision and goals for your business is essential to creating profit and success. Knowing where you want to go provides …
Profit is the key to staying in business. Understanding the types of pharmacy profit and what it isn’t will be critical to your pharmacy’s success. What Profit Isn’t Profit is not cash in your bank account, at least for most pharmacy owners. Remember this equation Profit ≠ Cash, and the reverse is true Cash ≠ …
Having strong pharmacy cybersecurity is critical for every pharmacy owner. Cyberattacks and ransomware are on the rise, and you can’t afford to lose this battle. If you haven’t audited your IT security protocols lately, do it today! Cyber insurance coverage is essential these days, primarily because of the confidential patient data housed within your database. …
…no cost and minimal effort to get started. DiversifyRx recommends StreamCare for direct billing. Pharmacy Profit Idea #3: Monetize Your Pharmacy Data Are you monetizing your pharmacy data? Scriptera is…
Pharmacy growth comes in only two ways: get new patients or get more from current patients. Pretty simple right? Yes and no. Understanding the two strategies is pretty simple, but implementing the tasks to create the results brings chaos and fun. What is traditionally referred to as pharmacy marketing is to get new patients. There …
Why Patient Retention Is Critical To Pharmacy Growth Read More »
Going beyond KPIs and into actionable lead and lag measures. Let’s get real. It’s no secret that pharmacy owners and their employees work better together when company goals are crystal clear. A thriving pharmacy sets goals, identifies critical KPIs, and keeps track of successes and failures. Because the pharmacy industry is such a fast-paced business, …
Video marketing is the number one most powerful tool for growing your pharmacy sales. Video marketing is a powerful marketing tool that can be financially beneficial to your pharmacy. Videos on social media have high engagement rates, and it’s easy to repurpose videos and distribute them on multiple social media channels. In a recent post, …
Can you dramatically improve your pharmacy’s profits in just 90 days? It is the start of a new quarter today. Are you happy with what you accomplished in the last quarter? Did you have ideas and plans, and then they got lost in the shuffle of the day-to-day of running your pharmacy? Most pharmacy owners …
Transform Your Pharmacy Profits With These 3 Critical KPIs Read More »
Pet medication is now easier than ever to fill for your patients. Have you ever wondered how you can get in on the 10 billion dollar pet medication industry? As a compounding pharmacy, I naturally filled the custom medications for vets. Those compounds, while profitable, are a small piece of the pie that exists for …