Follow these 10 social media tips and watch your independent pharmacy grow! I love marketing. However, social media can be somewhat frightening for many pharmacy owners. It shouldn’t be. My 10 social media tips will help you make it easy. Most companies must spend huge amounts of their revenue on marketing to attract new customers. […]
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Effective pharmacy inventory management can make or break your business—and your bank account- in the ever-evolving landscape of independent pharmacies. As pharmacy owners, we know millions of dollars are tied up in inventory annually. How often have you stared at expired or slow-moving medications, realizing that your hard-earned money is gathering dust on the shelves?
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Increasing your Non-PBM Revenue is a great way to increase your independent pharmacy’s profits. We all detest the PBMs. So, let’s focus on decreasing your dependence on them by increasing your non-PBM revenue. Having a significant portion of your pharmacy’s revenue tied to a PBM introduces uncertainty and anxiety for pharmacy owners. PBMs contribute to
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5 Daily Habits to Improve Your Pharmacy: A Recipe for Success You don’t have to have hours of free time every day to improve your pharmacy; you can adopt these simple five daily habits and get started today. Running an independent pharmacy can sometimes feel like juggling while riding a unicycle on a tightrope. It’s
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How to build a resilient and successful business, according to the great Charlie Munger. Many people influence us as individuals and as business owners. One such figure who has profoundly influenced my approach to business is Charlie Munger. Charlie Munger was chairman of Berkshire Hathaway and was one of the most successful businessmen along with
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Are you finally thinking of starting a vaccine program in your independent pharmacy? Adding vaccine administration to your list of pharmacy services is a great way to serve and protect your community while increasing your pharmacy’s visibility, revenue, and profit. Let’s dive into how to start your pharmacy’s vaccine program. Most pharmacies can get a vaccine
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It’s crucial to adhere to the manufacturer coupon rules, not just for the benefit of your patients, but also to steer clear of potential PBM audit issues. It used to be so easy. Back in the day (yes, I am getting old, I can say back in the day!), if you had a manufacturer coupon,
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Get caught up with our most popular articles on PBM Optimization for independent pharmacy owners. For most pharmacy owners reading this, PBMs are integral to your business as much as they suck the lifeblood from you and your pharmacy. The average pharmacy has more than 90% of its revenue flowing through a PBM. Therefore, you
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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
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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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