Dive into our top 2022 suggestions for increasing your non-PBM revenue to grow and stabilize your pharmacy profits.
Last week we shared our Top 2022 Blog Resources To Increase Cash-Based Revenue, which covers our first Pharmacy Profit Pillar Cash-Based Revenue. This week we will recap the most popular blogs from 2022 that focus on non-PBM revenue. We like to differentiate non-PBM revenue from cash-based revenue. While both sources avoid PBMs, cash-based is immediate no-middleman revenue. Non-PBM revenue can sometimes still have a middleman – a doctor’s office, an employer, or an insurer, as examples. This is a critical pillar to growing your pharmacy profitably.
Here’s an overview of the 6 Pharmacy Profit Pillars:
– Cash-Based Revenue
– Non-PBM Revenue
– PBM Optimization
– Marketing
– Team Development
– KPI Optimization
Build A Profitable Foundation Increasing Your Non-PBM Revenue
All of us despise PBMs. Having so much revenue flow through a PBM breeds uncertainty and worry for pharmacy owners. Low pharmacy profitability, shady audits, bad cash flow, negative reimbursements, and many other issues are brought on by PBMs. By increasing your non-PBM revenue, you can reduce those worries.
The Goal For Non-PBM Revenue
Our goal is to help independent pharmacies grow their non-PBM revenue to a minimum of 20%. Most pharmacies operate at about 5%. This may not seem like much, but it greatly affects your pharmacy profits and cash flow.
Here at DiversifyRx, we firmly believe that diversification is the key to success (it’s in the name!). Pharmacy owners can no longer rely on waiting for what happens to come through the door to generate profitable dispensing revenue. You must actively search out and nurture other revenue and optimization opportunities. If you are truly interested in learning how to expand your revenue streams outside the control of PBMs, we suggest you join us at one of our Pharmacy Profit Summits in Orlando in February or Dallas in August.
In the meantime, tuck the blog resources below into your resources folder and take a good hard look at your potential to improve patient care and create new revenue streams for your pharmacy.
Resources
Non-PBM Revenue The Second Pillar To Pharmacy Profitability– A fantastic introduction to this profit pillar.
Update To Remote Patient Monitoring– A great way to position yourself as an integral part of the healthcare team.
Pharmacy Point Of Care Testing in 2022– The perfect additional revenue stream for all retail pharmacies.
In A World Without PBMS– I am sorry to be the bearer of bad news. Even without PBMs, many pharmacy owners would still struggle. Here are a few areas to focus your time and energy on for peaceful nights while you work on your pharmacy.
Pharmacy Profit Niche Worker’s Compensation– The riches are in the niches, and my favorite is direct billing worker’s compensation prescriptions.
Don’t worry… WE GOT YOU! Reach out at any time to [email protected] or contact us via our social media channels. As you focus on growing your pharmacy and making it more profitable, you might have some questions. The team at DiversifyRx can help you in all areas of your pharmacy. We aren’t just one trick ponies as many other “gurus” are. We are pharmacy owners and longtime industry experts that will give you the answers you need when you need them.
Tune in next week as we recap the top blogs for optimizing your PBM revenue.
