2022 was another crazy year for independent pharmacies. Lots of ups and downs. To ensure you didn’t miss a critical idea, we are recapping our most popular blogs for each Pharmacy Profit Pillar.
It can be challenging to stay up-to-date with the always-evolving world of pharmacy as you try to integrate new methods of doing things to succeed. The KEY to growing your pharmacy profit is implementing tactics within each of the 6 pillars of profitability. As we look back on 2022, we put together a list of our top blog posts from each pillar for you to tuck into your resources folder and use when you are looking for new ways to increase your profitability.
Here’s an overview of the 6 Pharmacy Profit Pillars:
- Cash-Based Revenue
- Non-PBM Revenue
- PBM Optimization
- Marketing
- Team Development
- KPI Optimization
Each pillar represents an area you must focus on for a thriving, profitable pharmacy. Don’t do them all at once! Focus on only one at a time until successful, and then you can layer on additional tactics until you have a fully baked “goal lasagna”!
Starting With Our Top 2022 Blog Resources To Increase Cash-Based Revenue
Many pharmacy owners overlook the power of cash-based revenue. Too many believe the myth that their patients won’t pay cash for products or services. Don’t believe that!! People in your community are regularly spending their money with someone else. Offer the services and products they want, and they will switch to spending with you. Stop focusing your marketing and growth efforts on filling more prescriptions. Instead, tell people about other services and products you offer (the more profitable ones!). It will be easier to increase your profits by selling valuable products and services to patients you already do business with. Often shopping in your backyard will yield more fruit. This revenue is profitable, but it also fulfilling as you help patients.
Why is cash-based revenue awesome, you ask? The answer is simple! No PBM, No Billing, No Audits, and you get money for a product or service immediately. Some of our favorite tactics are selling supplements, point-of-care testing, pharmacogenetics, services, and consults. See below for our top blogs that will help you increase your cash-based revenues.
Cash-Based Revenue: The First Pharmacy Profit Pillar – An excellent introduction to this profit pillar.
Point of Care Testing: Increasing Your Pharmacy Profit – We are big fans of POCT. This is a service that almost every pharmacy can benefit from.
4 Easy Strategies To Increase Clinical Revenue – Growing clinical-based revenue is often at the top of pharmacy owners’ to-do lists. Learn how you can do it with these easy strategies.
Quick Tips For Selling CBD In Your Pharmacy – Really, not just for CBD but for any OTC! Great tips to help you boost your sales.
How To Have a Holly Jolly Hempmas From Ananda Professional – These bundle packs are flying off my pharmacy’s shelves, I bet they will for yours too.
As you focus on growing your pharmacy and making it more profitable, you will encounter hurdles or 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.
Don’t worry… WE GOT YOU! Reach out at any time to [email protected] or contact us via our social media channels.
Tune in each week as we cover our Top 2022 Blog Resources for our 6 Pillars of Profitability and Remember… Focus on only one at a time to get to the “goal lasagna”!
