Simple Ways to Increase Profits for Your Independent Pharmacies
If you own an independent pharmacy, you know how important it is for your community. However, like any other business, owning an independent pharmacy has its own challenges. You may have to face immense economic pressure that the other physician dispensing companies are also facing. So, what can you do to make things easier for you? Here are some simple ways.
Clinical Services
There are many physician dispensing companies that have started to offer services that are unique for in their community. If you are also looking for a way to increase benefit, you can also offer some unique service. To offer the service, you need to get into the marketplace and find out what exactly you can offer.
Find out the gap that you can fill. With the pandemic being around, vaccination is something that you can definitely offer as a paid service. You can also offer counselling for weight loss/gain, having supplements to fulfil nutritional needs etc.
Offering clinical services is a great way to increase your sales. The more unique and less-offered services these are, the more footfall you will notice. More footfall will result in more cash pay, which in turn will increase your profit.
Focus on High-Revenue Patients
You might be thinking if the term high-revenue patients even exist. Well, it does and it also makes a huge difference when it comes to increasing profit. Being one of the physician dispensing companies, you would already know that there are some medications that are more expensive than others. Now, these medications are meant to be used for certain illnesses only. Some of these medicines may be prescribed by the doctor only for cancer patients or patients with some chronic disease.
If you want to increase your profit, you can stock up the medicines that are generally expensive and are not easily available. Since these medicines are not easily available, your independent pharmacy will be the first choice of the patients who are in need of these medications.
Patient’s Loyalty
Do you visit the same supermarket in your area? Why is that? The reason is that you have become comfortable with the environment and the service that the store offers. Hence, you have become a loyal customer of that store.
Similarly, if your pharmacy offers the medicines that most people require and also those that are generally difficult to attain, you have a chance of increasing the number of loyal customers. Research has shown that recurring patients may spend 67% more than a one-time patient.
If you are one of the physician dispensing companies, you can contact PD-RX Pharmaceuticals for any type of medical supplies and we will be happy to help you.
**Disclaimer: The information on this page is not intended to be a doctor's advice, nor does it create any form of patient-doctor relationship.