If cash flow concerns have been top of mind for you lately, you've not alone. Many pharmacies are facing similar pressures and are on the hunt for effective countermeasures.
Luckily, there are many effective short-term strategies you can implement to provide temporary reprieve. These 5 short-term cash flow tips from Dr. Lisa Faast are a great place to start.
However, long-term and ongoing cash flow woes can be a bit more difficult to solve. But, 'more difficult' doesn’t mean impossible.
The trick to better cash flow (and higher profits) lies in increasing non-prescription revenue. This can be accomplished many ways, but one of our favorites is clinical consulting.
Many pharmacists are already doing at least some of the work of a clinical consulting pharmacist. So, why not monetize it? Incorporating this work into your existing business model is one of the most effective long-term strategies for boosting cash flow - and it's easier to do than you might think.
Last October on CLIMB, Dr. Thea Blystone gave an excellent run-down on everything you need to know about implementing a clinical consulting strategy in your pharmacy. Thea is the founder of TM Pharmacy Consulting and an absolute expert on all things clinical consulting, so if you're looking for more guidance on how to get started, we highly recommend checking out her interview below.
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