Money problems? Don't sweat it. Here are some top tips from Lisa Faast on increasing your pharmacy's cash flow.
These Quick Tips Can Help You Improve Pharmacy Profits
Want more money right now? Here are our top 3 quick fixes to increase your pharmacy's profits today!
The topic of pharmacy profitability never gets old for us. After all, who would say no to a bit more profit? And if we can see results quickly, all the better.
Quickly improving pharmacy profits isn’t just about how long it takes for us to see a positive impact to the bottom line. The time it takes you to make a change or start a new program is also important.
Adopting new processes or programs to grow or add revenue steams can be time consuming. Representing a roadblock for many pharmacy owners.
Luckily, this doesn’t have to be the case. While any new initiative will require commitment, buy in, and yes probably a bit of training, it doesn’t have to require mountains of time. Either to implement or to see results.
Here are 3 things you can do to start seeing more pharmacy profits quickly.
Make your pharmacy products visible online.
You might think we’re a little crazy to suggest that an online solution can have a positive profit impact after minimal time investment. But this is one of the rare occasions in life where something is easier done than said.
With Pointy from Google, your products are uploaded for display on Google so shoppers can see what you sell and come to your pharmacy to complete their purchase. This is a fabulous way to compete and improve foot traffic by making it easier for customers to find you and the products you sell.
While this may not result in a staggeringly immediate profit boost, every sale and every new customer makes a difference. And it is a near immediate solution to implement for RMS customers. Our integration with Pointy means that you don’t need any hardware and all of your product data automatically uploads so there’s no scanning required. (Although scans throughout the day to help keep things up to date).
P.S. This hands-free solution is free to use!
Use your Sales and Profit Analysis Report
Here comes that crazy again. A report to make you more profitable? How can sifting through a bunch of data help with something like pharmacy profits? And even if it can help, won’t it take forever?
The Sales and Profit Analysis Report tells you a lot about your products and how they are performing in your pharmacy front end. There’s a lot you can do with this data but one important thing that can have a big impact is identifying product that isn’t selling and make informed decisions about your pharmacy inventory.
This has a big impact on your bottom line as you stop investing product that doesn’t offer a return, and replace it with something that does.
Start recommending supplements based on drug-induced nutrient depletion.
Like pharmacy profitability, nutrient depletion recommendations are a favorite topic of ours at RMS. We’ve talked about this concept many times before because it’s just that amazing. Recommending supplements to combat side effects from drug induced nutrient depletion helps your customers experience better outcomes and improves your profits.
What you may not know is how quick it can be to get started with this program and how fast you can see results.
For example, with RMS’ NutriButler program, customers can set up a free 30 day trial with nutrient depletion partner TRC Healthcare. Using the Natural Medicines Database from TRC Healthcare, pharmacies can access data backed, unbiased information about nutrient depletions and the appropriate supplements to recommend to patients.
When a prescription is scanned at the RMS register, supplement recommendations are provided by the integration to TRC Healthcare’s natural medicines database and displayed at the till. We recommend having a pharmacist talk to patients about these recommendations for maximum success.
Once you get started, and have your team on board with the process, making supplement recommendations and selling these additional products becomes an easy addition to transaction processing. And the increased supplement sales should give your bottom line a nice boost.
Ready for more great tips?
You can stay on top of the latest pharmacy profitability and customer-centricity strategies with RMS every month by attending our CLIMB webinar series. Our next event airs on August 12th and features discussions on cash flow with Craig Robinson and gross profit margin tips with Robbie Stokes. RMS Blog readers can register for free by clicking here.