Keep reading to learn more about these challenges and the steps your pharmacy can take to remain competitive and innovative. What are three of the most significant issues facing independent pharmacies in 2024? They include:
Current economic conditions continue to strain the resources available to independent pharmacists. From supply chain issues to inflation, it can feel like you’re getting barraged on all sides. Never before has so much been demanded of pharmacists in terms of shifting responsibilities. To top it off, PBMs continue to erode profit margins. But you don’t have to settle for barely scraping by. Instead of focusing daily on survival, your pharmacy can thrive again. Addressing Volatile Economic Condition Economic demands have stretched many pharmacies thin. Inflation is an obvious factor on everyone’s mind. It impacts every aspect of your business, skyrocketing the basic operational costs of running a pharmacy. Moreover, attracting and retaining staff has become a real problem for many pharmacies. This means managing a growing workload with fewer people and investing time in employee searches, interviews, and new employee training. What are some solutions? Fortunately, there have never been more ways to streamline your practice and maximize resources. By transitioning repetitive work and time-consuming tasks in your daily workflow to be done automatically with pharmacy software, you can trim overhead, increase efficiency, and shift responsibilities off your staff. Shifting ResponsibilitiesThe role of pharmacists has expanded in recent years. Besides dispensing medication and overseeing patient administration and safety information, pharmacists offer in-depth patient education. They monitor medication adherence, manage care team collaboration, and administer vaccines and other point-of-care testing. How can your independent pharmacy deal with these increasing expectations and responsibilities? Streamlining your processes will help you make time for these new roles. For example, pharmacy management software can help you speed up the script verification process for multiple pharmacies through one easy-to-use online portal. Automating steps in your pharmacy process takes responsibilities off your plate so you can focus on other areas of your expanding role. If you’ve put off transitioning to more automation at your pharmacy, you no longer can afford to do this. It’s time to focus on operational efficiency and how the latest technology can help. Decreasing Profit MarginsFor years, PBMs have been chipping away at pharmacy reimbursements. They not only wield power in terms of medicine price points, but they also decide which drugs are covered by an insurance provider. Shockingly, 80 percent of the medicine market is controlled by the three biggest PBMs. PBM profit margins keep rising as independent pharmacies feel the strain and reimbursements decrease. Moreover, the rise of prescription discount cards used by consumers continues to erode your profits. What can you do to thrive instead of survive under these conditions? Look to new sources of revenue that don’t involve medication adherence or the need to deal with PBMs. For example, offering the NeuropaCalm Care Program at your pharmacy will help you meet the evolving care needs of your patients while reaching a new market with limitless revenue opportunities. Get Strategic About Value-Added ServicesWhat to do about the challenges facing independent pharmacies? It’s time to focus on streamlining your business processes to save time and money. It’s also time to get strategic about adding value-added services to your business’s offerings.
Millions of people suffer from peripheral neuropathy (PN), and it impacts loved ones who step in as caregivers, too. Many of your current customers are dealing with this condition, either as a patient or a caregiver. It’s time to offer them the help and resources they need while partnering with us to ramp up your revenues. Are you ready to discuss how easy it is to bring NeuropaCalm to your pharmacy? We’ve done the hard work for you so that offering value-added services has never felt more accessible. We’ve even done the marketing for pharmacists, so you don’t have to. Is your pharmacy ready to reap the benefits of strategic value-added services? If so, contact us today.
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ARTICLES
October 2024
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