Community pharmacies are faced with a variety of challenges, especially when it comes to new avenues to increase revenue. While pharmacists are essential for dispensing medications, that is often not enough to maintain daily operations and pharmacy expenses. COVID-19 has also added more pressure to community pharmacies’ bottom line, highlighting the need for revenue opportunities outside of simple dispensing.
There are several ways community pharmacies can expand their operations and gain additional revenue. Increasing revenue will require some time and investment, but these options can pay off greatly in the long run. Keep reading for practical ways to increase pharmacy revenue outside of simple dispensing.
When pharmacists operate at the top of their license, they can bring in additional revenue. Offering clinical services in the pharmacy benefits patients by providing essential healthcare services while also generating revenue for the pharmacy. Community pharmacies can implement clinical programs without having to invest a lot upfront or significantly alter their workflow or operations.
Starting a clinical services program can be done in small steps or big leaps, whichever option works best for the pharmacy. Utilizing a pharmacy management system that integrates with clinical service providers, like solutions from TDS, can streamline clinical services in the pharmacy. Clinical opportunities and alerts appear directly within the pharmacy management software, providing transparency for available revenue.
By partnering with top national insurers, TDS is able to provide targeted clinical opportunities for community pharmacies. As pharmacies complete these opportunities within their existing pharmacy management system, they can earn additional revenue. Clinical programs are directly integrated with the pharmacy’s software, so there is minimal need for additional training or workflow changes.
Many community pharmacies serve as important hubs for patients to purchase more than just their prescription medications. Pharmacists provide much needed items to their community, including OTC medications, medical supplies, everyday staples, holiday gifts, and much more. Maximizing OTC sales can go a long way towards increasing revenue for community pharmacies.
- Nutrient Depletion Counseling: Pharmacists can provide crucial information about drug interactions and side effects when patients pick up their prescriptions. This also serves as an opportunity to increase OTC sales of vitamins and supplements.
- Seasonal Items: Changes in the season bring on new waves of allergies, coughs, and colds. Keeping relevant seasonal items in stock can ensure your patients have the supplies they need while boosting OTC sales. Pharmacies can review POS data to determine which items perform best in store throughout the year.
- Customer Loyalty Programs: Rewarding customer loyalty can keep your customers coming back month after month. Pharmacies can also set up referral programs to bring in new customers while rewarding existing customers.
TDS POS solutions provide the tools community pharmacies need to maximize OTC sales, including nutrient depletion information, sales data and reporting, inventory optimization, and loyalty programs.
Expand Your Business
Pharmacies can increase revenue by expanding their business. Expansion can range anywhere from opening a new store or something as simple as offering new delivery methods. Community pharmacies can keep up with large chains by providing added convenience for their patients.
- Offer prescription delivery methods like curbside pickup, drive thru, and home delivery
- Add new payment options, including contactless payment
- Offer mobile patient apps to increase patient engagement
- Provide telehealth appointments and patient appointment scheduling
- Utilize central site management tools to manage multiple locations
TDS is proud to serve community pharmacies with innovative technology solutions that help increase revenue. Learn more about how TDS can help you reach your pharmacy goals by visiting https://www.tdsclinical.com/.