Independent Pharmacy Success
Independent Pharmacy Success is measure by being competitive in order to stand the test of time and change. Given the current crisis of Covid-19, change is something every industry has had to adapt and change with. An independent pharmacy is no different.
With or without a crisis on hand, your pharmacy still needs to cover the most basic aspects of everyday function. These include inventory handling, staffing, and day-to-day operations. If these simple tasks are not performed at the highest level every single day, your independent pharmacy is sure to spiral out of control. If these basic operations are handled appropriately, you can take your pharmacy to the next level.
Finding The Opportunities For Your Independent Pharmacy
You can have a smooth functioning operation that is properly staffed, but you could still be missing out on opportunities. You must sort out your goals and benchmarks. Oftentimes, independent pharmacies need transformational changes relating to industry changes, obtaining DIR fees, and rebate opportunities to maximize profits.
Specifically, here are some things to consider:
- Are you serving Medicare patients? If so, are you getting large DIR fees from them?
- Are you missing out on rebates or clinical bonuses based on performance metrics? If so, how can your specific independent pharmacy work to hit those benchmarks set by payers and benefits managers?
- Is there an opportunity to recommend more nonprescription products daily to your customers? A simple suggestion or offer of an item could lead to a few more daily sales.
- Do more research. Market research is literally an endless task, however, it can lead to bigger profits easily.
Inventory For Your Independent Pharmacy
Wasted inventory can drain your cash flow without even realizing it. Are you measuring your stock and how often you are turning it over? This task should not just be a simple eyeball count. Inventory should be managed with great detail to find any holes in your system.
Here are a few tips for managing your independent pharmacy inventory properly:
- Make it perpetual with real-time updates. This includes reviewing your P&L statements and balance sheets.
- Know your inventory payroll and return on investment per employee. Know what your biggest expenses are and if you are getting that value out of each employee.
- Keep expiration dates in mind, which means you have to properly forecast your sales. This means mining your data and following trends.
- Shelf space for refrigerated items is even more crucial. Having a good system with highly trained employees will serve you well.
- Be sure to create other revenue streams to account for any discrepancies you have with an inventory.
Adding More Services
Adding more services to your independent pharmacy does not have to be an overwhelming task. For instance, you can add to your repertoire of vaccines by offering more than just the flu shot. Using Med Sync is another tool that sets your independent pharmacy up for success beyond just medication adherence. It is a great tool for inventory as well.
Building Customer Relationships
For customers, they are searching for value beyond the bottom dollar of their medication or supplies. They are seeking trust and credibility. When these boundaries are set free, they are more likely to trust anything you suggest. They are likely to remain a loyal customer as well.
Most customers will appreciate fast and personal service when they shop at your independent pharmacy. A pro tip is to ask your customers what they value in a pharmacy. Customer feedback can help determine where you might be lacking in the customer service department. A valuable question to ask would be, “If there is something we could do to improve your shopping experience, what would it be?” It is a simple, non-intrusive question that could give you the feedback you are looking for.
Final Thoughts
The top tips for a successful independent pharmacy will only be successful when dialed in. Inventory control is one of the top areas to dissect and to always be finding the opportunities to grow and advance with. However, your customer service could also be a learning opportunity as well. Perhaps you are missing big on adding a specific service or just offering suggestions to your patrons. No matter what, there is opportunity everywhere you look.