10 Ways to Increase Your Pharmacy Revenue
Today’s pharmacy industry has become flooded, and most stakeholders are probably wondering how they will increase their revenue. You will need to use every tool at your disposal to help your pharmacy to achieve profits. You have to deal with crushing administrative burdens as well as increased operating costs. Below are steps you can take to ensure increased revenue in your pharmacy with just a little investment of time or money. Keep reading to find out more on how to increase pharmacy revenue.
1. Build your online presence to increase pharmacy revenue
You’ll probably be left behind if you don’t already have a pharmacy website or any form of an online presence. With more and more people now visiting the internet for any queries, including pharmacy information and online reviews to be directed to a suitable pharmacist, the necessity for online presence is now more clear than ever. A lot of new patients will not be able to find you without one.
There are a number of other things you should do apart from creating a beautiful pharmacy website. Include your pharmacy in online directories, create your presence on the most common review sites, as well as create a social media profile for your pharmacy. Taking these steps will not only impress your current patients but will also help ensure that you show up in search results.
2. Offer after-hours visits virtually
It’s no secret that offering after-hours patient services is an effective way of increasing medical pharmacy profits. It enables you to fit more appointments into your day, giving you the edge over a number of pharmacies that are open only during the typical working hours between 9 AM to 5 PM.
You can increase the medical pharmacy revenue by providing after-hours consultations from home. It’s possible to replace the after-hours urgent patient calls you probably receive with reimbursable video consultations. Making these changes will enable you to increase the traffic of patients into your pharmacy, get back lost profits from uncompensated time, as well as achieve a work-life balance.
3. Motivate & train your staff
The pharmacy staff is the main driving force behind any pharmacy. This ultimately translates to happier employees, leading to happier patients. You are not only required to provide your staff with the necessary training but provide them with positive feedback and encouragement where it’s due. There are lots of ways you can keep your staff inspired, such as giving them opportunities to head certain projects, encouraging them to speak up about the issues involving the pharmacy, as well as having some one-on-one meetings to keep your staff up to date.
4. Build a good relationship with your customers
Many people tend to trust and value pharmacists who provide credible information and care. It is common that shoppers mention their relationship with pharmacists as part of the reason they stay loyal to that particular pharmacy. This, in turn, rewards them with business. The time that any pharmacist spends with their clients generally pays off.
5. Build a flexible appointment schedule
Creating an appointment schedule is among the projects that can only be described as a fine balance of science and art. How can you manage to maintain your patient flow while avoiding long lines and extended wait times?
Apart from trying out some of these tips, making changes to enable virtual visits can assist you in addressing these issues. Virtual patient visits come with flexibility, considering the fact that patients can just log in online no matter their location.
6. Identify customers who may require additional services
The best method to identify customers who need additional services is to ask the right questions. You can ask whether they’ve had x jab, or whether they need x product. This can also be informed by the nature of their prescription/s. Essentially, when a customer picks up their prescriptions, you should be able to identify additional beneficial services or products depending on the customer’s history.
7. Minimise missed appointments to increase pharmacy revenue
Your pharmacy can lose a huge amount of money on an annual basis due to no-shows, and late appointment cancellations. Fact is, there is so little you can do to help your patients to take time off work or avoid traffic in order to pay your pharmacy a visit. Providing your patients with virtual visits from home can turn out to be a game-changer in terms of revenue.
8. Encourage your staff to give it their best
Ensure that your staff members are operating at their full potential as much as possible. Encourage them to handle quick and urgent patient conditions and requests in order to get in for treatment on the same day, even if your schedule is full. This is bound to reflect on your pharmacy’s revenue.
9. Offer private services to increase pharmacy revenue
Pharmacies have to look for new methods of getting additional revenue from each of their customers. You can upsell more over-the-counter medications to your prescription customers as well as offering private services such as Earwax removal and Covid-19 Testing. You can learn more about our partners who can help you with your marketing and private service needs here:
10. Use digital advertising
Finally, using digital advertising is one of the best ways to draw patients into the pharmacy. It allows you to push your services effectively. Healthpoint TV offers top-notch digital pharmacy screens that can help in improving your pharmacy business in many ways. Check out the following link to find out why our digital pharmacy screens are the best.