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3 Ways To Increase Your Pharmacy’s Financial Health

Last updated Jul 19, 2022 | Pharmacy Management

With pharmacy finance being the new problem, over 48% of pharmacies say they’re struggling to maintain even average financial health this year, according to a recent NCPA survey. As states and local communities work to recover from the effects of a severe recession and COVID-19, pharmacies are having to get creative about cash. The survey found that 66% of community pharmacies are dealing with negative cash flow issues and nearly 88% have applied for federal aid.

With so many people online today, pharmacies have the opportunity to explore new digital pathways for alternative income and offer online healthcare services safely and securely. Secure digital platforms not only promote medication adherence and enhance patient care but can also increase overall revenue.

Here are 3 ways Digital Pharmacist clients and pharmacies in general can leverage digital tools to grow their business.

1. Generate Extra Revenue With Wellness Classes

All our digital marketing clients have access to a large database of health content, including wellness classes. Created to help educate patients and improve their health, wellness classes topics include: 

  • Smoking Cessation
  • Diabetes
  • Weight Loss
  • High Cholesterol 
  • Hypertension
  • Asthma

Wellness classes can be shared publicly or turned into an additional income stream if you choose to charge for them. Along with presentations and videos, we offer teaching materials, marketing flyers, handouts, activities, and quizzes to help you get the most out of these classes.

You can offer paid classes online, or as an in-person event if you plan to reopen soon. Down the road, you can also consider pitching classes to local businesses and healthcare facilities. Aside from charging for the classes themselves, you may be eligible to receive reimbursements if you get certain classes like Diabetes and Smoking Cessation accredited.

2. Increase Refills with Automated Reminders

Another way to improve your pharmacy finance is by sending pill and refill reminders. This isn’t just good patient care, it’s also good business. A 2015 study by Express Scripts found that 69% of medication non-adherence is due to procrastination and forgetfulness. 

Recent innovations in digital pharmacy technology allow pharmacies to stay in contact with patients without violating HIPAA laws. Now, there are multiple ways to automate your patient pill and refill reminders, such as:

A change as simple as allowing patients to pick their own prescription fulfillment choice or making home delivery more accessible can also encourage repeat business.

3. Attract More Customers with Digital Refills and Transfers

Express Script’s study also found that 30% of non-adherent patients delay refilling their medication or simply neglect to do so at all. Digital refill technology encourages new and repeated business by offering patients an easy, convenient way to stay adherent to their favorite tech platform.

With a health site or HIPAA-compliant website focused on patient care, you can add refill requests and patient transfer forms to automate new business online. A secure mobile app can offer similar features, creating a seamless experience for patients on the go. 

Want to boost your pharmacy business? Our digital engagement suite can help you attract new patients both online and off. Request your demo of our software today.

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