With reimbursements dwindling and the so-called “DIR Apocalypse” or “DIR Armageddon” on the horizon, no explanation is needed as to why independent pharmacies are seeking innovative ways to expand their revenue streams beyond traditional prescription dispensing. By diversifying services and embracing a patient-centered approach, independent pharmacies can position themselves as vital healthcare hubs within their communities. One effective strategy to achieve this is by offering top-notch clinical services that not only enhance patient care but also contribute to a significant revenue boost. In this blog post, we will explore the top clinical services that independent pharmacies can offer to bolster their revenue while enhancing their patients’ experience and thus improving health outcomes.
Clinical Services That Boost Pharmacy Revenue
Medication Therapy Management (MTM)
Medication Therapy Management is a comprehensive service that optimizes medication use and improves patient outcomes. Independent pharmacies can employ skilled pharmacists to conduct personalized medication reviews, identify potential drug interactions, and address adherence issues. MTM services not only help patients achieve better health outcomes but also provide an additional revenue stream through consultation fees and medication recommendations.
Immunizations & Vaccinations
Independent pharmacies are ideally positioned to provide convenient immunization services to their communities. By offering a range of vaccinations, such as influenza, pneumonia, shingles, and travel vaccines, pharmacies can attract new customers while supporting public health initiatives. Administering vaccinations not only generates revenue but also fosters customer loyalty and establishes the pharmacy as a trusted healthcare destination.
Compounding
Offering compounding services allows independent pharmacies to differentiate themselves from larger chain pharmacies, provide personalized care, and address the unique needs of their patients. Compounding helps to expand a pharmacy’s customer base and increase revenue through individualized medications. Compounding provides pharmacies with a competitive advantage through this greater ability to serve customers.
Chronic Disease Management
Independent pharmacies can play a crucial role in managing chronic diseases such as diabetes, hypertension, and asthma. Pharmacists can offer specialized counseling, education, and monitoring services to patients, helping them navigate their conditions more effectively. By providing regular check-ins, medication adjustments, and lifestyle advice, pharmacies can build long-term relationships with patients, resulting in increased prescription fills and customer loyalty.
Point of Care Testing
Offering point-of-care testing services, such as blood pressure monitoring, blood glucose testing, cholesterol screening, and flu tests, allows independent pharmacies to provide immediate diagnostic information to patients. Pharmacists can interpret test results, provide guidance on medication adjustments or lifestyle changes, and refer patients to appropriate healthcare providers when necessary. These services not only enhance patient care but also contribute to revenue growth and customer retention.
Medication Synchronization & Adherence
Offering point-of-care testing services, such as blood pressure monitoring, blood glucose testing, cholesterol screening, and flu tests, allows independent pharmacies to provide immediate diagnostic information to patients. Pharmacists can interpret test results, provide guidance on medication adjustments or lifestyle changes, and refer patients to appropriate healthcare providers when necessary. These services not only enhance patient care but also contribute to revenue growth and customer retention.
Digital Tools for Maximizing Your Clinical Services Potential
Patient Engagement Platform
Our Patient Engagement Platform is designed to streamline your clinical workflows and facilitates effective and secure management of patient relationships and touchpoints across multiple access points. Within this platform, you’ll find an appointment scheduling tool that empowers pharmacists to offer a wide range of appointment-based services, ensuring convenient and personalized care for your patients. This platform also allows for two-way messaging. Pharmacy teams can communicate with their patients via HIPAA-complaint, secure messages thus reducing time on the phone and increasing efficiency within the pharmacy.
Digital Marketing Services
Our digital marketing services are designed to promote your clinical services effectively. We can assist you with various aspects, including Facebook advertising campaigns, social media posting, and new customer tracking. Through our original content and curated health resources, we keep your customers well-informed and educated while positioning your pharmacy as a knowledgeable care provider that offers more than just medications.
Vow IVR
Vow, our all-in-one IVR and VoIP communication system is exclusively built for pharmacies. This system integrates with your pharmacy software and works seamlessly with our online appointment scheduler – making it easy for customers to schedule appointments, while simultaneously reducing ring interruptions so your team can focus on counseling patients.
