Don't Put All Your Eggs in One Basket

You need multiple baskets – or revenue streams – to have a profitable, sustainable pharmacy. Most pharmacies rely too heavily on dispensing prescription for their revenue.  In fact, for a typical independent pharmacy, 91% of revenue comes from filling prescriptions.  Other pharmacy channels like chains and supermarket pharmacies, are much less dependent on filling scripts for revenue.

Your Eggs May Soon be Scrambled if You Don’t Diversify Your Revenue Streams

Pharmacy benefit managers have been coming after your income for years and take over 4% of your profits annually in DIR fees.  This will get worse in early 2024 when PBMs impose double DIR fees – one collected at the point of sale beginning on January 1, and the claw backs from medications dispensed in 2023.  This is called the DIR fee Armageddon and 50% of pharmacy owners admit they won’t have the cash flow to pay double DIR fees occurring in early 2024.

Don’t Just Do Nothing

You have clinical skills and customer relationships that are not found in other pharmacy channels – and they are things which consumers want. Leverage them or quickly acquire them.

Consumers want more than just getting their medications from you. They want expanded clinical services, they want your knowledge, and they want the convenience of doing it all in one place – your pharmacy.

Offering point of care testing services meets your customers where they are.  Fourteen percent of independent pharmacies are offering point of care testing (POCT) and this percentage is rapidly climbing being driven by consumer interest and welcomed by primary care physicians. Be at the vanguard of this wave and differentiate yourself from your competition.

If you are on the sidelines about POCT or need to know more, check out the free resource 13 Irrefutable Benefits of Point of Care Testing. If you are further along and are ready to start offering POCT in your pharmacy and want to do so within a month, the POCTi Powerhouse is the option for you.

Doing nothing is not a good strategy if you generate 90 percent of your revenue from dispensing medications. Prepare yourself and your pharmacy for the double whammy occurring in early 2024.

Now that you are ready to diversify your revenue Test, Already!

Tara and Chuck Schneider, Point of Care Testing Institute Co-Founders

Get your free copy of 13 Irrefutable Benefits of Point of Care Testing HERE.

Upcoming Events:

POCTi Powerhouse: Grab your seat today for the March 14th Cohort. Space is limited so save your seat HERE.

AAP Conference: American Associated Pharmacies is hosting their annual event April 20-22 in New Orleans. Register HERE.

That's all for this week. One simple tip to move your testing business forward.

When you are ready, there are two additonal way that we can help you:

• Join the POCTi Tribe to get weekly group coaching and access to a library of on demand courses and videos. Click HERE.
• Join the Test, Already! Newsletter to receive the latest POCTi news delivered right to your inbox every Tuesday. Join HERE.