FINANCE: BOOSTING YOUR NHS REMUNERATION AND SERVICE INCOME

There has been a lot of uncertainty around the community pharmacy sector with negotiations still underway on a new funding contract, drug shortages increasing, and continuous staffing issues.

Dispensing margins are being squeezed and contractors are being asked to do more work, but the remuneration level is seen as not commensurate with the work undertaken by many pharmacists.

Ensuring financial viability for community pharmacies has become an all-important challenge but there are strategies contractors can adopt to enhance their NHS remuneration and service income.

Diversify services

Expanding NHS funded services such as flu vaccinations, smoking cessation and contraception services by promoting these to patients will help increase your monthly remuneration.

Offering additional services beyond NHS funding such as travel vaccinations, health checks, screenings and monitoring services can generate increased service?income to complement the dispensing income. When introducing these services, it is important to understand the demographics of the local community.

Could you integrate Lifestyle medicine into your pharmacy business? Lifestyle medicine is an emerging healthcare approach that focuses on making positive lifestyle changes that help with the prevention and management of chronic illnesses and promotes longevity.? This could open up a new channel of revenue to boost the top line.

Embracing NHS services

With Pharmacy First, there is an opportunity to increase revenue by providing minimum consultations covering seven clinical pathways. This allows patients to seek advice and treatment directly through a pharmacy instead of going to the GP.

A monthly payment of ￡1,000 plus ￡15 per consultation would equate to ￡17,100 based on minimum number of consultations (340) achieved in 12 months to July 2025.

In addition to this, if you meet the criteria for delivering quality in three key areas: clinical effectiveness, patient safety and patient experience, you can get rewarded under the Quality Payments Scheme in addition to the standard remuneration.

Collaboration

Collaborating with local general practitioners (GPs) and other health care providers within Primary Care Networks (PCNs) is not only a great way to increase your market share of prescriptions but can offer additional opportunities such as participating in shared care initiatives, chronic disease management, support the aged in care homes, etc. The provision of services that relieve pressure on other areas of NHS such as urgent care departments could be explored.

Improve patient engagement

Engaging with patients to improve prescription adherence through offering personalised counselling and reminder services for those with complex long-term health conditions assures patients they are getting the right help but at the same time helps the business.

Patient engagement also involves a review of employee training to enhance patient interactions to build a long-term relationship between the patient and the pharmacy as it secures the prescriptions, provided you have the supply in stock.

Leveraging technology

In a world of rapid advancement of technology, there are many platforms community pharmacies can use to build their patient base and offer a wide range of services beyond dispensing. Optimisation of dispensing processes can help pharmacists free up valuable time that can be utilised in providing services.

• Automated dispensing robots use advanced algorithms to manage and dispense with high efficiency and accuracy, creating valuable time savings. Robots are now much smaller and utilise less space and with tax advantages and various options to finance the acquisition, it may be worth considering.
• Mobile apps and texting services to remind patients of their medication schedules, prescription collections and booking service appointments can enhance patient medication adherence and help manage appointments efficiently.

Integration with NHS Digital Tools

• NHSMail allows to share patient sensitive information with health professionals and organisations.
• Summary Care Record allows authorised staff in other areas of the health and care system involved in a patient’s direct care to access important patient information from GP records, improving patient care and pharmacy operations.
• Electronic Prescription Service (EPS) prescription tracker allows pharmacies to track the status of a prescription so that they can manage their stock and ensure timely dispensing of medication.

All of the above can help achieve improved patient care outcomes and enhance the value of the business in the community.

Advertising services on social media platforms and the company website as well as joining local community groups on social media can help promote the business, increasing patient numbers.

Keeping up to date

Keeping up to date with clinical guidelines, new services and funding changes will help you make strategic decisions early so that your business is ahead of the curve and can maximise potential revenues. Attending webinars and training sessions will also help to keep you and your team informed.

Attending networking events and engaging with fellow pharmacists and industry specialists to exchange ideas and knowledge will help you stay informed on best practices that you can employ in your business.

The community pharmacy landscape has become dynamic and the ability to continuously and quickly adapt and innovate is a must for the long-term success of the business in the modern day.

This article is based on current legislation and practice and is for guidance only. Specific professional advice should be taken before acting on matters mentioned here. Umesh Modi BA ACA, is a?Chartered Accountant and Tax Advisor, and a Partner at Silver Levene LLP. He can be contacted on 020 7383 3200 or [email protected].?Vinku Shah FCCA, is a Chartered Certified Accountant and a Partner at Silver Levene LLP.?He can be contacted on 020 7383 3200 or [email protected].