SMART RETAILING RX BLOG

Pharmacy remedies and resources for additional revenue

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3 ways independent pharmacies can act on revenue opportunities

In brief:

  • Don’t miss revenue opportunities by only focusing on filling prescriptions
  • Immunizations can generate revenue and help you market your pharmacy
  • Services such as medication therapy management and health screenings can generate revenue and lead to additional sales
  • Even if a small portion of patients make the purchase, supplements can create thousands of dollars in annual revenue

View patients as a whole

Take a closer look at the customers you serve, and you will see more than a patient with a prescription to fill. You will see individuals who want to stay healthy. Looking beyond prescriptions can allow your pharmacy to boost revenue while addressing a broad range of patients’ health needs.

3 key pharmacy revenue opportunities

Immunizations, patient care services and nutrient depletion

  1. Immunizations. Oakley Pharmacy in Kansas added $7,000 in revenue its first year offering immunizations. They delivered 200 flu shots during the season and 68 pneumonia shots during the first six weeks of a campaign.

    Today, less than 50% of adults receive a flu shot each year. Most chain pharmacies currently take advantage of the opportunity to offer flu shots. Bring vaccines to other locations to reach and build relationships with new patients and market your pharmacy as a community partner.

    Potential office clinic partners

    • Employers and local businesses
    • Senior centers
    • Physician practices
    • Schools
    • Places of worship
    • Apartment and condo buildings
    • Assisted living and long-term care facilities
    • Malls

    When a pharmacy provides routine shots, it may benefit other healthcare providers by improving their scores on key quality measures. This allows providers to focus on patients who need higher levels of care.

    Offering a wide range of shots throughout the year, such as pneumococcal vaccines, can generate increased revenue. Vaccines are generally billable under Medicare Part B or Part D, depending on the specific service.

  2. Patient care services. Pharmacies that utilize patient care services, like the following, may see profit:
    • Medication therapy management (MTM)
    • Education and counseling services
    • Health screenings and annual wellness services

    To realize potential revenue opportunities, think outside of the pharmacy. For example, patients can receive MTM counseling from a Hayat Pharmacy employee after their doctor visit in the same office. This provides significant financial impact.

    Source: Leavitt Partners. Analysis conducted using 2015 historical data. Projected values remain relatively consistent through the 2018 analysis window.

     

  3. Nutrient depletion. Patients taking medications such as statins, proton pump inhibitors, metformin, selective serotonin reuptake inhibitors and estrogens may suffer side effects related to nutrient depletion caused by those drugs. In many pharmacies, 1,000 to 2,000 patients take these medications.

    Nutrient deficiency opportunities

    • PPIs cause calcium malabsorption and osteoporosis
    • Statins (atorvastatin, rosuvastatin) deplete co-enzyme Q-10 levels
    • SSRIs (fluoxetine, escitalopram) deplete B vitamins, magnesium
    • Estrogen (birth control pills) and prednisone deplete B vitamins, calcium and magnesium
    • Metformin causes vitamin B-12 depletions

    5% of patients starting to take a nutritional supplement after a pharmacist consultation may result in up to $10,000 in additional profit per year.

    Nutrient deficiency checklist

    • Start stocking over-the-counter items that address nutrient depletion
    • Educate yourself and your staff on counseling points
    • Identify patients who might be affected
    • When appropriate, offer recommendations

Create your pharmacy action plan
Need inspiration for creating your pharmacy action plan? Attend a Health Mart® Town Hall meeting in your area! Listen to engaging speakers share their keys to success and earn two hours of continuing education (CE) credit.

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