Improving Pharmacy Revenue Utilizing Technology Based Services
Some community pharmacies are operating below average financial health in 2020. As states and local communities work to recover from the negative effects of a recession and COVID-19, pharmacies get creative about cash. One survey found that 66% of community pharmacies are facing negative cash flow issues and nearly most have applied for federal aid.
As most pharmacies have the opportunity to explore new digital services for alternative income and offer online healthcare services safely and securely such as telemedicine. Digital softwares not only promote medication adherence and enhance patient care, but can also generate much needed revenue.
Here are some new ways patients are given choices to — and pharmacies in general — can leverage these tools to grow their business.
1. Generate Extra Revenue With Dispensing Data
Having access to a large dispensing database, including local market data enables pharmacies to utilize custom Medication Savings Card in order to help attract more cash patients and improve revenue. Custom cards benefit pharmacies by:
Receiving admin fees at virtually all pharmacies nationwide
Competing with large chains
Marketing your store and services to local physicians
Creating cash programs with coupons and vouchers
Identifying and marketing your target audience using data
Networking with community resources to create awareness
Dispensing data can be turned into an additional prescription income stream if you choose to review and act on them. Along with informative presentations and videos, we offer all marketing materials, marketing flyers, handouts and custom website link to help you get the most out of these resources.
You can offer your patients online resources to share, print or download cards. Down the road, you can also consider pitching to local businesses and healthcare professional their own custom cards. Aside from receiving their own admin fees, you may also be eligible to receive admin fees from the use of their cards.
2. Improve Refill Rate with Automated Call Reminders
Using voice broadcasts for refill reminders 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 pharmacy technology allow pharmacies to stay in contact with patients without violating HIPAA laws. Now, there are multiple ways to automate refill reminder and well as other announcements such as vaccination, birthdays, products or service availability, compliance and much more.
Setting up voice broadcasts on a HIPAA-compliant platform
Sending automated messages to specific patients with specific conditions or therapy requirement
Leaving voice messages through your system with prescription or refill instructions
3. Provide Customers Telehealth services
With a healthsite, or HIPAA-compliant telehealth focused on patient care, you can add a
convenient way to drive new business to your pharmacy. A secure mobile app can offers features, creating a seamless experience for patients on the go.
Want to boost your pharmacy business? Our pharmacy friendly engagement suite can help you attract new patients both online and off.