As payor reimbursements decline and DIR fees continue to rise, it’s becoming increasingly important that pharmacies find ways to offset their shrinking profit margins. Expanding your pharmacy to include additional services that require little to no third-party involvement is an effective way to do this. Here are 5 ways independent pharmacies can generate additional revenue:
While most pharmacies have been providing select immunizations, like annual flu shots and shingles vaccinations for years, many have begun offering other vaccines as well. From COVID-19 boosters, travel-related vaccines and those required for school, vaccines provide your pharmacy with an easy way to bring in additional revenue and better care for your community.
Plus, BestRx makes it easy for you to:
• Track your acquisition costs and inventory for vaccines.
• Record any administered vaccinations in the patient’s electronic record.
• Submit the required administration records for COVID-19 vaccines (our software integration does this automatically each day).
2. Point-of-Care Testing
You can also offer point-of-care testing at your pharmacy, including:
• COVID tests
• Flu and Strep Throat swabs
• Lab tests (A1C, Lipid, INR, etc.)
In most cases, the out-of-pocket cost to obtain these services at your pharmacy is the comparable to an in-office copay. Plus, most point-of-care testing devices and supplies are relatively inexpensive. This makes point-of-care testing an effective way to offer convenient services for your patients and add a new source of revenue for your pharmacy.
With BestRx, it’s easy to document any point-of-care testing done and process the patient’s payment right from your pharmacy software, too. Continue Reading >>