What is your pharmacy’s business development plan for 2020? It’s hard to stay excited about our industry when we’re surrounded by negativity, declining reimbursements and PBM abuse. You won’t find any of that here! At ATRIUM24, we know personally what it takes to run multi-million dollar pharmacy businesses, employ hard working people, and support your communities’ health. Although times may be tough, NOW is the time for pharmacy owners to develop and implement a strong 2020 plan.
Luckily, agile pharmacy owners are not one trick ponies. Those of us who are thriving know that diversification is the name of the game. Whether it be clinical services, wellness testing, supplement expertise, CBD education and sales, direct prescriber relationships, or something else, the pharmacies who will crush 2020 are moving a lot of their eggs out of the PBM basket, while at the same time using data analytics to truly understand how to work within each PBM’s constraints.
The first thing any strategy starts with is a thorough pharmacy sales analysis. What is your current volume of prescriptions? What is your gross profit per script in terms of both percent and dollars per RX? How is this trending? What recent changes have impacted said trends? According to the NCPA digest, averages for 2019 were at $12.02 profit per script and 21.8%.
To begin diversification, once you’ve established which products and services you’d like to offer, you’ll need to:
Easier said than done, we know. The key we’ve found at ATRIUM24, both in consulting for other independent pharmacies over the years and at our own wholly owned pharmacy, is to FOCUS! In order not to overwhelm the team, and to truly focus on optimal results, do not try to implement too many ideas or changes at once (where have we heard that before, pharmacy school!). A solidly laid plan with two to three projects per quarter is what the business development expert should be working on, whether that person is the pharmacy owner or a key team member.
ATRIUM24’s goal is to share knowledge with like-minded pharmacy owners and industry vendors. In future blogs, we’ll expand on some of the topics presented, such as:
Overwhelmed by the details? Want to see how other successful pharmacy owners do it? If you’d like a jump start to plug a variety of diverse programs into your pharmacy and shorten your runway to success, visit ATRIUM24.net today and fill out our contact page to see how we can help!