Each new year brings about the opportunity for fresh ideas, hot trends and innovation. In the medical field, there are several areas worth watching in 2018. The world of pharmaceuticals has seen some major changes in the past couple of months, and this year will be indicative of how these changes will be implemented.
Watch and Weigh
It’s not just enough to keep a watch out for trends, you should also consider implementing them to suit your business. Not every trend will work for you and not every trend will be something you can address in your day-to-day activity. Here are some you might want to think about:
· Don’t be complacent.
As reimbursements continue to shrink, pharmacy owners are seeing lower and lower profit margins, making it difficult to stay in step with the big companies. Exclusionary networks keep expanding while DIR fees are increasing to unreal proportions. This means pharmacies need to think beyond simply dispensing products and move to other means of revenue. What are some ways you can boost your bottom line?
· Don’t be afraid to change.
Pharmacies need to create a niche for themselves. If you’re not seeing growth, consider changing your business model to reflect the neighborhood and current clientele. Look at your customer base; do things that will be pleasing to them. There is no decrease in prescriptions being written around the country, so if you’re seeing a decrease, it could be a fault within your particular store. How can you change to meet the needs of your customers?
· Don’t overlook the simple things.
One of the best ways to increase your bottom line is through medication synchronization. These programs help by reducing the overall operating expenses, increasing the prescriptions within your pharmacy, as well as growing adherence.
· Don’t neglect the consumer.
Focusing on only your physical store front can diminish your customer base. Many of your regular customers want to be able to converse with a pharmacist, take a picture of their script for a refill, and see side effects with the swipe of their finger. Make sure they can do those things by utilizing digital resources.
With resources at their fingertips, more and more consumers are turning to self-care and self-diagnosis. This is a dangerous path for many as they are not trained in medicine and have no real idea why they are having health issues. Your pharmacy and staff can provide not only the necessary medicine for a healthy recovery but can also provide the knowledge for a healthy lifestyle. Contact WSi Healthcare Personnel today to learn more.