"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
Your compensation is getting butchered by the insurance companies. Yes, your problem lies with the third-party payers; however, the solution lies with your business model.
It’s a fact: in one trading zone after another, where an independent pharmacy with the right business model, the right strategies, and the right marketing plan, that pharmacy has differentiated itself and risen above all others, so that it totally dominates the landscape. It totally DISRUPTS the marketplace. Meaning it can change patients’ buying habits in its favor. The longevity of such a pharmacy becomes markedly increased.
If you’re still filling traditional scripts, you’re probably experiencing what The Pharmacy Sage has been hearing from ever-so-many pharmacy owners day-in and day-out: “I’m having more and more problems paying the bills based on the monies the insurance companies are sending me!”
5 Key Questions
Finding answers to the following questions may be a very good starting point.
Those are tough questions. And I believe that, at the end of your workday, you can be pretty tired. Nevertheless, in order to change your future, you need to change your thinking— and actions. Perhaps setting aside a couple of hours on a Saturday or Sunday will give you the quietude and peace of mind to tackle this very important subject. More relaxation produces better results.
The Value of Marketing
If your pharmacy school taught you anything about business subjects, you would have learned that marketing is the only element of your pharmacy business that creates significant results.
The Pharmacy Sage has discovered that 99% of all independent pharmacies waste most of their marketing dollars for lack of this specific expertise. The other 1% brought in expertise from the outside. On average, $15,000 a year is wasted by each of some 14,000 independent pharmacy owners today. That’s $210,000,000 gone. Down the drain. Each and every year. Talk about a train wreck!
What they didn’t teach it you in pharmacy school about business, and especially marketing, is costing you a bundle.
Playing the same old game makes you a dinosaur. In fact, to be more profitable and capable of administering to patients the way you want, some changes need to be made, especially to your business model.
The short version is you need to offer more of what those with money are seeking: customized scripts (compounds) and higher quality nutraceuticals. With the right marketing, your messages will resonate and penetrate. And your cash register will ring.
In each and every trading zone, other pharmacies, both chains and independents, have struggled to compete with the one and only Wellness Pharmacy that understands this proposition and gets it right.
To find out more about how you can achieve this exalted status, you may want to get my new marketing report “The 3 Biggest Mistakes Independent Pharmacies Make, Continue to Make— And What You Can Do About Them.”