As the cold and flu season approaches, pharmacies are uniquely positioned to not only serve their communities but also to significantly boost their revenue. By implementing a few strategic adjustments, pharmacies can maximize their profitability while offering essential services and products that meet their patients’ needs.
Focus on revenue-driving clinical services
The cold and flu season presents multiple opportunities to expand clinical services and drive revenue. Start by increasing flu vaccination access through:
- In-store clinics or pop-up events
- Drive-thru or curbside vaccination options
- Bundled immunization visits that include RSV, COVID-19, or pneumonia vaccines
If your pharmacy isn’t yet known for offering these services, launch a targeted awareness campaign to highlight your immunization capabilities. Consider using signage, email marketing, social media, and community outreach to bring in new patients.
Also, evaluate new point-of-care testing services, such as flu or strep testing, to complement vaccine offerings and generate additional revenue.
Maximize reimbursement through proper coding
Ensure you’re receiving full reimbursement by:
- Using correct codes (CPT and ICD-10 codes) for all immunization services
- When billing be sure to factor the type of flu vaccine, patient age, route of administration, and the type of insurance the patient has.
- Staying informed about payer requirements, especially Medicare and Medicaid
- Training staff on proper documentation and consent collection
Some states offer enhanced reimbursement for pharmacist-administered vaccines—check with your local pharmacy association for eligibility.
Optimize inventory for increased demand
Meeting patient needs begins with having the right products on hand. Analyze previous seasonal data to forecast demand for:
- Vaccines (flu, RSV, COVID-19)
- Antiviral medications
- Cough, cold, and fever relief products
To boost your average transaction value, consider offering bundled “cold & flu survival kits” that include:
- Thermometers
- Tissues
- Electrolyte drinks
- OTC symptom relief products
- Hand sanitizer
Enhance in-store experience for increased sales
A well-organized front-end experience can boost impulse purchases and improve patient satisfaction. Try:
- Creating eye-catching end-cap displays with seasonal items
- Placing cold and flu products in high-traffic areas
- Using floor decals or signage to direct shoppers to vaccination services
- Offering checkout counter promos like travel-size hand sanitizers or tissues
Collaborate with local businesses
Partnerships with local employers, gyms, grocery stores, and wellness centers can bring in new patients and expand your visibility. Try:
- Hosting off-site vaccination clinics at workplaces or community centers
- Creating cross-promotions with businesses that target health-conscious consumers
- Offering employee wellness packages that include vaccines and cold & flu care kits
These efforts can introduce your pharmacy to a new audience that may return for future services.
Leverage technology for convenient care and increased efficiency
Convenience plays a major role in whether patients choose your pharmacy. Streamline their experience with:
- Online appointment scheduling for vaccinations and tests
- Pre-booking options and waitlist management tools
- Digital intake forms for faster service
To enhance operations, consider tools like:
- IVR systems to manage call volume
- Two-way messaging for reminders and follow-ups
- Task management platforms to coordinate staff during busy hours
These tools allow your team to focus more time on clinical services and patient care.
Use effective marketing to stay top-of-mind
Finally, targeted marketing for clinical services is crucial during the cold and flu season. Consider:
- Updating your Google Business Profile with current vaccine offerings
- Promoting services on your website and mobile app
- Sending email or SMS reminders based on patient vaccine history
- Running social media ads with clear CTAs and seasonal messaging
- Updating your IVR greeting to highlight flu shot availability
By leveraging your pharmacy’s existing data, you can personalize messaging based on age, chronic conditions, or prior immunization history.
Ready to boost your revenue this cold and flu season?
Check out our how-to guide for detailed, actionable steps to accomplish these revenue-boosting strategies discussed above.
