Clinical services that boost pharmacy revenue

One effective strategy to achieve this is by offering top-notch clinical services that not only enhance patient care but also contribute to a significant revenue boost. In this blog post, we will explore the top clinical services that independent pharmacies can offer to bolster their revenue while enhancing their patients’ experience and improving health outcomes.

Medication Therapy Management (MTM)

Medication Therapy Management, or MTM services, not only help patients achieve better health outcomes but also provide an additional revenue stream through consultation fees and medication recommendations. According to research done by the Community Pharmacy Foundation, MTM’s “can also improve profit margins for a community pharmacy willing to implement such services for their patients. Pharmacies may benefit from additional revenues generated from billing for MTM services.” Key factors leading to the success and growth of MTM’s at your pharmacy include educating your patients and staff about what is being provided,  and ensuring your staff understands not only the cost-saving benefits for patients but also the revenue-generating opportunity it provides your pharmacy.

Immunizations & Vaccinations

Independent pharmacies are ideally positioned to provide convenient immunization services to their communities. By offering a range of vaccinations, such as influenza, pneumonia, shingles, and travel vaccines, pharmacies can attract new customers while supporting public health initiatives. Administering vaccinations not only generates revenue but also fosters customer loyalty and establishes the pharmacy as a trusted healthcare destination.

Compounding 

Offering compounding services allows independent pharmacies to differentiate themselves from larger chain pharmacies, provide personalized care, and address the unique needs of their patients. Compounding helps to expand a pharmacy’s customer base and increase revenue through individualized medications. Compounding provides pharmacies with a competitive advantage through this greater ability to serve customers.

Chronic Disease Management 

Independent pharmacies play a crucial role in managing chronic diseases such as diabetes, hypertension, and asthma. Pharmacists can offer specialized counseling, education, and monitoring services to patients, helping them navigate their conditions more effectively. By providing regular check-ins, medication adjustments, and lifestyle advice, pharmacies can build long-term relationships with patients, resulting in increased prescription refills and customer loyalty.

Point of Care Testing 

Offering point-of-care testing services, such as blood pressure monitoring, blood glucose testing, cholesterol screening, and flu tests, allows independent pharmacies to provide immediate diagnostic information to patients. Pharmacists can interpret test results, provide guidance on medication adjustments or lifestyle changes, and refer patients to appropriate healthcare providers when necessary. These services not only enhance patient care but also contribute to revenue growth and customer retention.

Medication Synchronization & Adherence 

Med Sync is a leading factor that drives adherence. Having the ability to seamlessly sync up patients’ medications not only leads to greater health for them but is a revenue driver for your pharmacy as well. Allowing patients to opt-in to Med Sync on their own or assisting them with this when they call or arrive at the pharmacy, will go a long way in building patient trust, and leading to greater retention for your pharmacy.