Profit’s Beyond Prescriptions in 2023 - NCPA Panel Discussion

Episode 1498 of the Pharmacy Podcast Network podcast, hosted by Todd Eury, titled "Profit’s Beyond Prescriptions in 2023 - NCPA Panel Discussion" was published on December 31, 2022 and runs 36 minutes.

December 31, 2022 ·36m · Pharmacy Podcast Network

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Summary

Community pharmacies are faced with a variety of challenges, especially when it comes to new avenues to increase revenue. While pharmacists are essential for dispensing medications, that is often not enough to maintain daily operations and pharmacy expenses. COVID-19 has also added more pressure to community pharmacies’ bottom line, highlighting the need for increased revenue opportunities for pharmacists. There are several ways community pharmacies can expand their operations and gain additional revenue. Increasing revenue will require some time and investment, but these options can pay off greatly in the long run. We’ll be discussing practical ways to increase pharmacy revenue. A successful pharmacy is one that is innovative and opportunistic. After all, even though things may be going well now, that can always change, and a pharmacy owner should have alternative revenue streams coming in to combat any challenges. Today’s pharmacies must incorporate diverse or alternative revenue opportunities to boost profits. This could mean expanding services such as adherence packaging, specialty pharmacy medications, or partnering with health care providers or hospitals in the area. It can even entail offering tailored services to their patients such as nutrition guidance. Panelists: Ronna Hauser, PharmD, Senior VP Policy | NCPA Susan Rhodus, Senior VP of Contracting | GeriMed Lisa Faast, PharmD, CEO | DiversifyRx Tim Mitchell, RPh, Pharmacy Owner | Mitchell's Drugs Kelby Gorman, RPh, PIC | Moore's Pharmacy Debbie Marcello, RN, CEO | Happier at Home Moderator: Todd Eury, CEO | Pharmacy Podcast Network

Episode Description

There are several ways community pharmacies can expand their operations and gain additional revenue. Increasing revenue will require some time and investment, but these options can pay off greatly in the long run. We’ll be discussing practical ways to increase pharmacy revenue.

A successful pharmacy is one that is innovative and opportunistic. After all, even though things may be going well now, that can always change, and a pharmacy owner should have alternative revenue streams coming in to combat any challenges.

Today’s pharmacies must incorporate diverse or alternative revenue opportunities to boost profits. This could mean expanding services such as adherence packaging, specialty pharmacy medications, or partnering with health care providers or hospitals in the area. It can even entail offering tailored services to their patients such as nutrition guidance.

Panelists: