In order to achieve top-line growth at your independent pharmacy, you have to be forward thinking and proactive. In this video, Ollin Sykes, CPA discusses the importance of offering clinical services to increase profit margins, using technology to improve efficiency and outsourcing pharmacy accounting tasks to ensure financial accuracy. Implement these tips allows your pharmacy to remain competitive long into the future.
Hear from other independent pharmacy owners on how they have successfully grown their business while competing against chain pharmacies and Amazon. Supercharge your revenue with tips provided in this webinar.
If you prefer to read this content, the video transcript is below.
Ollin: In order to have the appropriate top-line growth today you have to be forward thinking and proactive. That means that you most likely need to be involved in clinical services, which is to say you’re not just filling scripts in your pharmacy. It’s you providing those services as a health provider to your patients that they’re asking for, whether it be COVID testing, whether it be vaccines, whether it be MTMs or the like. Those types of items will expand your gross profit margins. They are where the future of pharmacy is heading.
And while you’re taking those clinical items in consideration, making sure that you have the appropriate technology in use to lessen your payroll and to make you more efficient and increase the accuracy of actually what you’re filling, whether it be robotic in nature, whether it be pill pack, so that you can compete against some of the major national chains that are already doing this. It’s a critical function in today’s environment making sure you’ve got the right technology aspects. Also, there are huge tax advantages in doing that.
And I think thirdly, consider taking your accounting system and outsourcing that rather than having labor in that back office that does recording the receipts and disbursements, and bank statements and payroll, et cetera. Getting that outsourced to a professional team and services outside that can handle this very efficiently and very cost effective would certainly be a way to increase the efficiency and productivity of your pharmacy in general.