If we were to ask independent pharmacy owners what makes their pharmacy run, many might say their inventory, their customer service or their rock-solid team who keep the ship afloat.
While all of those are true, the undercurrent at the heart of these statements is money.
Make no bones about it, your cash balance dictates your ability to pay your team (and by extension, their families) and whether or not you shudder at the thought of paying your wholesaler bill.
A large part of understanding the science behind profitability is knowing how your money moves through your business.
Once you understand how it works and what financial statements you need to review then you will know what to do to improve your cash balance.
Money in the bank means that you have a safety net to see you through those industry forces that impact your pharmacy today
As a pharmacy owner, you should be confident in your ability to:
- Pay your wholesaler on time, every time,
- Sleep at night knowing that your cash balance is on solid ground,
- Keep the fear of making payroll a thing of the past and
- Know how your money moves through your business.
If any of these statements hit home, read on for a few tips to get you on the track to financial freedom.
Better Outcomes, Better Profits
If you’re to increase your cash balance, you must understand that profitability follows great patient care.
This is not something we tout as a feel-good story.
We mean that if you look at your dispensing data to find where there are more effective therapeutic options for your patients which also offer higher reimbursements, this is a win-win for you and your patients.
As you continue to analyze your data, you’ll start to:
- Discover more profitable opportunities,
- Increase your average margin dollars per prescription,
- Earn more profits without filling more prescriptions,
- Mitigate low-yield prescriptions and
- Build trust as a thoughtful, dedicated healthcare advocate.
Synchronize Your Way to Money in the Bank
The foundation for a profitable, high-performing pharmacy is a solid medication synchronization program.
Many pharmacies don’t implement this program correctly; therefore, don’t see the benefits of improved workflow, reduced expenses, scheduled staffing, improved adherence, and opportunities for healthy patient interventions.
There’s no magic involved. You don’t have to be a “special kind of owner” to achieve results that impact your profitability so you can rest easy knowing your cash balance is on solid ground.
Besides the patient, workflow, prescriber, performance, and marketing impact you gain from implementing a successful synchronization program, the direct financial impact is undeniable.
Your synchronization program should be able to:
- Deliver more prescriptions per patient,
- Lower expenses per prescription,
- Improve inventory management and
- Allow for more effective staffing.
You’ll see all of these benefits in your financial statements, and the numbers don’t lie.