Unlocking Growth Opportunities Through Expanding Pharmacy Services

Having a successful pharmacy in today’s incredibly competitive environment requires having the building blocks for sustained growth. Large chains may have some advantages, but they’ll never replace independent pharmacies and the truly personalized patient experience that they can offer. 

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At the end of the day, running a pharmacy still needs to make fiscal sense. Given that the costs of doing business, insurance costs, medication prices, and wages are skyrocketing, how can pharmacies remain in the black and possibly even grow revenue? The answer lies in getting creative with the services your pharmacy provides.

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In this article we’ll explore several routes pharmacies can take to grow through expanding services. 

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Medication Therapy Management (MTM)

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Medication therapy management programs involve comprehensive reviews of patients' medications by pharmacists to improve health outcomes and minimize adverse effects. 

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‍By offering MTM services, pharmacies can play a large role in managing chronic conditions, improving medication adherence, and preventing drug-related problems. Leveraging technology for medication reconciliation and monitoring empowers pharmacists to deliver personalized care tailored to individual patient needs. MTM programs also provide a great way for pharmacies to get involved in patient-centered care.

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Offering Increased Vaccine Administration

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Your pharmacy likely already offers basic vaccinations — but especially with an elderly patient base there could be huge potential for offering a more expanded range of vaccinations. Older, high-risk, and immunocompromised patients will appreciate having the COVID-19 vaccine, flu vaccine, shingles vaccine, pneumonia vaccine, and vaccinations for Tdap. 

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‍World travelers also need certain vaccinations to be cleared to cross borders, so you might also consider stocking vaccines for hepatitis, measles, cholera, and more.

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Point of Care Testing

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Rapid testing also goes hand in hand with vaccinations and may be a viable option to expand your patient base and generate more revenue by offering these services. A few popular testing services include COVID-19 tests, flu tests, and strep throat tests. Your patients will appreciate the convenience that these bring — they can possibly be cleared for absences at work and school without the need for a formal doctor’s visit.

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‍This just scratches the surface of all of the creative ways you can boost revenue for your pharmacy. If you’re looking to grow your pharmacy and enhance your patient experience, consider reaching out to the Nimble team to discover how we can help.