Improving Your Bottom Line: 7 Ways Pharmacies Can Reduce Their Costs
With the cost of prescription drugs on the rise, many pharmacies are trying to offset the costs by tightening their budgets to save their customers money. From reducing staff to opening an IV room, a pharmacy can help their loyal customers save money on the medications they rely on for daily relief.
Here are 7 ways pharmacies can reduce their costs.
- Go Digital
From storage to printing, paper-based pharmacies cost a lot of money. Switching to a digital system can save thousands of dollars each month.
Of the pharmacies that have switched to a digital program, tracking a patient’s medication has become easier. Additionally, errors are less likely, which is safer for patients.
When formulas are updated, the manufacturer can send the new compound list electronically and then the pharmacy can simply print the new list. This cuts back on human errors as well as cost less money.
- Automate Schedules
With several pharmacists and technicians on the payroll, keeping their schedules can become a full-time job. This is where an automated scheduling system can become a lifesaver.
By simply plugging in the different employee’s names and types of work, like part-time or intern, a scheduling program can come up with a weekly or monthly plan for who works when. This saves time and money for the managers in charge of scheduling and frees them up for other important duties.
- Helping Patients Remember
It may seem counterintuitive to provide medicine reminders at no cost to customers, but when a customer takes their meds as directed, they will be able to refill the medications on time. They will also ensure their health is better over a long period of time.
- Watch the Waste
When there is too much waste in the pharmacy, it affects the bottom line. Putting someone in charge of controlling waste is essential to saving money.
Switching from wasteful paper products to reusable items is the first step in reducing costs in the pharmacy.
Implementing a recycling program can help save money for everyone. Investing in a program to reuse pill bottles can save money for the customers as well as your pharmacy business.
Use and reuse as much as possible to save money and the planet.
- Shop Around
You may already do this, but it is worth starting again. Shop around for the best prices for your customers. They will appreciate the savings and in turn, become loyal to your pharmacy. Loyal customers spend more money.
- Consider Offering Less
When it comes to non-medication items, consider offering less. There is no need to offer customers a large selection of items they are going to pick up on a random basis.
Most customers shop at the big box stores for essentials and other items. Yes, a customer may need the occasional box of tissues or diapers, but to have several selections on hand is wasting money. They will purchase what you have when they need it and don’t want to make another stop.