Check out our March newsletter!
The Profit Vault March 2024
Revolutionize Your Non-PBM Revenue
The Ultimate Guide to Workers’ Compensation Success
Ever wonder how your pharmacy can stand out, especially when it comes to non-PBM revenue streams? Today, I’m diving deep into a gold mine of opportunity that many pharmacies overlook: Non-PBM revenue, with a spotlight on workers’ compensation. We’ve talked about the benefits of removing the pricey middleman before, but now we’re going to specifically dive into why workers’ compensation may be the best way to get your foot in the direct billing door.
full reimbursement amount that your state sets, rather than the pennies you are allowed by your PBM contract. Sounds like a dream come true, right? This method is especially beneficial for owners handling workers’ compensation claims, offering you a more direct and often more profitable revenue path.
Become a workers’ comp expert.
How do you market this specialized service and grow your workers’ compensation business? Marketing for workers’ compensation is different, and success hinges on positioning your pharmacy as the go-to workers’ comp pharmacy in your area. It’s about branding and specialization. Unlike the typical two-audience focus with routine prescriptions (prescribers and patients), workers’ compensation introduces a third audience: employers. This triad requires a unique approach to marketing, ensuring that your pharmacy stands out as the workers’ comp expert.
I always recommend direct billing.
The journey begins with a shift toward direct billing — a game-changer for pharmacies aiming to stabilize their profits and take control of their income. My first step with any new pharmacy I purchase? Transition their work comp claims to direct billing. This move is crucial, as it will dramatically increase your work comp profits without burdening your employees or affecting your patients’ experience. So, what exactly is direct billing? It’s the process of billing services directly to insurance companies or payers, bypassing traditional PBM channels. When you bypass the PBM, you get to enjoy the
Of course, the basics of marketing apply, but with a twist tailored to workers’ compensation.
• Schedule daily social media posts that highlight your expertise and services in workers’ compensation, offering insights and advice that resonate with your audiences. Consistency is key here, so be sure to post helpful information every day!
• Create eye-catching in-store signage like flyers and brochures.
• Develop a dedicated section on your website about your workers’ compensation services or a custom landing page (think ABCpharmacy.com/workerscomp ). A simple page is an essential tool in your marketing arsenal that should not be overlooked.
Continued on Page 6 ...
DiversifyRx.com 1
AND CONNECT WITH WORKERS’ COMP PATIENTS Build Trust Through Targeted Marketing
You cannot market and approach workers’ compensation patients the same way you do regular patients. If you want to succeed in a niche like workers’ compensation, you need to become fluent in it and all the pain points involved. With the right marketing approach tailored to this unique audience, you can turn challenges into opportunities. As we said previously, workers’ compensation encompasses three distinct groups: patients, prescribers, and employers. Each group has its own set of needs and concerns, making it essential to craft targeted marketing strategies that address these specific pain points.
Sharpen your focus on patients.
At the heart of workers’ compensation are the patients — ordinary people whose lives have been significantly disrupted by workplace injuries. These patients are navigating a maze of uncertainty, from dealing with their injuries and understanding their medications to worrying about financial burdens due to missed wages and medical expenses. This unplanned impact on their lives creates a unique set of concerns distinct from those of prescribers and employers. What you need to do is reassure confused or uncertain patients and make them feel comfortable because your pharmacy is the go-to workers’ compensation pharmacy. To effectively reach and support workers’ compensation patients, your marketing efforts must resonate with their experiences and anxieties. When developing marketing materials, it’s crucial to address these uncertainties directly. For example, assure patients about the costs involved, provide clear information about their medication options, and offer guidance on managing side effects. This approach not only shows your empathy but also positions your pharmacy as a supportive and knowledgeable ally in their recovery journey.
consistency and compassion will reinforce your role as a caring and competent health care provider.
Moreover, your pharmacy’s website also allows for targeted messaging that can significantly enhance the effectiveness of your marketing efforts. Consider implementing a feature on your site that asks visitors to identify themselves as either patients or prescribers. You can even go further and then ask them if they are workers’ compensation patients or not to give them the most tailored information. This lets you streamline relevant information, ensuring patients receive the most helpful content.
Enhance the in-pharmacy experience.
The in-pharmacy experience is another vital touchpoint for engaging workers’ compensation patients. Ensuring that your physical space and staff communications are geared toward supporting these patients can make a substantial difference. To do this, you can display informational brochures, signage, and posters that address common concerns and highlight your pharmacy’s services for workers’ compensation, which can help patients feel seen and understood. Tailoring your marketing strategies to address the specific needs of workers’ compensation patients is not just beneficial — it’s essential. Acknowledging their unique challenges and offering targeted support, you can build lasting relationships, foster trust, and position your independent pharmacy as a go-to resource for compassionate and comprehensive care. Remember, effective marketing is about more than just reaching an audience; it’s about connecting with them on a human level and making a positive difference in their lives.
Target through social media.
Social media platforms like Facebook and Instagram offer powerful tools for reaching potential workers’ compensation patients. When you craft messages that speak directly to their pain points, you can create a connection and foster trust. Posts that acknowledge the difficulties of workplace injuries and the ensuing uncertainty can resonate deeply with this audience. Be sure to post daily and highlight your pharmacy’s commitment to guiding them through the process, from understanding their medication to managing costs. Your
561-379-7750 2
BECOME THE GO-TO PHARMACY FOR WORKERS’ COMP PRESCRIBERS How to Elevate Patient Care and Win Prescriber Trust
Just as workers’ compensation patients have their own unique pain points to target, so do their prescribers. These professionals have a completely different set of concerns compared to patients, and understanding these nuances is key to establishing your pharmacy as their preferred destination for workers’ compensation prescriptions. Prescribers: A Complete Shift in Messaging For prescribers, the apprehension isn’t about navigating new prescriptions
without causing unnecessary back-and-forth delays. Countless prescribers are under the impression that most pharmacies are not proficient in handling workers’ compensation patients. Because of this assumption, they may hesitate to direct prescriptions your way.
The solution? Market your independent pharmacy as the expert resource in workers’ compensation prescriptions. Your messaging needs to be twofold: Brand yourself as a skilled workers’ compensation pharmacy and simultaneously alleviate any uncertainties they might have about your capabilities. You’ll need to demonstrate a profound understanding of the workers’
or unfamiliar pharmacy processes — that’s their domain. Instead, their concerns orbit around whether the pharmacy they call can seamlessly process workers’ compensation prescriptions
Continued on Page 8 ...
TAKE A BREAK
Aquamarine Basketball Butterfly Clover
Daffodil Green Ides Leprechaun
Madness Spring Tangerine Women
DiversifyRx.com 3
Build Bridges and Become a Community Staple A GUIDE TO ENGAGING EMPLOYERS AND BOOSTING WORKERS’ COMP PATIENTS
When diving into the workers’ compensation niche, you’ll need to recognize and engage with a crucial yet often overlooked audience: employers. While employers may not directly refer patients to pharmacies, integrating them into your pharmacy’s network can still lead to new patients coming your way, both now and in the long run. You can proactively provide employers with valuable resources and information to keep your pharmacy top of mind should their employees ever require workers’ compensation assistance. Connect With Employers One way to easily catch employers’ attention is by offering posters on workers’ safety for display in break rooms. Visual reminders about safety and health resources serve as daily prompts for employees and position your pharmacy as a helpful and informative partner. This strategy ensures that, in the unfortunate event of an accident, your pharmacy’s contact details are readily accessible, facilitating a smoother transition for employees seeking workers’ compensation aid. Additionally, cultivating relationships with employers goes beyond passive materials. Most employers are obligated to provide workers’ compensation information to employees post-injury. Partnering with businesses to include your pharmacy’s brochure in their information packets can significantly enhance your visibility. These brochures can detail your pharmacy’s services, expertise in workers’ compensation cases, and commitment to supporting injured employees through their recovery journey.
staff. Participating in or leading these sessions introduces your pharmacy to potential patients and establishes your role as an advocate for workplace safety. Don’t be shy! Get to know their team by sharing insights on preventing workplace injuries and the steps to take if an injury occurs. All your efforts will reinforce your pharmacy’s status as the go-to workers’ compensation pharmacy and bring you more patients over time. You’re planting a seed for future results. Make Your Pharmacy Omnipresent! Remember, the goal is to ensure that your pharmacy’s information is omnipresent — visible to every employee, every day. Consistency is vital, as today’s uninjured employee could be tomorrow’s workers’ compensation patient, seeking guidance and support. Initiating contact with employers can be daunting, but the effort is worthwhile. The first successful engagement can set the wheels in motion, making subsequent connections smoother and more fruitful. Like a freight train gaining momentum, each positive experience with an employer enhances your pharmacy’s reputation and reach within the workers’ compensation realm. Lastly, while focusing on employers, don’t overlook the potential of connecting with another critical audience: Lawyers handling workers’ compensation cases. Establishing partnerships with local attorneys specializing in workers’ comp can further expand your network. Providing them with brochures and information cards to distribute to their clients introduces your pharmacy to a broader audience, particularly in cases of severe injuries requiring long‑term management.
Beyond printed materials, engaging directly with employers and employees through workplace safety training presents a golden opportunity. Many companies are mandated
Marketing to employers as part of your pharmacy’s workers’ compensation strategy offers a multifaceted opportunity to build relationships, enhance visibility,
to conduct safety training for their
and ultimately support more patients. All it takes is a bit of time and effort to become your community’s workers’
compensation expert and their first stop for their prescriptions.
561-379-7750 4
Grow Your Peptide Rxs Give Us 2 Days... And We’ll Show Your How To Properly & Quickly
You definitely have to go! -V.H
It was absolutely worth it! I feel confident and more ready than ever before to compound peptides the correct way and help my community! -N.O.
Please, don’t teach this class again, I don’t want more competition! -D.H.
10 out of 10! -A.P.
Details WHEN: April 13-14, 2024 WHERE: Coeur d’Alene, ID WHO: Owners, Pharmacists, Technicians WHY: To add GLP-1s/peptides legally & efficiently to your lab https://go.diversifyrx.com/pep tide-compounding-mastery
Extremely Limited at 10 Spots Only
Questions? info@diversifyrx.com 561-379-7750
BARGAIN HUNT SLASH MONTHLY COSTS For Big Savings
Gain access to a wide range of pharmaceuticals at competitive prices, allowing you to slash your monthly expenses significantly.
MatchRX is your trusted online marketplace for buying and selling overstock medications. HOW IT WORKS?
1. Seller Posts Overstock Inventory
2. Buyer Places Order to Fill a Script
3. Seller Confirms Order and Ships
Contact us today to start buying and selling your overstock amongst thousands of Independent Pharmacies.
Questions? www.matchrx.com 877-590-0808
MASTER THE ART OF CONVERSATION AND SALES The secret lies in asking the right questions. Start by asking about their business. “Why” questions are particularly powerful. For instance, why are they launching a new product, or what prompted them to add staff? These questions show your interest in their business and give insight into their motivations and challenges. To ask meaningful questions, you must come prepared. Before sitting down with a prospect, do your homework. Visit their website, read their “About” page, and familiarize yourself with key staff members. This background information equips you to ask relevant questions and demonstrates your genuine interest in their business. Other practical questions involve their needs and goals. What did they learn from the previous year? What changes do they want to make this year? As they respond, engage with follow-up questions to show you understand. For example, if they mention adding a new CRM (Customer Relationship Management) system due to increased orders, ask them what drove their growth. These conversations reveal their plans and business needs, which will help you align your products and services appropriately. The goal isn’t to be intrusive but to express natural curiosity about their business. They set a business meeting with you and expect to discuss business matters. When you ask strategic questions, you shift the dynamic from a transactional encounter to a meaningful relationship. This shift builds trust — a crucial element in any business relationship. The art of conversation in sales and life is about finding a balance between being informative and attentive. It’s about listening and understanding the prospect’s unique needs and goals. Embracing this will grow your sales and strengthen your business relationships, turning them into long-term clients. So, let’s step out of the traditional sales script and start listening. We can transform our sales tactics one conversation at a time.
Have you ever encountered a salesperson who launched right into their spiel without talking to you beforehand? If so, you know firsthand the importance of listening first. Not only do salespeople like this make you feel like a commodity, but it often leads to misaligned sales attempts. It’s like someone trying to sell siding to someone who owns a brick home — or pitching the latest car model to someone who is fully content with their slightly new, fully paid-off model. These sales attempts fall flat, but more importantly, they miss an opportunity to connect with the prospective client. Instead, salespeople need to open the conversation and have a dialogue with prospects. There doesn’t need to be a lengthy discourse; salespeople must still respect a potential client’s time. A short, meaningful exchange can reveal insights into who they are, their business needs, and their goals. Then, no one will waste valuable time pitching or listening to information about an irrelevant product. Being a good conversationalist, no matter who you are, leaves a positive impression and makes you memorable. Through these interactions, you lay the foundation for relationships — and as we know, people do business with those they know and trust. How can your prospects know and trust you if you don’t take the time to know and trust them? Clients who feel heard and understood are more likely to become loyal advocates of your brand, extending your reach beyond conventional marketing efforts. Listening to your clients goes beyond being personable. It builds a client-centric culture that builds a foundation for long-term growth. Focusing on conversation, rather than aggressive pitching, is not only polite but also a strategic move that can lead to more meaningful business relationships. So, how do we effectively
shift our approach to ensure our conversations with prospects are as productive as they are pleasant?
DiversifyRx.com 5
... continued from Cover
related to workers’ compensation allows you to craft messages and services that speak directly to them. Your marketing efforts should inform and educate your audience about the benefits of choosing your pharmacy for their workers’ compensation needs. Carving out a niche as a workers’ comp pharmacy is not just about offering specialized services; it’s about marketing those services effectively. When you brand yourself as the go-to expert, maintain cohesive messaging, and understand your audience, you can successfully tap into the lucrative market of workers’ compensation, setting your pharmacy apart
Each of these materials must consistently convey your specialized focus on workers’ compensation, reinforcing your brand as the expert in this field. Imagine the confusion and
disappointment of prescribers or
from the competition. Remember, specialization and clear, consistent communication are your best allies in pharmacy marketing.
employers who, after receiving your carefully crafted flyers, visit your website only to find no mention of workers’ compensation. This disconnect could cost you valuable opportunities. The key? Cohesive messaging across all marketing materials and platforms, creating a seamless consumer journey that leads straight to your door.
Know your audience and keep them informed.
Understanding your audience is paramount. Knowing the needs and concerns of prescribers, patients, and employers
HAVE A LAUGH
561-379-7750 6
Break Free from PBM Dependence
The Road to 20% Non-PBM Revenue for Your Pharmacy
As you start nailing down your workers’ compensation marketing and focusing on non-PBM revenue, you need to first set a goal to aim for. Diversifying revenue streams beyond PBM reimbursements will enhance financial stability and profitability, and the higher your non-PBM KPI percentage is, the better!
This foundational step relies on accurate financial data, which can be gleaned from financial statements or point- of-sale systems for over-the-counter sales and services. Pharmacy Management Systems (PMS) can also provide reports detailing the portion of revenue derived from third-party (PBM) sources.
A significant portion of pharmacy revenue traditionally flows through PBMs — often up to 90% or more. We all know that this heavy reliance can lead to fluctuations in income,
After establishing your baseline, the next step is goal setting. Aim for a significant but realistic improvement within a year. If your non-PBM revenue is in the single digits, doubling or tripling it within a year is a challenging but possible goal. For pharmacies already achieving double-digit non-PBM revenue percentages, doubling may be more difficult, but the ultimate goal remains the same: To reach and surpass the 20% mark .
increased vulnerability to audits, and less-than- favorable reimbursement rates. The goal, then, is to increase your non-PBM revenue, but by how much? How do you even calculate your current non-PBM KPI? Here’s how:
Achieving a 20% non-PBM revenue KPI is transformative, signifying a shift toward greater financial autonomy and stability. This “magic
How to Set Your Non-PBM KPI Goal
When considering KPIs for non-PBM revenue, the question arises: What percentage should
number” has been a turning point for many pharmacy owners, some of whom have successfully pushed their non-PBM revenue to 30%–40%!
pharmacies aim for? A healthy target is to have 20% of revenue coming from non-PBM sources. Achieving this balance reduces dependency on PBM reimbursements, mitigating risks associated with audits and fluctuations in reimbursement rates. At this threshold, you’ll experience improved cash flow, increased profitability, and a more stable business model, lessening concerns over Direct and Indirect Remuneration (DIR) fees.
Leverage Workers’ Compensation Prescriptions
A strategic way to work toward this goal is by setting your sights on workers’ compensation patients. This niche offers a viable path to increasing non-PBM revenue, as these claims are typically processed outside traditional PBM channels. Building relationships with local businesses, health care providers, and legal professionals in the workers’ compensation field can help attract these patients to your pharmacy. While there are numerous forms of non-PBM revenue, workers’ compensation is undoubtedly worth the effort. If you want to dive deeper into the “how” of increasing your non-PBM revenue KPI, our expert coaches are here to help. Head to your member dashboard and schedule a 1:1 call with a coach to get started on the right track. We want you to reach that 20% and beyond!
The Journey to 20%
Transitioning to a model where 80% of revenue comes from PBM sources and 20% from non- PBM revenue is ambitious but definitely still attainable. First, you must calculate your current revenue breakdown. Divide your total PBM revenue by your total revenues from the same period. Multiply that by 100, and you now have your percentage of revenue from a PBM.
DiversifyRx.com 7
417 Ravenaux Dr. Southlake, TX 76092 561-379-7750 DiversifyRx.com
1 Master the Market With Workers’ Compensation Specialization 2 Tailor Your Pharmacy to Workers’ Comp Patients INSIDE THIS ISSUE
3 How Your Pharmacy Can Win Over Prescribers 4 Connect With Employers: New Approach to Workers’ Comp 5 Reshaping Sales Conversations 7 Setting and Reaching Your Non-PBM KPIs
... continued from Page 3
Prescribers’ Pain Points If you’re uncertain about the specific pain points prescribers face with their current pharmacies, the simplest yet most effective strategy is to simply ask. If you engage in direct conversations with prescribers about their frustrations with existing pharmacy services, you can unveil specific insights like the annoyance of being put on hold. Then, you can create a solution, such as establishing a private line for prescribers, ensuring they know their calls are prioritized, and directly addressing a common pain point. Effectively marketing your independent pharmacy to prescribers of workers’ compensation patients lies in understanding and solving their specific problems. It’s about demonstrating not only your proficiency in managing workers’ comp prescriptions but also your commitment to enhancing the overall experience for both prescribers and their patients. To win them over, you need to proactively seek feedback, address concerns with tailored solutions, and continuously communicate your value proposition. Then, you can build lasting relationships with prescribers and establish your pharmacy as a trusted partner in the workers’ compensation process. The result? A steady stream of non- PBM revenue that your pharmacy can count on.
compensation process and ensure minimal disruption to their staff’s workflow. By doing so, you can position your pharmacy as a reliable, go-to option for workers’ comp prescriptions. How to Support Their Patients One way to do this is by showing how you elevate the patient experience, specifically for workers’ compensation. Prescribers are likely concerned about their patients’ experience with a pharmacy that may not be used to workers’ compensation procedures. Enhancing the patient experience can be a pivotal selling point. Three patient-oriented strategies include:
•
Offer mailing services such as free delivery
• Provide convenient packaging suited for injured patients
• Always provide in-depth consultations with patients, discussing side effects, prescription instructions, etc.
While these might be commonplace for your pharmacy, prescribers likely don’t know that! Communicate the steps you take to make the prescription process as smooth and beneficial for patients as possible. As a result, you directly address prescribers’ worries about their patients’ satisfaction and well-being.
561-379-7750 8
Published by Newsletter Pro NewsletterPro.com
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10Made with FlippingBook Ebook Creator