Check out our September newsletter!
The Profit Vault September 2023
Breaking Free From PBMs How Non-PBM Revenue Can Transform Your Pharmacy
Focus on these 4 ways to increase non-PBM revenue.
If you have a chance to eliminate the middleman (costing you money), then do it! For September, I’ll cover our next pillar in the Six Pharmacy Profit Pillars, non-PBM revenue. PBMs (pharmacy benefit managers) can hold you back from consistent and substantial profits, and it’s time to prioritize non-PBM revenue and actually put the work in. When dealing primarily with PBM revenue, you’re dealing with low profits, long waiting times, absurd audits at any time, and inconsistent payments. Take control of your earnings and cash flow by increasing the percentage of non- PBM revenue coming into your pharmacy. I suggest that at least 20% of your revenue come from non-PBM revenue. Once you reach this 20%, you will notice an undeniable difference in your pharmacy and how well you sleep at night!
Increasing your non-PBM revenue ensures a more consistent billing cycle and allows you to have a more rewarding experience when working directly with patients, doctors, and clinics. While there are plenty of non-PBM transactions, these are four of the best and most profitable types you should focus on.
1.
Workers’ compensation
2. Hospice care
3. Clinical services
4. Semaglutide and other weight-loss treatments
Most pharmacies overlook these areas for one reason or another, but oftentimes, it’s because it seems too challenging. While increasing your non-PBM revenue takes more upfront effort, you can reap all the benefits. You must climb the mountain to get to the other side, and the other side is packed with cash flow and profit stability. In this newsletter, I’ll go over each of these four forms of non-PBM revenue and how to succeed at every single one. DiversifyRx has all the resources you need to excel and propel your pharmacy, and non-PBM revenue is just one way to move your business forward. However, when it comes to promoting non-PBM revenue, you need to remember you can’t do it alone.
Allow your team to own this effort.
In my own pharmacies, I assign a particular employee to lead this effort, manage related duties, and ensure this venture doesn’t get lost in the cracks (which can happen so easily when you try to manage it all on your own). Of course, you oversee
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The Key to Success With Workers’ Compensation Patients
BECOME THE PREFERRED PHARMACY FOR INJURED WORKERS
Become the go-to pharmacy for injured workers. Once you partner with StreamCare and can directly bill workers’ compensation patients, it’s time to start marketing your pharmacy as the place injured workers must go to. You and your team can brand your pharmacy by creating the following:
It’s no question that independent pharmacies dodge workers’ compensation prescriptions. With the effort it takes to process the medications and the low profit they usually bring, it makes sense why pharmacies would avoid these patients. Yet, if you abandon the traditional method of filling workers’ compensation treatments through PBMs, you can see profits worth the extra effort. Medications you were once barely able to break even on can now be a significant source of cash flow. Direct billing workers’ compensation prescriptions is one of the best ways any pharmacy can boost its non-PBM revenue. Independent pharmacies are best for workers’ comp patients. Workers’ compensation patients aren’t the same as the average patient. These are injured workers who aren’t necessarily familiar with the pharmacy world. After experiencing a major injury, it may be the first time they start taking regular medications and medical treatments. It can be daunting to walk into a major chain pharmacy like CVS or Walgreens, as they don’t know the first clue about filling prescriptions and how to take them. But an independent pharmacy can communicate more personally one- on-one with patients and provide service that allows them to feel informed and supported. Despite this obvious benefit to patients and pharmacies, PBMs will hold onto these workers’ compensation treatments with an iron grip. They already know how profitable this revenue is and will work hard to keep them. That’s why we highly recommend working with StreamCare regarding direct billing. When PBMs want to head to battle, StreamCare will fight even harder to ensure your pharmacy obtains these prescriptions. While plenty of companies are out there, we believe StreamCare fights harder than most billers. You can get started with StreamCare by heading to DiversifyRx.com/go-streamcare .
•
Eye-catching and informative flyers
• Social media posts that contain related hashtags ( #workerscomp ) • In-store signage patients won’t miss • Custom flyers to hand out to employers, prescribers, and patients Pharmacies usually have two audiences when it comes to marketing: patients and doctors. However, when it comes to workers’ compensation, you have three audiences to market toward:
1. Patients who are injured and need prescriptions
2. Doctors who want their patients to receive their medication without hassle
3. Employers who provide workers’ compensation insurance
With employers, you can market directly to them by giving them posters of your pharmacy to hang on their breakroom wall! Whatever it may be, you need to ensure your marketing targets all three of these audiences, and soon you’ll see your pharmacy become the go-to spot for injured workers. If you need more insight and expertise on how to get started, visit DiversifyRx.com/go-streamcare and fill out the quick form and our dedicated work comp expert, Lloyd, will reach out to get you started!
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Embrace Hospice Prescriptions Without PBMs Non-PBM Hospice Prescriptions Benefit Clinics, Patients, and You!
A Win-Win Situation When it comes to processing hospice prescriptions without a PBM, it works similarly to workers’ compensation patients. You work with the hospice clinic and bill them directly. Finally, you will get paid fairly in this dynamic, ensuring a more consistent and reliable transaction. Not only will you win in this scenario, but so will hospice clinics and patients! The hospice agency will often pay less when PBMs are out of the picture, which means a whole lot of savings in the long run for them. Meanwhile, patients receive better care with an independent pharmacy’s quick and dependable prescriptions. With the non-PBM hospice model, everyone wins. If you’re looking for assistance with billing hospice centers directly, we recommend BetterRx. They work with clinics to streamline operational workflow and bill them for
Just like with workers’ compensation, most independent pharmacies are running away from hospice prescriptions due to PBM interference. We can’t stress how big a mistake this is! Hospice offers so many advantages to pharmacies, and when PBMs are cut out of the relationship, everyone wins, not just you.
These hospice patients have plenty of needs that must be met. Prescriptions are ongoing, varied, and need to be filled fast! We all know the waiting game at chain pharmacies. These major retailers can take 3–4 days to fill a single prescription, and we’ve all experienced it taking even longer. They just can’t handle these fast-acting orders and cannot offer the same care an independent pharmacy can provide. Independent pharmacies best serve hospice patients and meet all their unique needs.
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TAKE A BREAK
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Aster Blueberries Citizenship Grandparents
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START BILLING FOR YOUR TIME AND EFFORT WITH CLINICAL SERVICES How Clinical Services Can Transform Pharmacy Profitability
Clinical services have been a buzzword for pharmacies everywhere, and for good reason. Independent pharmacies are searching for a way to create profits that surpass simple product dispensing. With clinical services, you can start billing for cognitive services, and we highly urge our members to consider this non-PBM revenue seriously. Remote patient monitoring (RPM) and chronic care management (CCM) are the leading ways to get into clinical services and start billing for your time. This remote patient care often includes services that many pharmacies already offer! The difference is that you’re not billing for your time and efforts right now. These two types of clinical services are the most basic and easiest for independent pharmacies to start with, and we have all the resources to help you begin. We believe so strongly in the success of these programs that we offer extensive support for our members, including our monthly RPM and CCM coaching sessions. Our monthly group coaching calls are led by ValueCare Suite, which has all the tools to help pharmacies bill for remote care. We consider ValueCare Suite the best software platform for providing RPM and CCM services to your patients and local doctors. With their expertise, these monthly coaching calls are undoubtedly valuable to our members and bring unbeatable insight. Our members have successfully implemented RPM and CCM into their pharmacies after attending our summit, where we offer numerous resources, information, and mentor guidance. Due to these services, several members are now working with nearly 400–800 patients a month. Even more incredible is that some of our members’ pharmacies make anywhere from $5,000–$60,000 monthly with RPM and CCM programs! As we said before, pharmacies are often already doing many things they can bill for, but if you’re not set up for these programs, you can’t bill for them. With clinical services, you bill doctors monthly instead of insurance companies. When you provide services to their patients, these services are documented in the software, which generates billing
reports. These bills are then paid by doctors every billing cycle. In turn, you’re creating a profitable and predictable billing cycle! If you have 200 patients in this program, then you can rest assured you have those same 200 patients every month. The result is a reliable revenue stream with no PBMs in sight. We know how important it is to make money and receive this revenue consistently and not lose sleep over unanticipated delays. If you want to start implementing clinical services you can actually bill for, RPM and CCM are hands down the most accessible, rewarding, and profitable ways to do so. We also know these two programs work as a solid foundation to add more services such as behavioral health, transitions of care, remote therapeutic monitoring, and more. If you want to join our group coaching calls, sign up from the member dashboard: membership.diversifyrx.com/dashboard . These meetings will give you everything you need to get started!
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INTRODUCING... PHARMACY BADASS UNIVERSITY
All Of Your Member-Only Content Now Available In Audio Formats
Listen On-The-Go, From Your Phone, or Anywhere!
To Gain Access:
Log into the membership Click on radio link at the top Select what show to subscribe to Scan the QR code or click the invite link Enter your email address Open the email on your preferred device Add the podcast to your favorite player Enjoy listening 1. 2. 3. 4. 5. 6. 7. 8.
Improve Your Existing Customer Sales With These 3 Strategies
One of the biggest mistakes a pharmacy can make is focusing too much on new customers or potential leads. While your pharmacy needs to attract new customers, you can’t forget your existing ones. These clients have already done business with you. They know what your pharmacy and its products can do for them. If they like the business relationship enough, they’ll even refer other people to you. That’s why it’s essential to boost your existing customer sales in addition to pursuing new leads.
for shopping with you? Just make sure these rewards are worth your existing customers’ time, and you’ll see a boost in return sales before long.
Cross-sell and upsell your products.
You may offer merchandise considered to be one-time purchases that leave no reason for a customer to return, but that’s not necessarily the case. Try selling products that relate to their original purchase. Your company might also have products customers would buy, but they just don’t know about yet. Make sure to cover your bases, and be sure to ask if there’s anything else you can help each customer with after completing every sale.
If you want to improve your existing customer relationships and sales, try utilizing one of the following strategies.
Engage with current customers often.
After successfully completing a sale, reach out to your customer to ensure everything is going well with your product or service. You can address their concerns and provide excellent customer service if they are unhappy. If they are happy, they’re now aware that you care about them as a customer. They’ll be much more likely to buy from you
Follow these tips — and you’ll be sure to see an increase in sales from referrals and previous customers as well.
again or even tell their friends about your company. You should also send out email marketing to your existing customers to share information about new products, services, or promotions.
Start a customer loyalty program.
Many companies offer their customers loyalty and reward programs — the more they shop, the more they earn. This is a great way to encourage current clients to continue shopping with you. Why would they go to a competitor for a similar product if they can earn rewards
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the whole process, but a dedicated team member can nurture and own it! They are responsible for this revenue and will accomplish the day-to-day tasks that improve it when they are accountable. You can assign this responsibility to one person or create a small team! It all depends on the size and needs of your particular pharmacy. When I owned a smaller pharmacy, I had only six team members and assigned one employee to focus on workers’ compensation revenue. They would post online, make signs, etc. If your team is larger, you can create
a team that can work together and implement a group strategy for success.
For maximum effort and dedication, I suggest you make a bonus available. It’s no secret employees work harder and smarter if they have a bonus on the line. So, ensure your team knows that they will receive a bonus when they reach a project milestone or success level. This bonus amount is up to you, but it should be enough to create an incentive for your employees to feel thoroughly motivated. Every pharmacy is different and may succeed more at one non-PBM revenue than others. You can schedule a call with our expert coaches to learn more about
potential strategies and determine which form fits your pharmacy. With one-on-one coaching, you can dive into the exact questions and concerns that may hold you back from this incredibly rewarding revenue opportunity.
HAVE A LAUGH
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Don’t Miss the Semaglutide Wave How Pharmacies Can Thrive With Weight Loss Services
Weight loss will always be a profit point all pharmacies should focus on. Now, with the recent craze with semaglutide, you have a better chance than ever to bring in new customers and increase revenue without PBMs. The GLP-1 medication has become a widespread weight loss treatment everyone wants to get their hands on. It’s time to strike while the iron is hot! With semaglutide alone, you can create an entire clinic, hire doctors and pharmacists, and bring in patients. This opportunity can seem overwhelming, but it is entirely possible. At our summit, we featured Sean Knight from Achieve Weight Loss & Wellness, who can help you step-be-step to set up your own clinic. With simple marketing like social media posting and ads, you’ll have a roster of patients in no time. If you’d like to start slow, your pharmacy can still emphasize serving these semaglutide patients. There is so much you can offer these patients, all without the interference of PBMs.
• Provide recommended supplements for semaglutide patients (Approved Medical Solutions or Nudora)
• Offer weight loss coaching to pair with semaglutide use (Dr. Mark Nelson has turnkey solutions: mjnelsonmd7@gmail.com)
• Highlight the Rx and OTC weight loss medications you do carry
•
And plenty more!
Whatever you do, just make sure you don’t let this trend pass you by. There will always be a need for weight loss medicines, and semaglutide is a popular choice now. You will miss out on new patients and even lose your own if you don’t prioritize semaglutide and weight loss treatments. Even if your pharmacy can’t make semaglutide, you can still support those patients to capture some of the profits. Just do something! You can participate in countless ways, and it’s up to your pharmacy’s unique resources and team to decipher what strategies will work best. Shift your marketing focus toward weight loss and watch as your clientele grows. As always, social media, signage, and other marketing tactics can help you advertise your pharmacy’s weight loss supplements, medications, and other treatments. If you want to hear from Sean Knight about starting your clinic, you can access the summit recording inside our membership. You can also contact Sean directly by contacting him at Sean@camedgroup.com. For those who want to dive into our newest course on GLP- 1 medications, you can scan the QR code or head to Membership.DiversifyRx.com/courses/glp-1-weight-loss-options.
Scan the QR code to check out our newest course on GLP-1 medications!
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417 Ravenaux Dr. Southlake, TX 76092 561-379-7750 DiversifyRx.com
1 Unlock Non-PBM Revenue Potential 2 How Direct Billing Can Transform Workers’ Comp Prescriptions 3 You Need to Build Partnerships With Hospice Agencies 4 How Pharmacies Are Making Thousands With RPM and CCM Programs 5 3 Methods to Boost Existing Customer Sales 7 How to Tap Into the Semaglutide Craze INSIDE THIS ISSUE
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The Added Bonuses of Hospice Partnerships From a clinical perspective, it is truly fulfilling to hear about families who confidently say their loved ones were thoroughly cared for in their final years. When you can help ensure they experience no mishaps in their treatment, you know you did your job right, and they can rest comfortably. From a business standpoint, it’s a massive boost for your pharmacy and offers vast growth potential. When Lisa worked directly with hospice clinics, hundreds became aware of her pharmacy, and she built relationships with doctors, patients, and more hospice agencies. This is an incredible growth technique to get your pharmacy known in a profitable circle. Additionally, you don’t necessarily need to market your pharmacy when it comes to hospice treatment. No doctor visits or social media marketing required! When you work with a hospice agency, they send the patients to you. If you have a smaller or newer pharmacy, this is a great option to expand your business without worrying about marketing. When you eliminate the PBM from hospice prescriptions, you get fair profits while building relationships that lead to exponential growth. If you’d like to get started with BetterRx, visit DiversifyRx.com/betterrx . We want to see you grow!
prescriptions, making your life so much easier. With their help, you have every reason to try this form of non-PBM revenue.
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