THE HIDDEN REVENUE IN MEDICAL SUPPLIES Maximize Your Pharmacy’s Potential With High-Margin Medical Supplies
Most of the time, managing your pharmacy’s financials while ensuring top-notch patient care can be a not-so-fun balancing act. Fortunately, an avenue for enhancing both patient outcomes and your pharmacy’s profitability is ripe with opportunity. Here’s a breakdown of how integrating high-margin supplies can serve your patients and enhance your bottom line. THE OFTEN-OVERLOOKED OPPORTUNITY Many medications, particularly injectables, require ancillary supplies for proper administration. For instance, injectable drugs typically need alcohol swabs, needles, or pen needles. Similarly, patients using inhalers could significantly benefit from spacer devices. These aren’t just optional extras but essential for effectively administering these medications. It’s not uncommon for doctors to prescribe the medication without necessarily prescribing all the required ancillary supplies. This oversight presents a unique opportunity for pharmacy owners. If these supplies aren’t explicitly included in a prescription, take the initiative to contact
the doctor’s office for a verbal prescription, if permitted in your state. This proactive approach ensures your patients receive comprehensive care, leaving no aspect of their treatment to chance. ENHANCE PATIENT CARE AND PHARMACY REVENUE By stocking and suggesting these essential supplies, you meet a crucial patient need and add a revenue stream to your pharmacy’s operations. Products like blood pressure monitors, humidifiers, and other health devices also fall under this category. They complement the prescribed medications and contribute to overall patient health and wellness, leading to better treatment outcomes and customer satisfaction. In your quest to provide the best for clients and improve profitability, partnering with suppliers who offer high-margin products is critical. For example, Astor Drugs offers a diverse array of these high-margin medical supplies. We’ve included a snapshot of their most popular products in this month’s newsletter insert, providing easy access to profitable items that could enhance your inventory. BEYOND MEDICATION Think of medical supplies as a second-tier add-on, similar to add-on medications but in the form of necessary medical accessories. This strategy is not just about selling more products; it’s about comprehensive patient care. When you equip your patients with everything they need to manage their health effectively, you cement your role as a vital part of their health care regimen. Adding medical supplies to your pharmacy offerings is a strategic business decision that benefits everyone involved. It’s about ensuring your patients leave with their medications and the essential tools to use them effectively. So, next time you dispense an inhaler or an injectable medication, remember to check if your patient could benefit from those extra supplies. It’s a win-win: better care for them, better margins for you.
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