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3 Ways to Improve Your Pharmacy Profits

Since 1981, Datascan Pharmacy Software has been helping independent pharmacies thrive and evolve in an ever-changing industry.

Here are 3 simple ways you can continue to help your pharmacy increase profits as you move into the future. 

1. Build better customer loyalty:  This seems like a simple concept but how can you actually ensure your customers continue to come back to your independent pharmacy over the big chain pharmacy?

– First, treat your customers like people, not numbers.  Simply greeting your customers and knowing who they are and what they need makes them feel like an important part of your business.

– Secondly, offer products and services that customers can’t get anywhere else.  Specialty products, immunizations, compounding, medicine flavoring, delivery services, and even house accounts keep customers happy and make them want to come to your pharmacy.

2. Maximize your space and get a handle on your inventory:  Use every inch of your real estate to the best of your ability!  Are you managing your drugs and OTC inventory?  Your pharmacy management and POS systems likely include an integrated inventory management system.  Datascan WinPharm and Datascan POS offer a perpetual inventory management module for FREE.  Setting minimum and maximum reorder points on your items will automatically add items to purchase orders and helps to ensure you’re not overstocking your items.

Inventory management will also help you generate reports to manage slow movers and which items should be a special order for customers.  If you have items not moving, find out what your customers are missing and restock the shelves!   Use our inventory trending to see what times of the year certain products are moving faster and prepare your ordering in advance.  No one needs shelves filled with cold and flu medications mid-summer!

3. Automate daily tasks:  To begin with, let’s look at one of the largest costs of running your business:  employees.  With enhancements in technology, there is no reason you should be manually handling everyday tasks in your pharmacy.  Furthermore, we have seen small pharmacies filling 100 prescriptions a day, with staff the same size as other clients filling double or triple that.  That is an indication that something is not right, and perhaps using technology in the pharmacy management software or retail pharmacy system you are already paying for could really alleviate a lot of manual tasks.  You have the technology, you’re paying for it –what do you have to lose?  From printing reports to sending refill requests, and even processing your MedSync, your pharmacy management system’s automation can free up your time to focus on patient care.

Independent pharmacy has continued to survive through struggles and changes for decades.  If we work together and fight together, it will continue to be a community staple.  As more pharmacies move towards the future it’s important to adapt to these changes and ensure your retail pharmacy system or pharmacy trends with the industry.  Utilizing your pharmacy management software is a simple and proactive way to improve profits and overall patient care.