5 Pharmacy Concepts to Improve Profitability and Customer-Centricity

In this blog, we regularly explore the business of pharmacy and all the things that make it unique. We also explore all the various solutions pharmacies can use to overcome the particular set of challenges that accompany running a pharmacy.

While no two pharmacy businesses are exactly alike, there are certainly common threads that unite every pharmacy business. Call them core values, key concepts, or just some of the things that pharmacy teams do best.

When approached in the right way, they offer ways to build a more profitable and customer-centric pharmacy business. Here are 5 of our favorite concepts to consider.

Care

Care should be at the foundation of every pharmacy. Care for patients, staff, and community. Care can be displayed to patients in many ways. Some of our favorites are clinical services. These enhanced services help your patients to lead healthier lives and feel confident that their pharmacist is an important member of their health care team. Many pharmacies are also pillars in their community. Supporting communities through essential services, convenience, charitable giving and more. Setting a high standard of care is one of the best ways to make your pharmacy business stand out.

Lead

Leadership takes many different forms. There’s leadership of a pharmacy business and team, leading your patients to improved outcomes and better health, and leadership of your community. Embrace your expertise to help patients experience better outcomes. Help your pharmacy team excel with the right training and by fostering an environment where every team member can build their leadership skills.

Innovate

Change is opportunity, and innovation is the way to seize that opportunity. While innovation may seem like a lofty concept, it’s not as hard as you might think to create innovation in every customer interaction. For example, counselling on supplements to alleviate drug induced nutrient depletion. With the right tools and a bit of training, this is a fairly easy service to integrate, but it can make a big difference to patient outcomes and profits. Unique services and the right technology can help you to create an innovative pharmacy environment.

Motivate

To quote one of our favorite med sync experts, Bob Lomenick, “The only difference between a rut and a grave is the depth.” Often we may not recognize that we’re in a rut, or we might lack the motivation to find the momentum we need to escape it. But simply believing that we can achieve something is half of the battle. Before we can figure out the how, we have to understand the why. That’s where motivation comes into play. As a pharmacy business, it’s important to find your motivation, know how to motivate your team, and understand what motivates your patients.

Balance

There’s a juggling act we all play between business, family, and community. It can be overwhelming. And so easy to fall into the rut of “I don’t have time.” Balance is all about finding the right combination of people, technology, workflows and education to run an effective and profitable pharmacy business. That’s right… you run your pharmacy business. It doesn’t have to run you.

If any of these concepts sound familiar, it’s probably because you’ve heard about them before. In 2020, RMS created and launched an educational webinar series based on the 5 tenets of care, lead, innovate, motivate, and balance. Or as we like to call it, CLIMB.

CLIMB is for every pharmacy, not just RMS customers. (In fact, CLIMB doesn’t have anything to do with point-of-sale at all.) CLIMB is all about giving back to the pharmacy community. If you haven’t checked out CLIMB yet, you can see some of our previous content by clicking here. Catch new episodes on our YouTube channel here!