Pharmacy profit solutions
Growing services right now is the best way to grow your pharmacy profit. That is a fact. Since you may be short on time, I’m going to give you a spoiler right now of a different fact: Our pharmacy customers complete almost twice as many NMS as the industry average.
Given the amount of fake news in the world today, I do hope you’re not just going to take my word for it though. So let’s explore both facts, and of course in this age of digital interactivity feel free to email me with your own questions and experiences at pharmacy@realworldanalytics.com.
How to grow a pharmacy business and increase profit?
It’s a data visualised fact: yellow bar RWA NMS per pharmacy per month average for March (14) and over the year (156) versus Non RWA March in red (7) and for the year (87). How much extra profit would this doubling NMS mean for your group?
The detail above is taken directly from freely available NHS data – it’s showing the number of services the NHS paid for by group across England. Note as well the monthly figures are for March, when lockdown began. Come rain or shine, old normal or new normal, our customers get more services done.
We’ll come back to the graph in a minute. But let’s tackle what I say is a fact: growing services right now is the best way to increase pharmacy profit.
You have other avenues open to you, but none are as good: cutting costs is one option, but if you most likely have already cut costs - and besides cutting costs normally means cutting some kind of functionality or asset to the business. For the dreamers out there, there’s the idea of cutting a better deal with the NHS, and then for the Rx buyers there’s cutting a better deal with wholesalers. That really would make a significant change, but that’s a zero-sum game.
Services in comparison, is the equivalent of an open goal with everyone onside and wanting you to kick it in the net – the NHS is paying you to do it, patients want care not just pills, your pharmacists tell you they want to spend time with patients, and all the resources you’ll need – a premises and qualified staff are already on the balance sheet.
Putting in targets and hoping they will get done is not always effective. Intermittent calls to branches urging them to do more, without really knowing how much more should be done generates often resentment from branch managers. Without help, they are as much in the dark as you.
That I suppose is the big challenge with my fact. Growing services is great opportunity to grow your pharmacy profit but only if you can do them easily. The idea that it’s not possible with all the other work requited in the branch is so ingrained that people have started to mentally talk themselves out of the profit – the work generates almost pure profit.
Radical improvements can be made simply by having the right information in the right hands at the right time.
Find out more how to increase sales in retail pharmacy.
Pharmacy profit by Growing Services
Let’s move onto my second fact then. Real World Analytics help their pharmacy customers to deliver twice as many NMS on average as non RWA customers. This is a different kind of “cast iron”, “sun will rise tomorrow morning”, “e=mc2” kind of fact.
Below is a truncated version of the first graph, this time just giving you the headline news:
This is in the data, its not an opinion – RWA customers do twice as many NMS as the rest of the industry.
You might assume our system is wildly expensive or incredibly complicated to use, or it is only for pharmacy analysts or IT experts – but you would be wrong.
It isn’t expensive. It does something valuable, so we place a value on it, and it works as a subscription service with no upfront cost. If it stops working for you, you stop the subscription. Our customer typically gain between 5-10 times as much profit as we charge. In fact, we are so confident that it’s a no brainer for most groups that we offer to build and show you a demonstration system using your own business data at no charge in England.
And of course, it isn’t designed to be used only by IT experts. That would defeat the entire point of allowing us to help you. If you can drive a car without being a mechanic, you can use our system without being an IT expert.
If you can open an email, and get online, you can use our data and reports to improve NMS and many other aspects of your business.
So, if you would like to find out how to increase profit in retail pharmacy, and add significant profit to each branch in your group, please drop me a line or get in touch via the website and we can have a chat.
For more information, please contact:
Email pharmacy@realworldanalytics.com.
UK 0808 1890 617
IE 01 693 1433
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