The way consumers interact with businesses has changed a lot over the last two decades. Gone are the days when people relied on the Yellow Pages, and thanks to advancements in technology, even making a phone call is becoming a thing of the past. Now, more than 6 billion people across the globe rely on smartphones for pretty much everything, from connecting with friends, family, and work to entertainment and making purchases.

Delivery services for prescriptions and OTC items are no longer considered “optional”. In fact, most of your customers expect it. If your pharmacy isn’t offering deliveries, you may be losing revenue and eventually, even customers.

Due to a loophole in Medicare regulations, direct and indirect remuneration (DIR) fees have been affecting profitability for pharmacies since 2010. Originally, DIR fees were only applied as a penalty for underperforming payers and pharmacies on claims processed through Medicare Part D.

Although DIR fees are nothing new for pharmacies, they have increased at a rapid rate over the last ten years. In fact, DIR fees have risen so much that they significantly impact the profitability for many pharmacies. Not only are pharmacies hit with surprise fees months after claims have been processed, but in some cases, the pharmacy ends up providing the medication below cost.

Outside of dispensing prescriptions, effectively managing claims is another important part of your pharmacy’s workflow. Without the right systems in place, pharmacies can end up spending a lot of time submitting, tracking, and reconciling their claims.

Your pharmacy's inventory accounts for a large portion of your operating costs. That's why it's important to have a system in place to consistently manage it. Otherwise, it can impact your profitability. Fortunately, BestRx’s Wholesaler Interface and point-of-sale system, BestPOS, makes it easy to keep tabs on all your inventory, including over-the-counter items.

Using pharmacy management software helps to streamline many aspects of your pharmacy’s daily operations. You can also take advantage of other automation tools integrated with your software to make your workflow even more efficient.

Approximately two-thirds of Americans don’t take their medications as prescribed. This negatively impacts treatment outcomes and costs the US healthcare system an estimated $300 billion each year. That’s why prescribers, payors and pharmacists alike are focused on ways to improve treatment adherence.

As an independent pharmacy owner, you probably feel like your to-do list never ends. From keeping up with regulatory changes and managing your inventory to ensuring your store is well-staffed and profitable, you’re pulled in many different directions.

Your pharmacy staff does a lot, from dispensing prescriptions to administering vaccines and handling income calls, faxes and scripts. This can be hard to balance, especially if your store is short staffed. That’s why eliminating manual processes from your daily workflow is so important.

Your customers have more options – and expectations – than ever before. This includes where they go for medical care and to have their medications filled. That’s why it’s so important for independent pharmacies to make customer experience a priority.

For many independent pharmacies, finding ways to increase their profitability in the new year is a main priority. However, pharmacies are facing significant threats to their bottom line, including...