Finance Your Pharmacy’s Growth
Posted on Aug 15, 2022
There is a lot that goes into operating an independent pharmacy. From managing your inventory and filling prescriptions, to submitting claims and reconciling payments. Plus, you need to keep your equipment and technology up to date to ensure you’re operating as efficiently and cost-effectively as possible. All these things require you to continually invest in your pharmacy. That’s why we’ve partnered with BNC Finance (BNC) to provide you options to finance your pharmacy’s growth, including:
- Investing in BestRx’s robust pharmacy management software, to streamline your workflows.
- Adding BestPOS (our integrated point-of-sale system) to seamlessly manage your front-end sales.
- Upgrading your pharmacy equipment, including your workstations, printers, and scanners.
- Adding other advanced technology, such as robotics for increased efficiency.
- Making physical enhancements to your store.
- Opening a new pharmacy location.
Plus, when planning for the future, it’s important to consider consumer trends that will impact the way you operate, too. This includes:
1. Operating system updates (which may require new hardware for your pharmacy).
Microsoft will be requiring businesses to transition to Windows 11 by October 2025. While it may seem like a long way away, it’s important to have a transition plan in place to minimize the impact on your pharmacy. If your PCs are more than four years old, they may not be compatible with the new Windows 11 operating system. This means you’ll have to invest in new PCs, which can be costly, depending on the number of workstations you utilize. Plus, with supply chain shortages and inflation, it’s important to take advantage of sale prices, lower financing rates and stocked items when you can.
2. The growing number of purchases being made remotely.
More and more purchases are being made online. In fact, by the end of 2022, an estimated 70% of purchases will be made on a mobile phone. That’s why it’s important to evaluate your online presence. How easy is it for potential customers to find your pharmacy online? If your pharmacy doesn’t have a website, or it could use updating, check out our partner, Dr. Leonardo + PharmSites. Can customers browse your over-the-counter items on your business profile or website? In partnership with Local Inventory on Google, BestRx pharmacies can feature their OTC products on their Google Business Listing free of charge. Plus, BestPOS offers a convenient way for customers to pay for their prescriptions and over the counter items remotely, too.
3. Continuing to use telehealth and technology platforms.
According to recent polls, many Americans plan to use virtual care services moving forward. Even older patients, who have traditionally been the slowest to adopt new technology, are becoming accustomed to receiving remote care. That’s why it’s important for your pharmacy to offer virtual care and electronic communication options. BestRx offers a variety integrations and features, including video, email, phone, or text programs, so you can continue to care for patients, even when they can’t make it into your store.
4. Pharmacies expanding their role in patient care.
In recent years, pharmacies have taken a more active role in patient care. This has created opportunities to add new revenue for your pharmacy, like offering:
- Point-of-care testing (COVID-19, Flu, Strep & more)
- Administering vaccines
- Patient education and health monitoring services for chronic conditions
Plus, implementing pharmacy management software makes it easier for you to add new services, thanks to tools like eCare plans and electronic vaccine administration reporting.
After assessing your pharmacy’s future needs, you’ll need to establish a budget and an implementation plan. With the rising costs of labor, supplies and medications, you may be tight on cash. That’s where BNC can help, offering financing for anything from a $2,500 software investment or hardware upgrade to funding renovations or opening a new store.
Plus, BNC offers competitive rates and flexible financing terms ranging from 24 to 36 months. It’s easy to apply, too. Just click the link below to complete a brief application form online and a member of the BNC team will walk you through your options.