Achieve Your Pharmacy Goals with BestRx: Grow Your Profits
Posted on Dec 12, 2022
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:
- Increasing operating costs
- Upcoming regulatory changes
- Rising DIR fees and claw backs
- Shrinking payor reimbursements
In fact, sometimes just maintaining profitability can be challenging enough. To help, BestRx offers features and integrations that ensure you are maximizing your reimbursements – and in some cases, add new revenue sources as well.
Here are three ways BestRx can help you grow your pharmacy profits:
1. Pre and Post Editing (PPE) Services
In partnership with CoverMyMeds provides pharmacies with access to their PPE program. Once enrolled, the program works behind the scenes in the BestRx software, checking each claim for errors. This includes verifying whether:
- The most current AWP is submitted for reimbursement.
- An appropriate DAW code is used for multisource brands.
- The daily dose and quantity dispensed is within the Maximum Allowable Daily Dose.
Essentially, the program acts as a second set of eyes, providing you with claim validation and recommendations. This not only helps prevent errors and maximize reimbursement, but it increases your productivity as well.
2. Increase Your Front-End Sales with BestPOS
To offset declining reimbursements and rising DIR fees, many pharmacies are turning their attention to the front of their store. Over-the-counter products are great way to bring in additional revenue and their profit margins are more predictable. Plus, you can use our point-of-sale system, BestPOS in tandem with your BestRx software to easily manage your entire store. In fact, BestPOS has multiple features that can help you grow your OTC sales, including:
- A built-in customer loyalty program
- Customizable sales promotions
- Online payment options
- Online product listings
- Robust inventory management and reporting
These features not only boost your front-end sales, but it enhances your customer experience as well. Securing repeat business ensures you will continue to bring in OTC revenue in the future, too.
3. Leverage Your Market-Level Data
Your pharmacy generates valuable market-level data every day. This includes medication and prescriber information, fill dates and payment methods. Often, this data is being bought and sold behind the scenes. To ensure you receive your share of the profits being generated, we’ve partnered with Scriptera. BestRx pharmacies automatically enrolled in the program and:
- There is no cost to participate.
- BestRx takes care of de-identifying all market-level data before it’s sent to Scriptera.
- Scriptera works on your behalf to coordinate the data sales.
- You’ll automatically receive your portion as a credit on your BestRx statement as sales are made.
This way, you’ll gain a new source of revenue – without adding additional work for your staff. Plus, you can opt out of the program at any time.
These are just a few of the ways BestRx can help your pharmacy become more profitable in the year ahead. To learn more, request a free demo!