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3 Easy Ways to Increase Clinical Revenue in your Independent Pharmacy

3 Easy Ways to Increase Clinical Revenue in your Independent Pharmacy

To rely less on PBMs, you have to create new revenue streams outside of their influence. Clinical services have long been sought as a way to achieve this goal. How is clinical revenue or service-based revenue defined? My personal definition of clinical revenue has 2 components:

  1. It is revenue that does not flow through a PBM.
  2. It leverages your pharmacist’s intellectual knowledge and skills.

I know that it is relatively broad. Some examples can include MTMs, annual wellness visits, LTC consulting, food sensitivity testing, travel vaccines, and many others. Many pharmacists that I speak with don’t know if they are ready to be more clinical. As a pharmacy owner, you may be wondering less about your clinical skills and more about how you can fit it all in with your current workflow. That’s why I put this list together of easy to implement and low barrier solutions to get you started on your clinical journey and diversifying your revenue.

1. Pharmacogenetic Testing

I can hear you from my house saying, “I thought you said EASY!”. Yes, pharmacogenetic testing can be easy, with the right partner and training. What’s in it for you? $90 per each interpretation of your patient’s tests. Yep, you are getting paid to use your brain and interpret how a patient’s genetic disposition can impact his best therapy options. Now the tricky part. How and who? 

First, you have to make sure you are using a reputable company with compliant billing practices. There has been an abundance of fraud, waste, and abuse in this field in recent years. Now that payers are opening the opportunity back up, we have to be judicious with it.

2. Weight Loss Coaching

More than two-thirds of the US population is overweight, and half of that population is obese. There is no doubt that you have a significant pool of potential patients that need to lose weight. There are a variety of strategies you could implement to help your patients and monetize your services. A few options include marketing weight-loss prescriptions or specific supplements or even formulating unique compounds. To truly differentiate yourself from other product resellers, you can add a coaching component. 

Many pharmacists and owners have created their own systems, but that would be hard and unproven. You can earn approximately $2,300 a month with just 20 patients. Many pharmacists can easily manage 50 patients a month, spending only a few hours a week.

3. Point of Care Testing

This is a rapidly expanding field that is perfect for independent pharmacies. Patients are looking for solutions to their problems, and they want those solutions now. We are living in an Amazon Prime culture. Your community doesn’t want to wait for an appointment or mess with the chaos of urgent care. They want a service that is easily accessible and affordable while still getting great care. Point of care testing (POCT) makes this possible, and you can now help patients with strep, flu, UTI, or many others.

Offering POCT in a pharmacy really creates a one-stop-shop. One of the downfalls of waiting at an urgent care is the patient will be sent away with a script only to come to the pharmacy and wait again. By adding POCT in your pharmacy, a patient can get a precise diagnosis, pick up their Rx, and get any supportive OTC items.

Follow the rules

You want to make sure you follow your state guidelines and apply for a CLIA waiver. This is typically a simple form in most states. You can go to Google and use the search term ‘CLIA waiver and your state name.’ SiteLabs offers CLIA Waiver Assistance, a variety of testing options, and a Platform that streamlines the testing process. 

Order Test Kits or Explore the Platform

Your pharmacist’s scope of practice will vary depending on which state you are in, so it’s good to go with a company with a network of physicians that can legally order and interpret the tests if that is not within your state’s scope. My prediction is this year’s flu, and strep POCT demand will be at an all-time high. 

Whether you choose one of these 3 easy options or another strategy to increase your service-based or clinical revenue, just know that you are taking an essential step in reducing the PBM’s influence on your pharmacy. You don’t need to be a clinical genius to take the first steps in growing your clinical practice. 

Adapted from Dr. Lisa Faast’s original post to the DiversifyRx Blog October 9, 2020

Response to CDC Policy Change

The value of the SiteLabs Digital Platform is far more than just reporting negative results. Our customers tell us that having the patient arrive to a prepaid, consented, and scheduled appointment saves them a tremendous amount of staff time. In addition, having the patient's test results delivered automatically is also a time saver.

 

While the CDC no longer requires negative Covid test results, it does still require positive ones; so the reporting requirements remain and are no less easy to administer. While the requirements have changed, one thing we’ve learned through the pandemic is that Covid is not going away anytime soon. Current reports (Barron’s) from England and Europe are showing a resurgence of infections with the BA.2 Omicron variant that is already making an appearance in the US.

 

As the CDC continues to update its policies, SiteLabs will have the appropriate reporting requirements in place. How are you currently handling reporting? Let our team know if there's anything we can do to help.

Customer Notice

To our highly valued customers.

I want to give you an update on the situation and express my deepest apologies for the ongoing delay in fulfilling orders and the lack of tracking numbers on existing orders.  We understand this has a significant negative impact on your business and the communities you serve.  Please know our team is doing everything in our power to fulfill your orders but unfortunately the level of disruption in the testing supply chain is unprecedented.

Here is what you can expect:

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  • Tracking numbers and shipping information is extremely delayed.  As soon as we secure this information, you will be notified
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As communicated previously, if you chose to cancel your order, we will issue you a full refund.  As current orders are in the process of being shipped, we may not be able to process a refund until we process a return of the product.  Due to the ongoing increase in COVID-19 cases and what appears to be a shortage of product continuing, we encourage you to consider keeping your orders.

This is a very difficult situation that affects everyone of us and we will continue to do our utmost to serve you.

Respectfully,

Darren Schaupp
CEO
SiteLabs