5 Cash Pay Patient Opportunities You Can Implement this Month
Are you content with simply managing your pharmacy, or is your desire to see it thrive? You’ve invested considerable time in your team, workflows, and meticulous procedural adherence. As we navigate the challenges of the 2024 landscape, particularly the ongoing DIR Hangover, it’s imperative to swiftly address the impact it will have on your pharmacy. To offset the impact of the DIR Hangover, you need to take immediate steps to introduce cash pay products and services, infusing non-PBM and non-dispensing revenue into your bottom line. Let’s dive into five specific areas where IPC presents innovative solutions to elevate your cash pay opportunities.
Affordable Medications for Type 2 Diabetes Patients
Managing diabetes is a complex journey that requires a proactive and patient-centric approach from your independent pharmacy, and you can play a vital role. Beyond merely dispensing medications, your pharmacy can support diabetic patients in their journey toward better health outcomes.
In the fight against diabetes, IPC proudly presents BRENZAVVY, an exclusive offering for Independent Pharmacies in collaboration with TheracosBio. This groundbreaking SGLT-2 Inhibitor aims to reduce hemoglobin A1C and fasting blood sugar levels, providing an affordable alternative for patients. While other brand name medications can cost patients up to $1,200 per year, BRENZAVVY is available for just $600 per year. BRENZAVVY is a cash pay option, empowering underinsured patients, or those with out-of-control high deductible health insurance plans to take control of their health while offering your pharmacy a beneficial revenue stream. Always engage in open dialogue with patients about the benefits of incorporating new medications into their treatment plans, fostering a collaborative and proactive approach to their overall well-being and always emphasize the importance of patients talking to their doctor before making any changes to their medication regimen.
Expand Your Reach with Pet Products
With nearly 66% of US households and over half of Americans over 50 owning pets, there is a significant opportunity for your pharmacy to become a part of this large and passionate community. For many, pets are considered valued family members which forges a deep sense of responsibility for their well-being. Leveraging this connection and incorporating pet-related products into your business and customer engagement strategy can significantly boost your visibility. Pet related ads and social media posts account for 547.6% more views for brands on social platforms. Imagine the scene at your drive-thru, you’ve undoubtedly seen a pet owner and their furry friend greeting you from the car window. It’s a perfect opportunity to offer product samples to patients as they pick up their own prescriptions.
IPC has entered a partnership with Breedwise Pet Provisions founded by Kendrick Smith a pharmacist who noticed a niche for pet prescriptions and saw an opportunity to help improve pet wellness with Breedwise calming bites, dental wipes, mobility bites and more. Breedwise believes that dog lovers shouldn’t have to choose between conventional medicine and homeopathic remedies. Breedwise formulates new recipes and designs new wellness products from the latest clinical and anecdotal research. Let Kendrick tell you about the benefits of offering Breedwise products watch the Breedwise Webinar.
Affordable OTC Hearing Aids:
Hearing loss is a prevailing issue among Americans, impacting a sizable portion of the population. Approximately 91% of US adults over the age of 50 have hearing loss, while only 7% of US adults with hearing loss have ever tried hearing aids. That is a significant market opportunity for your pharmacy.
Thanks to new rules by the US Food and Drug Administration (FDA), over the counter (OTC) hearing aid solutions are more accessible and affordable for those seeking assistance. To address the opportunity for your pharmacy, IPC has connected with Rx Hearing to provide your pharmacy with a comprehensive solution to find new cash pay customers with this untapped market. Rx Hearing offers pharmacies three starter kit options offering margins up to $1,250.
Athletic and Wellness Solutions:
Catering to the health-conscious demographic in the community is an excellent strategy for a pharmacy to distinguish itself and meet the evolving needs of its customers. Opportunities for you to appeal to these health-conscious individuals can include sponsoring events within your town like local 5Ks and providing samples of products like IPC partner BIOLYTE “the IV in a bottle” with 550% more electrolytes than leading sports drinks and profit margins up to 44% for your pharmacy.
Offering a range of vitamins and supplements is another way your pharmacy can enhance its front-end cash pay opportunities. IPC’s partner Mason natural offers the best vitamins and supplements for sustaining a healthy lifestyle by using the highest quality ingredients that meet regulatory requirements. Mason offers a full line of vitamins and supplements with BOGO opportunities for your pharmacy and quarterly marketing support and a free monthly promotional consumer circular program. These products can be used year-round to help your patients take on their day and experience everyday wellness.
Point of Care Testing:
Diversify and elevate your services by offering point of care testing and diagnostic services on a cash pay basis. IPC Pharmacy Services, known for its hands-on approach, stands firmly by independent pharmacies, connecting them with comprehensive resources for training and seamless program implementation. Our commitment goes beyond the service itself – it’s about empowering your pharmacy to be more profitable.
Fast and reliable results from point of care testing not only significantly aid in patient care but also contribute to the overall financial health of community pharmacies. As part of your GPO membership with IPC, Pharmacy Services gives you access to a suite of additional programs and services carefully designed to maximize your pharmacy’s potential. With exclusive partnerships, IPC provides a comprehensive toolkit for success. Our dedicated team is ready to take a hands-on approach, tailoring solutions to suit your pharmacy’s unique needs, ensuring that every step you take is a step towards increased profitability and sustained success.
Take charge of your pharmacy’s future today. Act now to implement these 5 offers, embracing a diversified approach to growth. By incorporating multiple cash-pay patient products and programs, you’ll not only enhance your bottom line but also become an integral contributor to the well-being of your community. Foster lasting relationships, provide value-added services, and adapt to evolving customer needs for sustained success in the competitive pharmacy landscape. Your journey to growth begins with decisive action – seize it now!
Digital Health: Coming Soon
Coming in 2024! Exclusive to GPO members, IPC introduces a cutting-edge digital health platform. Your pharmacy can now leverage telehealth services to enhance patient convenience, improve care, reduce travel expenses, and boost profitability. With IPC Digital Health, patients get access to physicians who specialize in everyday care non-emergency services that non-insured or underserved communities need. iCare+ mission is to provide patients with a modern healthcare model based on availability, affordability, and convenience. An important component of this model is Remote Patient Monitoring (RPM) tool. RPM is staffed by healthcare administrators that deliver an end-to-end white glove service directly through the portal.
