The Keys to Elevating Pharmacy Staff and Driving Growth

Why pharmacies should be actively developing business models for new revenue streams and why encouraging staff to take on new, elevated services is central to pharmacy growth.

by Will Lockwood, PTMReview Senior Editor

For community pharmacies aiming for sustainable growth and enhanced patient impact, it’s crucial to evolve beyond traditional revenue models and embrace new opportunities. Traditionally, pharmacies have primarily relied on just two lines of revenue: prescription sales and over-the-counter (OTC) sales. While these remain core components, the modern pharmacy environment necessitates a strategic expansion of income streams to ensure resilience and profitability.

Here we’ll take a look at not only why pharmacies should be actively developing business models for new revenue streams, but also how encouraging staff to take on new, elevated services is central to pharmacy growth and can provide a strong return on investment (ROI). The prospect can be exciting but also overwhelming. So it’s important for pharmacies to understand that they don’t have to overhaul everything overnight, building instead on what’s already working as a foundation.

FINDING NEW REVENUE STREAMS

Pharmacy has been attuned to the need to diversify revenue for a number of years now. In fact, Jake Galdo, Pharm.D., suggests that pharmacies should aim to have four different lines of revenue.

Galdo wears several different hats. He’s the community health worker (CHW) course coordinator for CEImpact; co-founder and CEO of Seguridad, Inc., which helps patients find the right pharmacy for their needs; and managing network facilitator for CPESN Health Equity. He brings all this experience to his advice about pharmacy revenue growth and elevating staff roles to build a better pharmacy.

Jake Galdo, Pharm.D., CEImpact; Seguridad, Inc.; and CPESN Health Equity

“If you look at pharmacy revenue itemized on accounting forms like the 10K,” says Galdo, “typically you see prescription and OTC sales. But pharmacies should develop a mindset that means they aren’t limited to these traditional lines of business.” The profession has also been doing good work developing and delivering clinical services, adding a third line of revenue for many pharmacies.

But to secure the future of community pharmacy, there’s more work to do in transforming existing efforts and unlocking new opportunities for the revenue and profitability that underpin care delivery. We will see that a pivotal strategy in achieving this involves expanding staff responsibilities, empowering vital team members such as pharmacy technicians to drive high-impact clinical services that generate new income and enhance patient care.

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Read on for Practical Strategies That Can Transform Your Workflow & Revenue

• How Cascadia Pharmacy Group streamlines core clinical services, navigates medical billing, and secures alternative payment models for sustainable growth.

• Insights from Jake Galdo and Meredy Ayers on how elevating pharmacy technicians, including through roles like Community Health Workers, is the pivotal strategy for boosting your profitability and ROI.

Continue reading about how you can transform your pharmacy!