4 Reasons Why You Should Kick Off Your Adherence Program with Existing Patients
When it comes to running a pharmacy business, you have to consider profitability at every turn. That is why it is common for pharmacies to focus on bringing in new business opportunities as soon as they adopt a compliance packaging solution.
There is a lot of growth opportunity outside of your existing customer base, but that is not necessarily the place to start.
There are 4 revenue opportunities to consider when it comes to kicking off your adherence program and doing it with current customers:
It is an easier growth opportunity
According to a Harvard Business Review improving retention rates by 5% can boost your profits anywhere from 25-95%. Not only that, it is easier to grow your sales with an existing customer than to go out and acquire new business. Your customers already look to you for guidance and if you engage them with services and solutions that simplify their life, you can improve their health while improving your bottom line.
It is a great way to increase script count
Adherent patients, especially those on a comprehensive compliance packaging solution, will purchase their full regimen from your pharmacy. More scripts means more revenue. In addition to more regular refills, customers who have filled some medications at other pharmacies will be more likely to switch all of their medications to you when they are sorted conveniently by dose time.
You can create lifetime customers
Offering services that improve patient health, add convenience to the patient’s life, and strengthen the pharmacy-patient connection will lead to lifetime loyalty. Years of servicing a customer will secure a consistent, ongoing revenue source for your pharmacy. Also, loyal and happy customers tend to spread the word to friends and family which can result in new referral business.
You have the potential to lower DIR fees
Unfortunately, DIR Fees continue to negatively impact pharmacies. There is not a solution to eliminate them altogether, but through improved performance and pharmacy quality measures, you can mitigate these fees. Not only that, some third party payers offer performance payout opportunities. This can have a significant impact on your profitability.
Final Thoughts:
Having a business plan in place when it comes to launching your adherence program is important. Starting with your customers does not mean you cannot see a notable return on your investment. When it is time to begin marketing for new business opportunities, ask Medicine-On-Time how we can help.