The Role of Apps and E-Scripts in Medication Management

For patients with ongoing conditions that require multiple medications, the process of management scrips and obtaining repeats at the correct time can be complex. There is a need for a system to ensure medication compliance, and there is where developments in e-scripts and medication management apps can help. Research has found that compliance increases when patients are more engaged in their treatment process, and medication management apps aid in this.

Medication management apps in combination with e-scripts provide patients will key information such as active ingredients, brand names, repeats and expiration dates for these repeats, an image of the medication, and directs on how it is to be administered. For patients who take multiple medications this can be viewed as a list displaying all of their current prescriptions. Often, medication management apps also incorporate a reminder feature, alerting patients as to when repeats should be filled in order to ensure supply doesn’t run out.

E-scripts play an important role in allowing this service to exist, and an essentially an electronic version of legal prescriptions rather than the traditional paper format. This offers great efficiencies for both patients and pharmacists, reduces the risk of errors, and encourages continuity of care between healthcare providers.

If pharmacies facilitate the e-script and medicate management app service, patients can nominate their preferred pharmacy and submit requests for medication to be dispensed via the app. This process must be pre-arranged with the pharmacy so that they have access to the scripts and relevant information, however doing so results in a more streamlined process for both parties going forward.

If a patient wants to dispense these e-scripts through a different pharmacy than the one nominated through their medication management app, this can be achieved through the use of tokens. Tokens are a one-time key that the pharmacist can use to access the electronic prescriptions and generally come in the format of a QR code or barcode. This process allows for more flexibility for the patient and also prevents the same script from being dispensed at multiple locations, as the token will expire once scanned.

Medication management apps and e-scripts are still not commonplace for all patients but are being utilized more among those who take regular medication and manage multiple scripts. If your pharmacy doesn’t facilitate the use of these apps, you should explore incorporating this into your dispensary processes.

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E-Commerce In The Pharmacy Industry

Whilst traditionally pharmacies have been centered around an in-store experience, as many industries make the move over to e-commerce some pharmacy chains are following suit. E-commerce presents several benefits for businesses including reduced overheads, broader reach, and the potential to generate more revenue. So how exactly is the pharmacy industry adapting to this new channel?

There is no doubt that the ways consumers choose to engage and purchase with brands has evolved, and more than ever consumers are looking online for products and services. Whilst the intricacies of providing services such as refills on prescription medication via an e-commerce platform have not yet been ironed out, the approach is highly successful for the sale of retail items such as personal care and beauty products.

Whilst some major brands are offering an end-to-end delivery service through their website, others are easing into digital world with the use of click-and-collect schemes with their customers. This method satisfies consumers desires to browse for products online, and even add them to cart, without requiring the pharmacy business to establish the infrastructure required for delivery.

During the current health crisis, pharmacies have seen a significant uptake in patronage from their local communities as consumers seek out hygiene products such as masks, sanitiser, and hand soap. However, with restrictions in place and a more conservative approach to public outings, many people are opting to buy products online where they can to avoid unnecessary crowds.

As a result, pharmacy businesses which have chosen to proceed with some form of e-commerce strategy will likely become the first choice among consumers. The option to purchase products via contact-free delivery, or even minimise time in store by utilising click-and-collect services is very appealing in the current landscape.

In the long-term, we can expect to see more pharmacy bases businesses moving into the e-commerce space in order to continue to meet the needs of their customer base. Even though many industries have already made the leap, it is not surprising that pharmacy is one of the last to integrate digital selling into their business model.

Pharmacies have been a staple of the community for a long time, and many customers value the ability to walk in and talk to a healthcare professional and receive advice. This is especially true for small local pharmacies, and as such they should consider how they can still offer this level of service via their online platform. Allowing customers to access a chat now function, or keeping a regular blog addressing frequently asked queries can ensure that the pharmacies maintain their connection to their local community whilst launching a digital presence.

No matter what approach suits the business best, making the shift into the world of e-commerce will help broaden the reach of pharmacy businesses and make health related products more accessible.

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Supporting Your Local Community Through A Crisis

As the COVID-19 pandemic continues to affect lives across Australia, our pharmacy industry is at the heart of the community’s support network. Many people are going to their pharmacy for supplies, medication, and guidance on how to best approach the current health crisis. This influx of customer enquiries can place a strain on the human resources of any pharmacy, however these businesses play an important role in disseminating information and assurance during a time of uncertainty.

The connection between pharmacies and their local communities is a tight knit one. As one of the places that people turn to in times of poor health and illness, it is no surprise that pharmacies place a focus on building meaningful and trusting relationships between themselves and their customers. Not only does this make the role of the pharmacist easier, but it also improves the experience of the customer and ensures that they are receiving the best care and advice possible.

A vital element of this relationship is communication, as a source of information and education it is important that pharmacies have efficient and effective streams of communication between themselves and their local community. The use of websites, email, SMS, and social media to share important updates is a great choice and adopting a range of different channels means you are making this information accessible to a broader audience.

Pharmacy owners may choose to use these channels to distribute information about their business (opening/closing hours, stock availability), send reminders to regular customers (script refills) or share educational messages about coronavirus, flu season and other pertinent health risks. In doing so it is important that the information is timely and accurate to maintain the pharmacists’ position as a trusted professional. Further, these communications are a great opportunity to send a message of positivity. Keeping the community in good spirits can help ease tension and fear, build a sense of support, and keep people in a positive mindset.

Given the significant pressure that the pharmacy sector is currently under, they should be praised for their role in the national health response to the current pandemic. Standing as a pillar of the community, pharmacy businesses continue to provide vital services whilst adapting to the increased demand. It is important that pharmacy businesses continue to offer support to their local communities throughout the crisis, and can achieve this through effective and efficient communication channels.

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The Importance of Understanding Your Pharmacy Financials

As in any small
business, there are a lot of tasks to juggle behind the scenes for pharmacy
owners. One of the most daunting aspects of business ownership can be managing
the finances, particularly if your background is in pharmacy rather than
entrepreneurship. Gaining a comprehensive understanding of your businesses
financial position allows you to make educated decisions in regards to the
growth of your pharmacy.

A great place to begin
is to look deeper than just how much money is coming in vs. coming out, there
are some basic financial statements which provide some valuable insight into
how your business is performing. The Balance Sheet, Income Statement and
Statement of Cash Flows can provide you with an overview of your pharmacies
position.

The Balance Sheet

The Balance Sheet details your assets, liabilities and equity at a specific pint in time. This statement is based upon the accounting equation, assets equals liabilities and equity, which allows you to evaluate your liquidity and debt commitments.

The Income Statement

This is often considered the most important financial statement as it shows a businesses financial performance. Also known as a Profit and Loss statement, this document explores incoming revenue and outgoing expenses to determine profitability over a period of time.

Statement of Cash Flows

 This statement allows business owners to understand the sources of cash or cash equivalents flowing into and leaving their business. The Cash Flow Statement is complimentary to The Balance Sheet and Income Statement and gives insight as to whether a business is on solid financial footing.

In addition to financial statements, there are some basic KPI’s which can help you evaluate more specific areas of your business.

Payroll Ratio

For small businesses, your payroll ratio is a great way to measure productivity and is important as labour is a significant business expense. Pharmacy Development Services report that the goal ratio of pharmacies is less an 13.6%, a higher ratio could be an indication of overstaffing or under performance.

Inventory Turnover

This ratio is a great tool to evaluate how often your pharmacy is selling and replacing inventory over a particular period and can be calculated by division cost of goods sold by inventory. A higher turnover is generally positive, as a lower turnover suggests your business could have too much money tied up in poorly selling stock.

If you are unsure about where to start, talking to a financial advisor or accountant is a great first step. They will be able to assist in generating any financial documents you require and providing some insightful advice based upon what they find.

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Finding and Keeping Quality Employees

With customer service playing such a vital
role in the success of your pharmacy, it is important to ensure that you are
hiring the best stuff for your business. Attracting and retaining top quality
applicants can be difficult in a competitive market, to here are a few ideas to
help your business stand out from the crowd.

Work-Life
Balance

There is no doubt that with young employees
in particular, work-life balance is very important. When posting a job listing
it is vital that you not only sell your business, but sell the lifestyle that
comes with it. Whether this be wellness programs, flexible workplace
arrangements or employee benefits, providing a balance between personal life and
work commitments will result in happier and more product employees

Salary
Does Matter

Money,
whilst not always the deciding factor, plays an important role in a potential
employees choice to work with your business. Paying well below the ‘going rate’
can result in staff dissatisfaction and you may not be able to attract new employees
if you aren’t offering a competitive salary. Our tips is, find out what your
applicants expect and what the industry average is, and ensure that is in line
with what you are offering.

Cultivate
a Culture

Despite
being a buzz-word in the recruiting industry, company culture is something highly
valued by employees. Not only do you want someone who is qualified for the job,
but you want someone who will fit in with the team. This means asking someone
about their values and goals, to ensure that they align with the businesses.

Did You
Say Growth?

This may
seem like an obvious one, but in order to attract top quality staff you should
be able to offer them opportunities for growth. This could come in the form of
personal or professional development. Whether, you implement this by allowing
employees to undertake courses to further their skills or showing them that
there is a path for career advancement, new hires must be able to see that
there is somewhere to move and grow. Many employees
report becoming frustrated when there is little opportunity for an upward move
within their company.

Referrals
Are Gold

Research has
shown that the number one way in which people discover job opportunities is
through referrals. If you really like your current employees, they may be able
to help you find other like-minded people. The cost of the recruitment bonus
with likely be worth the value!

Think
As A Team

When
looking to add to your team, it is important to analyse skill gaps and utilise
the hiring opportunity to fill these. Whilst you may encounter some quality
applicants, if their skillset doesn’t align with what you need for your
business, or heavily overlaps with an existing employees’ duties, are they really
the right fit? Looking at your employees as a
collective is vital in order to run a productive business where each individual
has purpose.

By employing these tips in your pharmacy you will begin to notice an increase in customer spending. 

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Pharamacy Finance Australia

How to Increase Customer Spending

 

The pharmaceutical industry is facing major changes with the introduction of automated technologies, online pharmacies and stiff competition from supermarkets. Pharmacies are in a unique position, being a healthcare provider in a retail industry which is becoming increasingly competitive, both within the pharmacy sector and external providers. Pharmacies are being forced to adapt to survive. Many are doing this by looking outside of their traditionally stocked items, and increasing their offerings. Other industries have also been noticing a drop in customer sentient, it is clear that pharmacies must improve their retail abilities to succeed. According to the 2019 Bankwest report, a typical pharmacy derives 21% of its revenue from general retail, and they are looking to increase this revenue stream further.

1. Market Research
One of the first steps to increasing customer spending, is to find out what they are spending! Conduct market research to identify the patterns and trends in your consumers and use data found by research companies to figure out the best way to grow your non prescription sales. Just because you like a product, doesn’t mean everyone else likes it, don’t rely solely on your intuition. Market research is an extremely valuable tool that can help you make decisions about products, pricing, and promotion. As well as understanding how your products and services fit your target market, and how you can deliver and expand on your products and services.

2. Cross/Upsell
Pharmacists are one of the most trusted professions, use this to your advantage. If a customer comes in after cold and flu medication, offer them a vitamin supplement to compliment their treatment, this will come across as added value and give the perception you care about the customer, thus creating loyalty. Win win situation. Train your staff to create relationships with the customers and make relevant product suggestions based off the drugs they are prescribed.

3. Diversify
Many pharmacies have already realised to remain competitive they need to diversify their offerings, and they have looked beyond their usual pharmaceutical offerings to enhance their current ranges. Start by stocking appealing products that are in demand by the market, use the market research data to identify what your consumers want.

4.Train Your Staff
One of the main reasons people come into the pharmacy is to seek advice, so it is crucial that your staff are well trained and have a good product knowledge. To increase customer spending, your staff should also be trained in cross and upselling. Their primary role is to provide extraordinary patient care. As mentioned before, cross selling isn’t just a sales tactic, but it’s a part of customer service that can help to build greater relationships with customers.

5. Retail Tactics
As pharmacies look to increase their retail sales, they need to employ retail sales tactics to ensure success. There are simple strategies that once implemented will create results. Start by reviewing your pharmacy layout and use your pharmacy layout your advantage. Certain areas of your store will receive more foot traffic than others, so it is important to focus on your visual merchandising and positioning of products. By grouping related products, customers are more likely to impulse buy out of convenience, eg placing tissues by the cold and flu medication section. An attractive store layout will encourage people to buy things, moving merchandise around weekly will keep your store fresh and people will feel like they are being introduced to new products each week.

6. Increase Foot Traffic
The last tip to increase customer spending in your pharmacy is to increase foot traffic into your store. There are a few ways you can do this. Start by making your pharmacy a destination that offers allied health options. The more reasons someone has to visit your store, the more likely they will. By offering more services you will also add convenience for your customers. Have an attractive storefront, that is appealing, encouraging customers to come inside.

By employing these tips in your pharmacy you will begin to notice an increase in customer spending.

Article Source: How to Increase Customer Spending