A Spectacular Front-end Gets New Pharmacy Off To A Great Start

I've spent decades working with independent pharmacies, and I know that running a profitable business while also providing excellent patient care is a constant challenge. That's why I want to share a story with you about how MatchSquare helped one independent pharmacy owner transform her front-end into a profitable space that aligns with her patient care philosophy.

Karen Hennesey is the proud owner of Wadhams Corner Pharmacy in Kimball, Michigan. When she was planning her pharmacy, she knew she wanted to create a spectacular front-end space that not only generated revenue but also helped her attract new customers. However, finding the right products and managing her front-end was a challenge, especially since she couldn't find anyone to manage it.

That's when she saw a social media post for MatchSquare, a new company that had created a front-end marketplace specifically for independent pharmacies. The ad boasted that they had sourced thousands of health, wellness, and lifestyle products that were carefully selected by merchandising professionals specifically for independent pharmacies. She contacted them and was introduced to a Personal Shopper who was beyond helpful.

With MatchSquare's help, Karen was able to turn her front-end into an even better space than she had hoped. The products are unique, attractively packaged, and sold at prices that appeal to her customers while generating attractive margins. Plus, her MatchSquare Personal Shopper eliminated the need for a front-end focused employee, saving her time and money. Together, they found ways to source products that convey the patient care philosophy that drove her to open her own pharmacy.

What I love about MatchSquare is that they understand the unique challenges of independent pharmacies and have created a program specifically for us. They have sourced unique and trendy brands that you won't find in your primary wholesaler's catalog, and their Personal Shoppers are experts at helping you find the products that align with your patient care philosophy.

Don't let your front-end be a missed opportunity for your independent pharmacy. Sign up for MatchSquare today and see the difference for yourself. Visit their website at www.matchsquare.com to learn more, and don't forget to ask about their "try-and-buy" sample box.

Take action today and see how MatchSquare can help you transform your front-end and grow your business. You won't regret it.

Something Has To Change

The more I talk with pharmacy owners the more I come to realize that PBM/third-party reimbursement rates have gotten so low and expenses so high that something has to change. 

Work done by pharmacy associations to attack the PBM problem are notable, well intended and likely to produce meaningful relief.  But, the sad fact is this process takes a lot of time.

Logic would dictate that if you cannot change the reimbursement rates fast enough to allow you to meet your profit and cash flow needs then the other logical alternative is to change what you do.   

To help you make a meaningful change may I suggest other, non-medication related services that can be rapidly adopted by community pharmacy and profitably implemented.  They are professional in nature and will fit the “psychic” profile of a typical pharmacy.  

My observations suggest community pharmacy is well positioned to take advantage of services that would help people find doctors who accept their insurance and specialize in the disease states a person is dealing with.  A small fee for such a service could be implemented if the marketing materials where produced in the proper manner.

Another is a service where you help people review all their medical bills and provide the expertise necessary to contact providers and payers, resolve mistakes and negotiate payment schedules.  This service could be done on a cash pay basis – think H & R Block.  These services would be provided in a formal office setting located in your pharmacy and be provided by a staff member other than the pharmacist. 

I am most intrigued by the growth in the number of franchise operators touting their ability to provide in- home-care to seniors.  By artfully drawing upon personal relationships with your aging patients, and marketing to their adult children, a community pharmacy could easily compete with a franchise operation by providing such a service.  And, a pharmacy could also assist in the handling of medications, a service the other entities avoid.   

I have seen pharmacies venture into hearing aids and optical services.  Perhaps some of the professionals in your market area who are struggling from the lack of visibility could be brought into your pharmacy to lease space.  They would add to your professional reputation and benefit from the foot traffic your pharmacy provides.  A true win-win scenario.    

Here is the bottom line.  Health care, not just pharmacy, is changing at a rapid pace.  That means new opportunities are emerging at the same time pharmacy reimbursement is being slashed.  A well run, well known and well-respected community pharmacy has the ability to start providing other health related services.  These services are needed.  And, many of them are paid for out-of-pocket by the patient or their family caregiver.    

Many of these services will be new to you and new can be scary.  Still, why not look around, talk with your staff and see if you can find a new service to bring in that will give you the profit boost you need.  After all, something has to change.  Why not you?

Comments, suggestions? Contact me at BFKneeland@gmail.com