How will this benefit my pharmacy?
Tool 3: Revenue Multiplier Tool
Raising multiple revenue streams in a pharmacy setting where it’s primary business is in health solutions need to begin with a sound foundation of clinical knowledge and the adoption of multimodal practice and care. Such skills are what the PainWISE Professional Service Program enables the pharmacist to do and when practiced consistently, it opens up the opportunity of accessing multiple revenue streams.
The THREE revenue streams that will be accessible to the PainWISE trained pharmacist are as follows:
- Better Product Selection: The increase of basket size from better pain assessment and improved understanding of adjunct product selection that is appropriate for the patient is not based on a motivation of simply “companion selling” as the bygone days of training taught us. The selection of product based on the teaching of the PainWISE Professional Training program is based on motivating wellness despite suffering pain. This type of intention and mindset aims to minimise the typical practice behaviour of one-off transactional interactions that are low profit, low margin and does not differentiate or grow the pharmacy’s business with the long term view of being trusted and known for being a pain management destination.
- Utilisation of 6CPA Funded services: Pharmacists in the primary health care setting are underutilised. Clinical services such as Pain Medscheck, Home Medicines Review, Clinical Interventions, Script on file, Dose Administration Aids should all be purposefully used to improve the safety and efficacy of medication management. The ability to navigate the patient to the appropriate services relevant to the patient’s pain management needs will result in more meaningful utilisation of such services resulting in better patient outcomes and ongoing loyalty given that most of these services rely on the contact with the community pharmacist and provides an excellent opportunity for building rapport and trust, both of which are essential elements to behaviour change for better health outcomes.
- Goodwill: Customer loyalty and retention begins with transactional accuracy that demonstrates empathy with sound clinical knowledge at the helm of this success. Goodwill is an intangible that over time grows the reputation and brand of the business. The trained PainWISE Pharmacist provides the pharmacy with the opportunity to co-brand and use clinical resources that continues to enhance the pharmacy’s branding and clinical credibility within the pain network.
The Revenue Multiplier tool