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✔ Offer a membership-based pharmacy model where customers pay a set fee for discounted prescriptions.
✔ Bundle pricing on common medications to create affordable options for uninsured or underinsured patients.
✔ Promote cash-pay options that beat high-deductible insurance plans.
By creating an alternative to PBM-controlled pricing, you can attract loyal customers who appreciate fair, transparent costs.
2. Expand Beyond Prescriptions with Clinical Services
Relying solely on prescription sales means you’re at the mercy of PBM reimbursements. Instead, focus on expanding your revenue streams with clinical services that offer higher margins and more patient value.
Consider adding:
✔ Medication Therapy Management (MTM) – Offer personalized medication reviews to improve adherence and patient outcomes.
✔ Point-of-care testing – Provide flu, strep, and COVID-19 tests with immediate results.
✔ Compounding services – Specialize in custom medications that PBMs don’t control.
✔ Vaccinations and immunizations – A great way to attract customers year-round.
These services differentiate your pharmacy while creating profitable, cash-based income streams.
3. Explore Specialty Pharmacy or Long-Term Care
If you want to increase profitability, consider expanding into specialty pharmacy or long-term care (LTC). Specialty drugs often come with higher margins, while LTC services provide a steady, reliable revenue source.
To get started, check out:
✔ Creating a Retail/LTC Combo Pharmacy for strategies on serving long-term care facilities.
✔ Partnerships with local healthcare providers to offer medication management services.
✔ Specialty drug certifications to access high-cost, high-reimbursement medications.
By adding niche pharmacy services, you can move away from low-margin retail prescriptions and into higher-profit opportunities.
4. Reduce Overhead and Optimize Your Business Operations
Breaking free from PBMs isn’t just about increasing revenue—it’s also about cutting unnecessary costs. Look for ways to streamline operations and maximize every dollar.
✔ Negotiate better supplier contracts – Get the best possible pricing on medications.
✔ Lower credit card processing fees – Learn how to save on payment processing costs.
✔ Evaluate employee benefits – Offer cost-effective benefits without breaking the bank.
By improving efficiency, you can keep more of your hard-earned money—instead of watching it disappear into PBM-controlled reimbursements.
5. Secure the Right Financial Support for Growth
If you’re looking to invest in new services, upgrade your pharmacy, or expand operations, securing the right financial support is key. Whether you need funding for renovations, new technology, or clinical service expansions, there are pharmacy-specific lending options available.
To explore pharmacy-friendly financing, check out Pharmacy Lending for solutions tailored to independent pharmacy growth.
6. Partner with a Business Advisor Who Understands Pharmacies
You don’t have to navigate these challenges alone. Working with a pharmacy business advisor can help you:
✔ Identify new revenue streams outside of PBMs
✔ Improve financial planning to increase profitability
✔ Explore alternative business models that reduce insurance dependency
Waypoint offers investment and retirement analysis, pharmacy 401(k) plans, and wealth management solutions to help independent pharmacies plan for long-term success.
Take Back Control of Your Pharmacy’s Future
PBMs might feel like they control the industry, but independent pharmacies still have options. By offering cash-pay alternatives, expanding clinical services, optimizing costs, and securing the right financial support, you can reduce PBM reliance and take back your profits.
At Waypoint, we help independent pharmacies navigate industry challenges, increase profitability, and plan for long-term success.
Ready to take control of your pharmacy’s future? Contact us today and let’s build a strategy that works for your business.
