The financial costs associated with investment in new technology can be expensive, but it’s a price you’ll have to pay to keep up with the pharmacy industry’s digital transformation.
Technology to Support Growth and Change
Smart retail pharmacies will increasingly invest in technological tools to improve customer service, minimize operational costs, and optimize product stock availability. For some independent pharmacies, adopting and implementing new technological offerings can be a struggle, especially when they don’t have access to the same large budgets as competing chain stores. But investing in the appropriate technology will help you optimize operations and reduce inefficiencies so that you ultimately generate more revenue.
Upgrades to consider include medical billing software to improve reimbursement for services, equipment, medications, and supplies offered to patients. Business intelligence tools can help you use patient and financial data to identify opportunities to improve patient health care and make better business decisions, while an updated IVR system can enable you to connect with more patients digitally while providing the same level of service as chain stores.
The financial costs associated with investment in new technology can be expensive, but it’s a price you’ll have to pay to keep up with the pharmacy industry’s digital transformation. To make sure your pharmacy is successful, you’ll need to create services and products that focus on patients’ needs and their growing expectations for a seamless customer experience. Consider analyzing your technological offerings to see where you can help your pharmacy grow some extra business.
Increased Offerings of Specialty Pharmacy
Once a small niche in the marketplace, specialty pharmacy is now a burgeoning industry with huge growth potential. Specialty drugs are developed mostly for chronic and degenerative diseases like rheumatoid arthritis, cancer and multiple sclerosis. Though typically complex to manage and store, difficult to administer, costly, and challenging for patients to take without clinical support, they make up the fastest growing, most expensive segment of pharmacy spending. These are gaining traction in the pharmacy industry – and the market is only expected to keep booming.
