Budgeting is a hard thing to do, especially when you have never had to budget your money before. Knowing how to spend your money is an important skill to have because the excess cash flow may not always be there. Sometimes, times get tough and you have to cut back on your spending in order to be able to pay your bills on time. Budgeting your money in a pharmacy setting is something you may not have experienced before, but due to recent funding cutbacks you now have to learn what to do. We will share with you four helpful tips on what you should do to save money at your pharmacy.
Where do you start?
- Bill Correctly
- No-Show Fee
- Ensure Product Availability
Bill Correctly. Your first problem may be that you are not billing your patients correctly, and if you are not billing correctly than it takes longer to get paid. The longer it takes to get paid from your customers messes with your cash flow which in return messes with your bills and payroll for the pharmacy and the staff. Utilize a reimbursement specialist to assist with all coding questions.
Consolidate. Let’s face it, another big problem and loss of money is waste. Make sure you are using all of your resources to their fullest potential whether it be paper towels, trash bags or other material goods. One of the biggest ways to save is to consolidate your deliveries in order to save on gas, and use of the vehicle which results in wear and tear. Cutting back on what seems like little things will help you save money in the long run.
No-Show Fee. One of the biggest time wasters in the medical field is patients who schedule an appointment and don’t show up. This results in a loss of money for the office and pharmacy because the lost appointment is a loss in revenue as well. In order to help discourage no show appointments it might be in your best interest to put a no show fee in place, to help discourage patients from not showing up to their scheduled appointment.
Ensure Product Availability. It is hard to make money when you don’t have the product a customer needs in stock. In order to make sure you have the needed medicine in stock at the time a patient needs it, you can ensure product availability through dual sourced generators. Being a dual sourced pharmacy will help ensure you have can secure the needed product at the time of a shortage.
The HeartLight Difference
We draw from multiple vendors, so you do not have to worry about shortages with HeartLight. This means we are not tied to one manufacturer and this helps you avoid interruptions or downtime. Contact us here if you have questions about our services!