What Does Gross Profit Per Prescription means to Your Independent Pharmacy?
Most of us do not have unlimited space within our independent pharmacies. Because of this, every square foot of space in your store needs to be profitable. This includes understanding the everything that goes into every prescription that your store fills.
Know and Grow Your Pharmacy Margins
To understand exactly where your store stands, we need to get familiar with your numbers. We start by calculating Gross Margin by dividing Gross Profit into the Revenues of a store. When you divide this number by your total prescriptions, you will have your Gross Profit Per Prescription. A good gross profit per prescription benchmark is $10 per script. So knowing your numbers gives you an advantage. However, simple math says more scripts equates to more success in your business. We see stores being successful when they implement plans to manage their inventory costs and increase their profits. Start now.
Calculations to Help You Get a Handle on Your Numbers:
Increase the value of the customers that needs you most
Some of your patients need extra care and focus. When these same patients are supported in adherence as well as OTC options, they become healthier themselves and make your store healthier financially as well. Take steps to get the most out of your top patients when you increase their adherence through synchronization programs.
Tools to Increase Word of Mouth and Referrals to Your Store:
Every metric matters in business and especially in pharmacies today. At Inventory iQ, we understand what you are experiencing if you are an independent pharmacy owner or team member. As a result, we are busy analyzing the numbers that make the difference on behalf of owners across the U.S. Our role is to help more owners understand how they can develop a strategy to impact their profit per prescription. Let us help connect you additional inventory management tools and resources to fit your budget and needs. If you are ready to get a handle on your numbers, we are here for you. Start a conversation with Inventory iQ now.