Understand How to Make Money
I spent 14 years working in a Long Term Care pharmacy with the goal understand how to make money for the business. Armed with a passion for business and an expert knowledge of what adds profits to the pharmacy, I learned a lot of valuable lessons on how to make money. I learned that unless you followed a certain set of guidelines and stayed on top of certain behaviors that maximum financial success is not possible. I am going to talk about one of the largest pillars of many that strengthen your business.
When it comes to purchasing, do pharmacies really know how to make money through purchasing? Who is driving the sports car: you or your wholesaler? Unless you are passionate about finance and have a deep understanding your contract, you will be driving the Prius and your wholesaler executive will drive the Fararri!
Let me ask you one simple question to gauge what your drive: What is your formula?
Don’t have a formula? Exactly my point. Enjoy driving the Prius.
When your employee who makes purchases comes to you and says: I saved you $500 today by buying xyz generic from the generic peddler, can we talk about a raise now? Did this employee really save you $500 or cost you $100? How do you know? You should know if you are in the business of buying drugs. You should know exactly how to make the best deals to make money and you cannot unless you understand how your wholesaler makes money. Many pharmacies are purchasing eight figure a year inventories from their wholesalers and don’t really understand their contract, costing tens if not hundreds of thousands of dollars.
Most wholesaler contract are complex financial formulas intended to convince you to buy generics from them by giving you a seemingly heafty rebate for generic purchases. But, wait a second are all generics relatable? Are all brand drugs relatable? Uh, Oh … is someone getting taken to the cleaners?
Wholesalers have confusing contracts for a reason: to make money. They most likely are smarter than you unless you understand your contract.
3 options here:
Option one: Do nothing and continue to drive your Prius and hope that some day you will be able to make some money
Option two: Figure out your formula, and then try to educate your staff through trial and error, good luck
Option three: Hire the experts at Impact LTC and have the experts educate you and your staff on how to maximize your profits, help you determine your formula and make tens and even hundreds of thousands of dollars over the next couple of years with confidence and buy the car of your dreams and not worry about the cost of gas
What is it going to cost me? Two plans are available, no upfront fee and Impact is paid 15% of the additional profits from buying correctly after you make your money or subscribe to Impact LTC’s monthly Financial Package at $500 a month (cancel anytime). If you win, we win.
