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5 Unexpected Ways to Add Revenue Streams for DME Suppliers and Pharmacies

 

We understand how hard it can be to generate revenue as a DME Supplier or Independent Pharmacy. From shrinking reimbursements to growing competition, no matter how many DME orders or prescriptions you fill you fill, margins can still be thin.

Read on for some interesting ways to add revenue streams to your business. 

1. Train Your Team to Cross-Sell

As a healthcare provider, you already have the trust of your patients. They are looking to you to learn which supplements might be helpful for their general wellness. As you are aware, many prescriptions have the potential of causing drug-induced nutritional deficiencies. Patients may not be buying the right supplements or may be buying low quality supplements. Having a conversation to make sure they are purchasing the right quality supplements that are beneficial to their health will be meaningful to them, and also increase revenue.

Coaching your team to be helpful and asking customers which products they are looking for can open up the conversation to up-selling.

2. Add a CBD line

With CBD being a new market and fully legal in all 50 states, it’s a great opportunity that many are now taking advantage of. Many consumers want to try CBD, but don’t know where to go to buy a reputable CBD brand. Supply your customers with a CBD brand they can trust, and they will keep coming back. 

CBD can offer larger margins as it comes with a higher price-point and lower wholesale cost than most medical supplies, prescriptions or supplements.

When choosing a CBD line there are many things to take into consideration. 

  • Organically Grown Hemp – from USA Farms
  • Independent Lab Test Results (COA’s) for every product
  • Verified 0.0% THC
  • Professional, Approachable and Compliant Packaging
  • Diverse CBD Product Offering
  • Made in a GMP Manufacturing Facility in the USA
  • Marketing Support for Wholesale Customers
  • Easy Online Ordering for Wholesale Customers
  • POP Displays and Educational Brochures to Increase Sales

3. Expand Your Front-end Offering with Unique Local Products

Shop local, this a trending theme right now, and also a great way to support local brands in your community. By carrying unique front-end products shoppers can’t find elsewhere, they will be coming back to your pharmacy each time they need more. 

Local Products:

  • Homemade soap
  • Natural skincare products
  • Local honey

4. Build an Incentivized Referral Program

Referrals are one of the fastest ways to get new patients to come to your business. Your referral program should offer an incentive to patients who refer someone to your business, for example, offer patients a 15% discount on their next cash purchase when they refer a new patient to you.

5. Carry CBD Pet Products

Americans spent $95.7 Billion on their pets in 2019. 

Differentiate your business and generate more revenue by catering to pet owners. 

  • Sell pet CBD products in your front end
  • Partner with a veterinarian
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