Running an independent pharmacy includes exactly that - a lot of RUNNING. For the many interruptions in your store, you never want your cashflow to hit a slowdown or road block. Cashflow management is a pivotal factor that deserves your full attention. As the realm of PBM payments experiences delays and shifts in DIR regulations loom on the horizon, it is even more critical to put strategies that preserve financial resources in the fast lane for implementation in your store.
Directions for Driving Cashflow in Your Store:
Establish a dependable line of credit with your local community bank- This ensures you have an adequate operating capital reserve, which can be a nice little safety belt of protection safeguarding the seamless functioning of your pharmacy business.
Accelerating favorable payment terms with your wholesale partner - The agreement you have in place with your primary wholesale supplier typically stipulates a bi-weekly cycle with a two-week anticipation. Therefore, orders placed from the 1st to the 15th of a given month will mature by the end of the month. By exploring the possibility of settling payments ahead of schedule, you open avenues for negotiating enhanced discounts, thereby enhancing your cost-efficiency.
Protecting Your Compliance Driving Record- when your store has maintained a track record of compliance and has a robust credit standing, it may be worth exploring the prospect of extending payment terms with your wholesaler without incurring any penalties. Such flexibility can substantially optimize your cashflow and put you in a more positive financial position.
Don’t Halt Your Compliance Progress - When it comes to secondary wholesalers, there are more cashflow gains to be made. At Pharmacy Marketplace, we have strategically aligned ourselves with distributors who are aware of market dynamics. This ensures that our approach to cashflow optimization remains in sync with the changing landscape, allowing us to offer A.I. driven “turn-by-turn” directions for your purchases to best align with getting your store’s compliance from point A to point B.
Set your sights on making sure your store is running on all its cylinders and your cash flow is at the right octane level. Our compliance counselors are like the perfect pit crew for keeping your pharmacy’s cash flow in top-top shape. We encourage you to reach out at your earliest convenience to embark on a journey toward more effective and resilient cashflow management practices. Sign up to speak with a Compliance Counselor Now.