TRENDS
Every year, independent community pharmacies offer more health services to patients. But many still don’t offer one of the easiest and most underrated revenue opportunities: lab tests.
LAB TESTING
Traditionally, physicians administer lab tests. But the market is ripe for pharmacies to enter it. To put the opportunity in perspective, consider flu shots, now one of the most popular services offered by pharmacies. Healthcare providers administer approximately 120 million flu shots each year, which sounds like a lot. Until you compare it to the 7 billion lab tests conducted annually.
Your pharmacy can’t afford to miss
That’s 58 times larger than the market for flu shots.
out on offering this service
a lucrative opportunity. Pharmacies that offer lab testing
The market size presents independent pharmacies with can both increase their revenue and diversify it. And this new market isn’t only a chance to capture revenue. “Offering lab testing services enables the pharmacy to differentiate itself from the competition,” said John Beckner, Senior Director of Strategic Initiatives at the National Community Pharmacists Association (NCPA). “They can bundle lab testing with immunizations and other patient care offerings to enhance their competitive position in the marketplace.” BIG BENEFITS OF LAB TESTING Beyond earning revenue, lab tests improve the pharmacy’s long-term outlook. This service can help a pharmacy evolve into a healthcare destination, which patients want today. “It provides an opportunity to expand the pharmacy’s healthcare offering, which helps with customer acquisition, customer retention, and the conversion of front-end customers who may not be using the pharmacy,” Beckner said. Lab testing can also deepen the relationship between pharmacists and their patients. Offering these tests enables pharmacists to provide more comprehensive health
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