{"id":20911,"date":"2020-07-07T12:56:47","date_gmt":"2020-07-07T12:56:47","guid":{"rendered":"https:\/\/www.pharmamanage.gr\/2020\/07\/07\/improve-your-cash-balance\/"},"modified":"2024-02-01T16:32:28","modified_gmt":"2024-02-01T14:32:28","slug":"improve-your-cash-balance","status":"publish","type":"post","link":"https:\/\/www.staging.pharmamanage.gr\/en\/improve-your-cash-balance\/","title":{"rendered":"Improve Your Cash Balance"},"content":{"rendered":"<p><strong>If we were to ask independent pharmacy owners what makes their pharmacy run, many might say their inventory, their customer service or their rock-solid team who keep the ship afloat.<\/strong><\/p>\n<p>While all of those are true, the undercurrent at the heart of these statements is money.<\/p>\n<p><strong>Make no bones about it, your cash balance dictates your ability to pay your team (and by extension, their families) and whether or not you shudder at the thought of paying your wholesaler bill.<\/strong><\/p>\n<p>A large part of understanding the science behind profitability is knowing how your money moves through your business.<\/p>\n<p><strong>Once you understand how it works and what financial statements you need to review then you will know what to do to improve your cash balance.<\/strong><\/p>\n<p>Money in the bank means that you have a safety net to see you through those industry forces that impact your pharmacy today<\/p>\n<p><strong>As a pharmacy owner, you should be confident in your ability to<\/strong>:<\/p>\n<ul>\n<li>Pay your wholesaler on time, every time,<\/li>\n<li>Sleep at night knowing that your cash balance is on solid ground,<\/li>\n<li>Keep the fear of making payroll a thing of the past and<\/li>\n<li>Know how your money moves through your business.<\/li>\n<\/ul>\n<p><strong>If any of these statements hit home, read on for a few tips to get you on the track to financial freedom.<\/strong><\/p>\n<p><img decoding=\"async\" class=\" size-full wp-image-20909\" title=\"If you\u2019re to increase your cash balance, you must understand that profitability follows great patient care.\" src=\"https:\/\/www.staging.pharmamanage.gr\/wp-content\/uploads\/2020\/07\/images_IncreaseCashBusiness.jpg\" alt=\"If you\u2019re to increase your cash balance, you must understand that profitability follows great patient care.\" width=\"100%\" srcset=\"https:\/\/www.staging.pharmamanage.gr\/wp-content\/uploads\/2020\/07\/images_IncreaseCashBusiness.jpg 1000w, https:\/\/www.staging.pharmamanage.gr\/wp-content\/uploads\/2020\/07\/images_IncreaseCashBusiness-300x205.jpg 300w, https:\/\/www.staging.pharmamanage.gr\/wp-content\/uploads\/2020\/07\/images_IncreaseCashBusiness-768x524.jpg 768w, https:\/\/www.staging.pharmamanage.gr\/wp-content\/uploads\/2020\/07\/images_IncreaseCashBusiness-585x399.jpg 585w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p><strong>Better Outcomes, Better Profits<\/strong><\/p>\n<p>If you\u2019re to increase your cash balance, you must understand that profitability follows great patient care.<\/p>\n<p><strong>This is not something we tout as a feel-good story.<\/strong><\/p>\n<p>We mean that if you look at your dispensing data to find where there are more effective therapeutic options for your patients which also offer higher reimbursements, this is a win-win for you and your patients.<\/p>\n<p><strong>As you continue to analyze your data, you\u2019ll start to<\/strong>:<\/p>\n<ul>\n<li>Discover more profitable opportunities,<\/li>\n<li>Increase your average margin dollars per prescription,<\/li>\n<li>Earn more profits without filling more prescriptions,<\/li>\n<li>Mitigate low-yield prescriptions and<\/li>\n<li>Build trust as a thoughtful, dedicated healthcare advocate.<\/li>\n<\/ul>\n<p><strong>Synchronize Your Way to Money in the Bank<\/strong><\/p>\n<p>The foundation for a profitable, high-performing pharmacy is a solid medication synchronization program.<\/p>\n<p><strong>Many pharmacies don\u2019t implement this program correctly; therefore, don\u2019t see the benefits of improved workflow, reduced expenses, scheduled staffing, improved adherence, and opportunities for healthy patient interventions.<\/strong><\/p>\n<p>There\u2019s no magic involved. You don\u2019t have to be a \u201cspecial kind of owner\u201d to achieve results that impact your profitability so you can rest easy knowing your cash balance is on solid ground.<\/p>\n<p>Besides the patient, workflow, prescriber, performance, and marketing impact you gain from implementing a successful synchronization program, the direct financial impact is undeniable.<\/p>\n<p><strong>Your synchronization program should be able to:<\/strong><\/p>\n<ul>\n<li>Deliver more prescriptions per patient,<\/li>\n<li>Lower expenses per prescription,<\/li>\n<li>Improve inventory management and<\/li>\n<li>Allow for more effective staffing.<\/li>\n<\/ul>\n<p>You\u2019ll see all of these benefits in your financial statements, and the numbers don\u2019t lie.<\/p>\n<p><strong><a title=\"PHARMACY management TUTORIAL\" href=\"en\/\">www.PharmaManage.gr\/en\/<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If we were to ask independent pharmacy owners what makes their pharmacy run, many might say their inventory, their customer service or their rock-solid team who keep the ship afloat.&hellip;<\/p>\n","protected":false},"author":3,"featured_media":20907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_lmt_disableupdate":"","_lmt_disable":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[378],"tags":[],"class_list":["post-20911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-financing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Improve Your Cash Balance - PHARMACY management \u039a\u0391\u0399 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