Physicians are sometimes misjudged when it comes to finances. People claim that just because you are a physician, you are loaded with money. They don’t take into account the expenses that come along with having your own practice.
You are responsible for hiring numerous qualified staff and paying them a comparable rate in their field. Nurse practitioners alone can cost you six figures and they are well worth the expense.
You are also required to provide medical insurance and benefits to your staff and depending on how many you have this can cost tens of thousands of dollars each year. They require training and certificates to keep them up-to-date in the industry. You pay for this knowledge because it will be beneficial to your practice.
On top of those expenses you may have a mortgage on your office space, equipment and supplies that help your office run, and computer software programs for tracking data and billing. Furthermore, you are required to pay for any unexpected expenses that come about in your practice. And you do all of this while seeing twenty or more patients every single day.
Most people don’t pay attention to these behind the scenes expenses that make your practice successful. If they did, they would see how deserving you are of earning even more income.
Many doctors are finding new and unusual ways to add revenue streams to their practices that make paying for necessary expenses easier. One of these ways is with direct dispensing of medications at the point of care.
You become the pharmacist, as well as the physician. It is an easy process that can bring in thousands of extra dollars every month.
Direct dispensing does not just mean you prescribe a medication and the patient fills that prescription in your office. Direct dispensing has many branches from which you can earn even more income. Below are just a few.
Dispense Personal Care Aids
Personal care aids can help your patients monitor their own vital signs. Heart monitors allow patients to check if there are any abnormalities in their heart rate. If so, they know to contact you. Heart monitors are also a way for you to measure how their heart, so you can make a better diagnosis.
Blood pressure monitors are another example of personal care aids. Checking blood pressure several times a day can prevent further damage to a patient’s health.
Durable Medical Supplies and Devices
Supplies are disposable. They are typically used one time and then thrown away.
Medical supplies consist of bandages, gauze, and tape. Other supplies include irrigation tools and rubber gloves that can prevent contamination.
Needles and test strips are considered medical supplies also.
Supplies can be used by the patient, the doctor, nurse and even the caregiver. They are made to increase patient self-care, while preventing the spread of any diseases or infections.
Durable mobility devices refer to specific items that help your patients who have experienced illnesses or injuries. They can also help the elderly who need assistance completing daily tasks.
Some patients require the use of mobility devices such as wheelchairs, canes, crutches and walkers. Patients who have injuries or diseases that make it difficult for patients to move around. The availability of durable medical equipment has improved the quality of life for many patients who would otherwise not be able to function.
Dispense Common Medications
Direct dispensing common medications allows you to maintain a relationship with pharmacies. You will continue to send patients to them when you prescribe a medicine that is not in your inventory.
Dispensing only the most common medications you prescribe keeps your inventory low but your returns high. You are not required to stock one or two of every medicine available. Instead, you pick medications to store based on the needs of your patients only.
Some common medications include anti-depressants, blood pressure medications and drugs for controlling cholesterol. Other common medications include diabetic medications, as well as insulin and supplies.
Many patients require treatment with the use of pain medication. You may be hesitant to prescribe pain medication due to the drug problem facing America today. However, by prescribing controlled substances at the point of care, you have a lot more control.
Some physicians find direct dispensing can be combined with retail of other related products. For instance, patients can benefit from skin lotions and creams. Or, they may benefit from vitamins, minerals or even books to read related to their ailment. These are items you can retail in your office.
While it is a bad idea to retail items unrelated to your patients and the mission of your practice, there are many items that fit well and can help your patients reach their goals of improved health.
One patient may have allergies but not need a prescription. Providing them the convenience of buying an over the counter allergy medicine at the point of care is a huge benefit. Anything from ice packs to nutraceuticals would be helpful and convenient for your patients.
Leads to Other Ancillary Services
Once you recognize the benefits of direct dispensing, you may begin to seek other ancillary services to add even more income to your practice. Some doctors offer premium services to patients. These can include DNA testing, cosmetic procedures, and wellness programs.
Other doctors may choose to add laboratory testing, diagnostics or weight management programs. There are so many options for you to consider. Ask your patients what services they need. You may find clinical trials are needed in your area to establish new services.
You may also find patients are looking for specialty services to specific companies, providing physical exams, or drug and alcohol testing. Obtaining contracts with corporations can be very lucrative.
In the end, convenience is what people are paying for and direct dispensing offers everyone this privilege. And it offers you patient loyalty, improved patient outcomes, and a lot of extra income.
You work very hard in your profession. You deserve the revenue that matches your efforts.