I’m not looking for an easy way to make money and I know that most small businesses fail. I’m not a business man but you don’t have to be a business man to start a business. For any business to succeed, it must provide real solutions to certain problems to have any competitive advantage and gain reasonable market share accordingly. So what solutions am I going to offer?
1- The business model is not just based on the convenience of delivery of prescriptions, but this is one solution to avoid long wait times for prescriptions and frustration when patients find their prescriptions are not ready. How many o those patients do you see every day in your pharmacy?
2- The business model won’t be based on merely urgent care. It simply provides a simple, quick and meaningful access to a prescriber through a phone app. This will offer convenient and quick access to a provider whether it be for urgent care needs when hospitalization is not needed, or for patients who are switching providers, patients who just relocated and have a long wait list until they get an appointment with provider, or patients with no primary care provider. The average wait time in ER is more than one hour. The average wait time in a pharmacy until prescriptions are ready to pick up can be about 1 hour or more. You are saving the patients such wait times and driving times which is certainly helpful to many patients.
3- I don’t have to pay providers. They will bill insurances. What I’m trying to do is offering some providers quick access to certain patients and in exchange provider will also make more money. It doesn’t have to be one provider and it doesn’t have to be a local provider either. If I will pay the provider a salary then I will take all the profits from billing insurances, like any employer. Which is also tempting. You only need 5 patients to make more than $1000 in profit per day from billing for provider visits.
4- This will be an independent pharmacy that will still attract certain patients and provide community pharmacy services and make profits just like any other independent pharmacy. As such, the location and the quality of service will be important in establishing a profitable business, the above ideas are just to strengthen the business, gain a competitive advantage, and improve the chances of making additional profits.
5- I don’t have to start with high inventory. You need 3-4 days supply of top 200 best selling drugs with the exception of C2s and you can replenish accordingly. I know the initial inventory will not cost more than $80K.
1- The business model is not just based on the convenience of delivery of prescriptions, but this is one solution to avoid long wait times for prescriptions and frustration when patients find their prescriptions are not ready. How many o those patients do you see every day in your pharmacy?
2- The business model won’t be based on merely urgent care. It simply provides a simple, quick and meaningful access to a prescriber through a phone app. This will offer convenient and quick access to a provider whether it be for urgent care needs when hospitalization is not needed, or for patients who are switching providers, patients who just relocated and have a long wait list until they get an appointment with provider, or patients with no primary care provider. The average wait time in ER is more than one hour. The average wait time in a pharmacy until prescriptions are ready to pick up can be about 1 hour or more. You are saving the patients such wait times and driving times which is certainly helpful to many patients.
3- I don’t have to pay providers. They will bill insurances. What I’m trying to do is offering some providers quick access to certain patients and in exchange provider will also make more money. It doesn’t have to be one provider and it doesn’t have to be a local provider either. If I will pay the provider a salary then I will take all the profits from billing insurances, like any employer. Which is also tempting. You only need 5 patients to make more than $1000 in profit per day from billing for provider visits.
4- This will be an independent pharmacy that will still attract certain patients and provide community pharmacy services and make profits just like any other independent pharmacy. As such, the location and the quality of service will be important in establishing a profitable business, the above ideas are just to strengthen the business, gain a competitive advantage, and improve the chances of making additional profits.
5- I don’t have to start with high inventory. You need 3-4 days supply of top 200 best selling drugs with the exception of C2s and you can replenish accordingly. I know the initial inventory will not cost more than $80K.
