Pharmacy branch closures are a hot topic at the moment as large multiples have reported having to close due to their inability to secure a registered pharmacist. With this in mind, we thought we’d show you the true cost of a pharmacy closure both in the short and long term.
To begin with, it’s important to note that any pharmacy branch closure is a last resort option as closures impact both revenue and patient retention. Aside from a potentially hefty fine branch closures could impact negatively on staff retention, in turn, magnifying staffing issues in the future.
We’ve done our calculations and based on industry averages we’ve worked out that a branch closure can cost a pharmacy up to £7,000 per day. This is broken down by the following:
- Loss of Custom (Dispensed) - 85% of turnover = £6,504.20*
- Loss of Custom (Retail) - 15% of turnover = £1,147.84
The question is, can your pharmacy afford to be losing £7,000 per day? Keep in mind that this figure does not include a potential fine.
Our Locum Management solution could significantly reduce the risk of store closures.
The “Locum Management” solution allows you to grow your pool of direct locums to allow your pharmacy to become more self-sufficient.
Our “Bank” product gives you the ability to instantly notify workers in the area at the click of a button. It also allows locums to accept or decline shifts when they are notified of the availability.
Our “Market Rate Reports” removes the mystery around what rate to post a shift at as we provide you with live access to market rates in your area. This puts you back in control of your rates and ensures that you aren’t postings shifts at too low a market rate as to not attract locums.
This solution has helped Superdrug save over £300,000 on agency fees and eliminate store closures.
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