REPORT: How AI is powering the pharmacy of the future
The data is in, and Prescryptive AI Pricing is driving profitability for America’s community pharmacies facing major headwinds, including battling reimbursement challenges and increasing fees.
By: Prescryptive Health
Customers are looking to pay in cash, and pharmacies need a consistent cash solution
From our Independent Pharmacy Trends report:
- 31% of respondents said they primarily pay out of pocket for their medications
- 61% of insured individuals have paid out of pocket despite having insurance
- 57% asked for the cash price at the pharmacy counter even though they had insurance
- And even with that insurance, 66% thought they paid too much
As patients look to pay less, community pharmacists need to be ready with predictable cash pricing that’s competitive for the pharmacy yet fair to their customers.
The data: How Prescryptive AI Pricing is helping drive profitability
Pharmacies with Prescryptive AI Pricing saw nearly 54% gross profit margin for cash pricing in 2023.
More than 50% of Prescryptive AI Pricing customers averaged greater than $15 gross profit per prescription in Q4 2023.
Prescryptive AI Pricing helps alleviate the burden on to manually manage pricing. See the story of Hometown Pharmacy for more.
Get all the insights in our Prescryptive AI Pricing Report.
Do popular coupon programs exploit a broken system?
Coupon programs, like GoodRx, may charge pharmacies a fee for accepting their card, which they then may split with the PBM they work with to provide the discount. When a customer uses a coupon, independent pharmacies may lose money they would have made from cash-paying customers.
Prescryptive AI Pricing eliminates the need for a discount card by using data-driven analysis to help take the guesswork out of drug pricing.
What can AI do for your pharmacy?
Prescryptive AI Pricing uses a predictive cash-pricing model that consistently adjusts drug prices. More than a discount card, Prescryptive AI Pricing is a business intelligence tool with an AI-optimized pricing engine to help you grow profitably.
