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A Doctor's Guide Towards Building an Additional Revenue Stream with OTCs

Genexa Genexa 2019-10-28 21:55:00 -0400
A Doctor's Guide Towards Building an Additional Revenue Stream with OTCs

Let’s face it, there are tons of problems with healthcare and those issues will most likely not going away any time soon. We’re not here to talk politics, but about healthcare topics that are not featured in the news yet have certainly grown into an issue. One of those issues is how incredibly busy physicians are, but they’re not getting much to show for it. Physicians have a jammed-packed schedule, but the income is not enough. Medscape reports that the average salary for a physician is $313k. While this seems like a ton of money to most people because it is well above the average salary, most people don’t consider the debt that physicians are in for their education. Additionally, if you own your own practice, there might be debt for that too.

So, what are you to do? You don’t have the time for a side hustle and another career is not an option. At Genexa, we have a solution that requires very little to absolutely no effort.

This solution is selling OTC medications. This is an excellent revenue-generating service that complements your practice and adds value for your patient population. Your patients will thank you for making your doctor’s office a one-stop shop. Rather than leaving your office and going to the pharmacy, they can get what they need while they are there.

The good news is that an additional source of revenue does not require much work on your part. Here is your guide towards building an additional revenue stream with OTC medicines.

1. Find a brand that you trust

Perhaps the greatest feeling (or in some cases, the most intimidating feeling) as a doctor, is knowing that your patients are literally trusting you with their lives. Earning a patient’s trust is not only important for this obvious reason, but it’s also important for your practice so you can continue to earn repeat business. You must also always keep in mind the legal aspect. A doctor’s worst nightmare is a legal battle – which none of us have time for.

If you are going to sell an OTC medicine, or any product for that matter, it’s important that you trust the product and can recommend it in good conscience to your patients. Before selling anything in your practice, do your research. Ask yourself, would you use this product for yourself or would you recommend it to your loved ones? Is this a product that could help your patients? Of course, don’t rely on your own opinion, although it is important. The research you do should be thorough. Find out what other professionals in the industry have to say about it. While additional revenue is important, winning your patients trust is imperative to your success.

2. Register as a retailer

Once you have done your research, the hard work is completed! Settling on a product to sell can take time because it is a big decision. The next step is getting the product to your practice. Registering as a retailer is very simple. All you have to do is fill out a retailer application which will ask you for basic information such as contact and license details. You will then have to agree to the minimum advertised price policy which essentially states that you as a representative, can not alter the advertised or resale price.

3. Make the product marketable

Once you have sent in your application, and it’s been approved, you are ready to become a retailer! Physicians are very tight on time, as are their employees, so spending hours trying to sell the product is not feasible. You also don’t want to force the product on every patient. Your patients come to you for treatment and don’t expect to be pressured into buying something, especially if they don’t need it. However, if you believe the product could help them, you can recommend it. It’s a win-win for you and the patient. The patient gets treated with an OTC medication you recommend and therefore is of higher quality than something else they could pick, and in return, you make extra cash.

To really bring in extra revenue, the products you sell should be visible to your patients, just as if you were a traditional retail store. If they’re hidden, patients may not know about the product and you might miss someone who is interested. However, having the product on display could spark questions from curious customers who want to determine if it’s right for them.

Genexa: Caring for you and your patients

Do you have patients that support organic and non-GMO medicines? There is a rising trend in parents who only allow their children to take these kinds of OTC medications. That is why Genexa is such a great product for you to offer.

At Genexa, we believe in cleaner medicine that does not contain the harmful ingredients that most OTC medicines are composed of. The active ingredients in most of these medications are known as binders and fillers which in fact make up nearly 90 percent of what is in most of the OTC medicine. In general, people are unaware of what they are taking; they just understand that it is known to work. But what if your patients knew there was a healthier alternative?

We understand the importance of the trust you earn from your patients, which is why we want to help you build that even more. Your patients will appreciate that you are informing them about this new, healthier alternative they had no idea about. All Genexa medicines are produced according to a well-established framework of guidelines, regulations and quality standards enforced by the FDA through routine pharmaceutical manufacturing site inspections and surveillance of marketed products. They are also produced to meet the FDA’s standards for Good Manufacturing Practices for drugs.

When you partner with Genexa, you can rest assured knowing that you have a team that is dedicated to not only you and your practice, but your patients as well. If this is an additional source of revenue for you, you should also know that Genexa offers retail partners fantastic marketing support and competitive wholesale pricing. Want to learn more about Genexa? Visit our website or contact a team member today!

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