As the American healthcare system continues to focus on sick care, a growing number of individuals seek wellness and preventative care solutions to address their unique health needs. In fact, according to the 2017 CRN Consumer Survey on Dietary Supplements, 76 percent of U.S. adults take dietary supplements. This staggering number represents a significant opportunity for Integrative Medicine practitioners to expand their patient base, and ultimately, grow the business side of their practice.
Nutraceuticals Direct: A Virtual Dispensary Built into Power2Practice
Nutraceuticals Direct is a new, innovative ordering system built into the Power2Practice platform that allows practitioners to prescribe professional-grade dietary supplements inside their patients’ charts. Powered by Fullscript, the #1 virtual supplement dispensary, patient orders are then drop shipped directly to their front doors.
Whether you currently sell supplements in your office, online, or not at all, Nutraceuticals Direct can transform the health of your practice dramatically. Here are the top 5 reasons why your practice needs to implement Nutraceuticals Direct today:
1.) Grow Monthly Recurring Revenue
Nutraceuticals Direct is a significant revenue generator for your practice. Not only does our virtual dispensary result in more first-time supplement sales—an average increase of 20%—but also in refills; the average patient refills their supplement prescription 6 times with Nutraceuticals Direct versus an average of 2 times with an in-office dispensary.
Take a look at the following case study where a practice with an in-house dispensary transitioned to Nutraceuticals Direct and more than doubled their revenue!
2.) Win the Refill Business while Improving Patient Compliance
So why are refills fundamental to the financial success of your practice in addition to the health of your patient? If you currently sell supplements in your practice, you are likely familiar with the following situation: your patient purchases a product you recommend while in your office but never returns for a refill. A situation, we find, that happens all too often.
The reality is your patients crave convenience and simplicity. Big box supplement stores have capitalized on this need in the past few years by moving much of their business online. This creates a two-fold problem: your patients are likely purchasing inferior or unnecessary products from these stores, and you miss out on recurring revenue.
Nutraceuticals Direct combines the personalized treatment plan you spend time and energy creating with the convenience of online ordering. The result? Your patients are more likely to adhere to your recommendations and will refill their supplements on the virtual dispensary more often.
3.) Reduce Overhead Costs & the Need for Physical Inventory
Maintaining physical inventory of dietary supplements can hurt your cash flow. Consider that 100 bottles of product is equivalent to $2,000, on average, sitting on your shelf. This inventory can expire, be stolen or given away, contributing to lost revenue for your practice.
Practitioners who use Nutraceuticals Direct report eliminating roughly 90 percent of their physical inventory, maintaining only a small inventory of their top supplements. By moving their nutraceutical business online via a virtual dispensary, they ensure that the right products are always available for their patients; this results, on average, in a 20 percent increase in retail sales.
4.) Access the Industry’s Best Supplement Brands
Nutraceuticals Direct gives you access to over 23,000 professional-grade dietary supplements, all in one place, from the industry’s best 300+ brands, including Metagenics, Ortho Molecular Products, Douglas Laboratories, Integrative Therapeutics, Nordic Naturals, and many more!
5.) Save Valuable Staff Time
Managing inventory and refill requests as part of an in-office dispensary takes considerable time. Your front office staff may spend upwards of 10 percent of their day handling tasks related to supplement sales. Nutraceuticals Direct alleviates this time burden so that your staff can focus on enhancing patient care and increasing office efficiencies.