7 Ways To Make More Profit In 2026 – Mastermind January 2026
Lisa Faast discussed strategies for increasing pharmacy profitability in 2026, emphasizing seven key points: buying better, leveraging secondaries, renegotiating primary agreements, utilizing discounts, offering asynchronous consulting, implementing AI tools, optimizing OTC areas, and 503B dispensing. She highlighted the importance of knowing top patients and losses, using UGO for data analysis, and engaging employees through training and recognition programs. Lisa also mentioned the benefits of using secondary wholesalers like JAMS and City for better pricing and terms, and the potential savings from using AI for various tasks.
Action Items
- Send the recorded session of the January 22, 2025 mastermind call to members and post it in the community for those who missed it
- Provide and deliver custom shelf talker templates and make custom shelf talker signage on request to members to support OTC area merchandising
- Schedule and present a deep-dive training or walkthrough on using UGO (data analytics) for members, including material and demonstration
- Create and provide AI-generated marketing/video examples (and offer production for unlimited-level members) and make those video assets available to members
- Monitor the community chat and respond to member follow-up questions from the session (answer recorded-session questions and provide requested templates/resources)
Outline
Setting the Stage for the Meeting
- Lisa Faast greets everyone and encourages them to ask questions freely.
- Emphasizes the importance of setting goals for the year and overcoming passive attitudes.
- Announces the session’s focus on seven ways to make more profit in 2026.
- Mentions additional resources and support available through office hours and implementation hours.
- Reminds participants about the summit ticket prices increasing on February 1 and the importance of using the membership link for discounts.
Introduction to Profit Drivers and Secondary Wholesalers
- Lisa Faast introduces the pharmacy profit matrix as her operating system for fixing and growing pharmacies.
- Stresses the importance of buying better to increase profitability.
- Discusses the benefits of using secondary wholesalers for better pricing and terms.
- Provides examples of successful secondary wholesalers like JAMS and City.
- Explains the advantages of using secondary wholesalers for better payment terms and cash flow.
Renegotiating Primary Agreements and Utilizing Secondaries
- Lisa Faast advises renegotiating primary agreements to achieve better terms and pricing.
- Explains the concept of GCR (Generic Cost of Replacement) and its impact on profitability.
- Recommends using multiple secondary wholesalers for different products to maximize savings.
- Shares personal experiences and success stories of using secondaries for better profitability.
- Encourages participants to start with top generics and gradually move more purchases to secondaries.
Leveraging Discounts and Asynchronous Consulting
- Lisa Faast highlights the importance of using business discounts available through platforms like Amazon Prime.
- Shares personal experiences of saving money by using business portals for purchases.
- Introduces the concept of asynchronous consulting as a new revenue stream.
- Explains how asynchronous consulting can be done through email, voice text systems, and other methods.
- Provides templates and resources for setting up asynchronous consulting programs.
Exploring AI Applications in Pharmacies
- Lisa Faast emphasizes the importance of using AI tools like ChatGPT for various tasks.
- Explains the benefits of having a paid ChatGPT account for better memory and functionality.
- Discusses the use of AI bots for tasks like prescription tacking, automated calls, and image generation.
- Shares examples of AI-generated videos and AI bots working in pharmacies.
- Provides resources and training for using AI tools within the membership.
Optimizing OTC Areas and 503B Dispensing
- Lisa Faast advises categorizing OTC products by outcomes or solutions rather than brands.
- Recommends using signage and shelf talkers to guide customers and increase sales.
- Explains the concept of 503B dispensing and its benefits for pharmacies.
- Lists popular 503B products and partners for pharmacies to consider.
- Provides templates and resources for setting up 503B dispensing programs.
Increasing Employee Engagement and Analyzing Data
- Lisa Faast emphasizes the importance of engaging and training employees for better performance.
- Recommends using controlling calendars to help employees manage their tasks effectively.
- Suggests implementing employee recognition and bonus programs to motivate employees.
- Highlights the importance of analyzing data to identify profitable products and areas for improvement.
- Provides resources and templates for tracking critical KPIs and financial data.
Utilizing Third-Party Data Tools and Final Recommendations
- Lisa Faast introduces UGO as a third-party data tool for analyzing pharmacy data.
- Explains the benefits of using UGO for insights into profitable products and community trends.
- Shares personal experiences of using UGO to optimize pharmacy operations.
- Recommends using UGO’s monthly reports and community data for better decision-making.
- Encourages participants to pick one or two strategies to implement and gradually add more over time.