As an independent pharmacist, you collect a large volume of data from various sources. You have data for patients, prescriptions, the supply chain, clinical, insurance, and more. And as the field of pharmacy continues to evolve and branch out, so will the variety of information you collect. This overabundance of information is referred to as big data, and it can get overwhelming. But when utilized effectively, it can transform the costs, quality, and delivery of healthcare.
Using pharmacy analytics software to access data can help your pharmacy pinpoint opportunities for future business endeavors. It can also help in finding areas to improve on. Here are some ways you can utilize pharmacy analytics software to support your pharmacy’s planning efforts and help you define and measure success.
Track and Analyze Key Performance Indicators
If you have the right business intelligence tools, it’s easy to analyze both the internal and external key performance indicators (KPIs) to check your performance, set goals, and track your progress. The most commonly tracked KPIs in the pharmacy include prescription volume and margins, operating and inventory expenses, medication and adherence rates, patient and prescriber data, and payers and reimbursements.
You can use data analytics software to compare KPIs with industry benchmarks to see how you add up to competitors. If you notice that other independent pharmacies see higher revenue per prescription or refill frequency, you’ll want to change things up to improve and match up to the competition.
Develop and Set Up a Financial Roadmap
Would you like to develop a strategic plan and budget each year? With business intelligence tools, you gain a true understanding and picture of your pharmacy finances every year. This helps with your budgeting and business decisions. For instance, you can use pharmacy analytics software to figure out where you’re over- or underspending so you can adjust your budget accordingly.
Perform Gap Analysis Exercises
You can use pharmacy data to identify gaps in care. This helps you know when to intervene to improve such things as adherence, engagement, and outcomes. With the right data, you can spot issues early on and proactively jump in to help. This can increase your reimbursement with better adherence outcomes, and it also improves your quality of care.
You can also introduce new revenue streams based on care gaps. If you notice that many of your patients in a certain age range haven’t yet had a particular vaccine, add it to the list of immunizations your pharmacy offers, and then offer it to qualifying patients.
Increase Visibility Into Operational Expenses
You have increased visibility into your pharmacy’s operational expenses by using pharmacy analytics software, such as overhead costs and employee hours. This helps you pinpoint cost-saving opportunities and find new ways you can simplify pharmacy workflows to control costs and improve productivity. It also frees up time for you to spend with patients.
Improve Your Pharmacy
With help from modern pharmacy analytics software, you can use the power of statistics to make informed decisions, develop clear and driven business plans, and improve your performance in all clinical, financial and operational areas. There’s no limit as to what you can accomplish. Having analytics software in place helps you better care for your patients and provides financial security for your pharmacy business.
A Member-Owned Company Serving Independent Pharmacies
PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy-side of their business. Founded and owned by pharmacists, PBA Health serves independent pharmacies with group purchasing services, wholesaler contract negotiations, proprietary purchasing tools, and more.
An HDA member, PBA Health operates its own NABP-accredited secondary wholesaler with more than 6,000 SKUs, including brands, generics, narcotics CII-CV, cold-storage products, and over-the-counter (OTC) products — offering the lowest prices in the secondary market.