How Pharmacy Analytics Software can Improve Data-Driven Business Planning

One can use pharmacy analytics software to learn where one's overspending and where one is underspending, and then adjust one's budget and operations accordingly.

Fremont, CA: Big data is a driving force in the digital age, and it has the potential to transform costs, healthcare quality, and delivery when used effectively.

Today's independent pharmacists, like many other healthcare providers, are no strangers to data. Pharmacies collect a massive amount of data from various sources, such as patient data, prescription data, clinical data, supply chain data, insurance data, and so on. As the role of pharmacy in healthcare evolves and expands, so will the volume and variety of data they collect.

Developing a Financial Roadmap

Another excellent application of pharmacy analytics software is the annual development of a strategic plan and budget. One can gain a holistic perspective and true bird's-eye view of one's pharmacy finances year over year by using business intelligence tools to inform one's budgeting and business decisions.

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One can use pharmacy analytics software to learn where one's overspending and where one is underspending, and then adjust one's budget and operations accordingly. For example, if data shows that one is consistently selling certain medications at a loss, one can figure out why and how to improve one's prescription margins.

Performing and Reviewing Gap Analysis Exercises

When it comes to performing a gap analysis, pharmacy analytics software is also useful. In other words, pharmacy data can be used to recognize gaps in care and then intervene as needed to improve engagement, adherence, and outcomes.

One can introduce new revenue streams based on care gaps in addition to targeted intervention opportunities. For example, if one notices that many of one's patients over the age of 60 have not yet received a shingles vaccine, one can add it to one's pharmacy's list of immunizations and offer it to qualifying patients when they are at the counter picking up prescriptions.