How Pharmacies Can Use Data to Drive Business Models
Pharmacies face a new chore as they look to transition from their traditional business models to one that is now needing more personalized service!
Q: But how exactly can a pharmacy do this?
A: By taking advantage of their data!
Pharmacies are increasingly looking to use their internal patient and market data to help them m transition across multiple operational and clinical areas including:
Many pharmacies’ workflows are based on habit rather than on the most efficient processes. By analyzing data, one can reduce the time it takes to fill a prescription from 10 minutes to seven minutes—this gives them the opportunity to develop their new business model to one that allows more time with the customer, providing more care, offering more advice and making more relevant OTC recommendations that might assist them with their prescriptions.
2. Drug Inventory
Using data from a pharmacy management systems and other sources, can provide the pharmacy with a formulary that they have on hand, by analyzing the patient profile. What the pharmacy saves on inventory costs can be reinvested in a patient outreach and patient marketing, as well as better systems to ensure that you receive all refills on maintenance medications..
3. Clinical Services
Any pharmacy can offer any type of clinical service to its patients, whether that’s a vaccine program, disease management program or lifestyle counseling program. It’s not about having hundreds of programs. It’s about having the right programs for your pharmacy’s patient population. And, that’s where data come in! By using data from within the pharmacy management system, the pharmacy can focus on programs that provide the most benefit to your patient population, and their health needs, whether that be cardiovascular, diabetes or mental health support. This type of service plays an increasingly important role as the pharmacy looks to move into a specialty pharmacy program, or if you are looking for MTM type reimbursement.