The Art of Analyzing Macro and Micro Pharmacy Data A Guide to Leveraging Data to Increase Profitability
I’m back to tell you just how much I love data. Yes, I am a proud data nerd! Your PMS stores endless amounts of data. Thousands of prescriptions are in your PMS, and you shouldn’t let these numbers go unnoticed. Most pharmacies don’t utilize the power of this data, and you need to know how to use it to your advantage! Data analytics is central to optimizing your PBM billing and, ultimately, your entire pharmacy. These numbers can tell you what’s working (aka what you need to keep reinforcing) and what’s not (aka what you need to stop ASAP )! You can only find this information through data, and if
You can’t increase profits if you don’t
know what’s profiting. Similarly, you can’t avoid future problems if you don’t know what’s failing now. As for micro data, you can start by looking at your claim details: What are the top 10 most profitable claims? Now, what are the bottom 10 least profitable claims?
Your data gives you more information about your pharmacy that can become a valuable resource and help you focus on what you need to. Data can narrow your scope to what actually matters.
you want to make your pharmacy profitable, you need to use it to narrow down your next steps. These numbers provide everything you need to know. How to Use Your Data Let’s say, in your mission to be more profitable, you wonder if you should visit either a dermatologist or pediatrician, but you’re not sure which is the better option for your pharmacy. Your data can tell you! First, you need to look through your data and examine your dermatology prescriptions. You may find you’re making $40 in profit from each prescription! Then, check your pediatrician prescriptions. If you see you’re only making $5 from those, the answer becomes clear about which prescribers you should spend your time and effort on. Macro vs. Micro Data Analytics There are two ways to look at data: macro and micro. The big, global data is your macro, and the micro is individual claim data. You should be looking at your numbers both ways! When it comes to macro big-picture data, look for the following:
If you want to boost your numbers quickly, consider a few profitable drugs you may not be dispensing, like:
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Clemastine Syrup: 73308-0358-12
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Chlorzoxazone 250mg: 69499-0330-60
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Nitrivia: 69499-0354-60
You can keep track of other profitable Rxs in our high-margin Community Chat. Scan the QR code to join! As for my favorite data analytics software, it’s hands down Ugo Rx, and you can learn more about them at UgoRx.com . Lastly, our essentials and unlimited members have access to a KPI dashboard where you can input data and get expert guidance examining your macro-level data. Head to your membership portal to get started!
Scan the QR code to start analyzing your pharmacy data!
• What are the most profitable plans and prescribers?
• What is the percentage of negative margin scripts?
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What’s my average margin per prescription?
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