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INSIDE THIS ISSUE
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3 Essential KPIs Every Pharmacy Owner Needs to Master
2 3 Essential OTC KPIs to Transform Your Pharmacy 3 Simplify Prescription Revenue KPIs for Pharmacy Success 4 How to Scale Efficiently With Marketing KPIs 5 2 Vital Adjustments for Businesses in 2024 7 Elevate Your Pharmacy With Team-Based KPI Strategies
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prescriptions filled for the same period. You want this number to be as low as possible, and you should keep it less than 1%. If you find yourself returning to stock too many prescriptions week in and week out, you need to dig in and find out why. Here are some areas to look at: • Are they coming from a specific prescriber’s office? • Are they cash prescriptions with no insurance? • Is the patient brand new to your pharmacy? • Are they new or refills? • Does one employee have more returns than others? Answering these questions will help you find possible fixes. Strategies to reduce RTS rates include verifying prescription pick-up intentions with patients, especially for prescriptions from known high-return prescribers. While optimizing prescription revenue through KPI management may seem daunting, the rewards for increased profitability and operational efficiency are substantial. Contact our industry experts for shared insights, resources, and strategies if you want further guidance on calculating or improving your pharmacy’s KPIs.
reimbursements, keeping a pulse on how each prescription filled contributes to your bottom line is vital. This KPI can be broken down further by BIN, allowing you to identify which plans are more profitable and tailor your marketing efforts accordingly. You must first print a sales report from your PMS to calculate this KPI. Take the total gross margin dollars and divide it by the number of prescriptions it took to generate those dollars. Aim for a minimum average margin of $16 per prescription, with high-performing pharmacies targeting above $20 per script. This reflects your ability to navigate PBM reimbursements effectively and underscores the importance of strategic purchasing and inventory management. NO. 3 PERCENTAGE OF FILLED RX RETURNED TO STOCK (RTS) Filling a prescription only to return it to stock is not just a loss in revenue but a drain on your resources. Tracking your Return to Stock (RTS) percentage is essential for identifying inefficiencies in your workflow and potential opportunities for theft prevention. High RTS rates could indicate issues with certain prescribers, cash prescriptions, or internal theft. It is best to track this KPI every week. Tally up all returned scripts and divide the number by the total number of
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