As owners we are familiar with our Key Performance Indicators (KPIs) such as the number of Rx filled, gross margin per Rx, gross margin percent, or price per Rx. There is no doubt that knowing your numbers leads to better decisions. But there are a couple of other metrics that are often overlooked and may give you an even better understanding of your store.
How many different patients are served each week? Rx counts can increase or decline for two main reasons. You have gained or lost patients, or the patients that you have are not being compliant and thus are needing less prescriptions filled. Monitoring the patient count will help you know if your emphasis should be on marketing to gain new clients, increasing your med synch program, or both.
What percent of Rx filled are new prescriptions? In an average retail store, the split is about 50/50. If your store is filling less than 40% new to refill, it possibly indicates a stagnant store. Yes, it could also mean that the store is outstanding in the med synch program but still you need new business to build future refill business. Likewise, a high percent of new Rx may indicate you are not maximizing your refill program. Other factors that may lead to a high amount of New Rx filled are fast growing stores, stores with a high concentration of CII Rx, or a high concentration of providers who prefer to write new Rx over refills.
What percent of total Rx filled is for CII medications? Although your wholesaler is monitoring your controlled drug purchases, you certainly do not want to be in a position where they may discontinue shipping or draw the attention of governmental authorities. This metric is particularly important for owners who do not frequently work in the store. You may not even be aware that the CII count is too high, but you are certainly responsible.
