Our latest thoughts and inspirations on buying a pharmacy, starting a pharmacy, and ongoing pharmacy operations

Supplement Accounting Financials with Pharmacy System Data and Reach Your Goals

Many of you have worked at large chain pharmacies. At these organizations managers provide daily and weekly reports such as tech hours used, number of new patients, revenue per prescription, gross profit per prescription, Rx filled per hour and more.

But in the independent pharmacy business we rarely find an owner who uses any data to supplement their monthly financials. The chains use all of this data for a reason. These data points are the key performance indicators directly impacting the monthly financials. Below are some other examples not mentioned above:

·         Prescriptions filled for week

·         Gross Margin for week

·         Current Inventory

·         Slow Movers on shelf (inventory been on shelf over 100 days)

·         Anything purchased over $1,000 that day

·         Pharmacist hours used

·         Number of compounds filled for week

·         Brand vs Generic percentage

·         Top payer report by Rx filled and by revenue – include gross profit

·         Top drug report by Rx filled and by revenue – include gross profit

We would like to challenge you to make goals for the month or quarter and then track data points to give you a regular indication if you are moving towards those goals.
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Wednesday, 08 April 2020

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