If you are looking to maximize your pharmacy’s operations, increase your profits, and provide your patients with quality care: run reports on a regular basis.
Whether you decide to complete them on a daily, weekly, or monthly basis, running reports can help you to quantify the ins and outs of your pharmacy — from your finances to your workflow to your team’s productivity — in a methodical and actionable way.
With the right reporting, you can get better financial and operational insights into your pharmacy and develop ways to improve your business. In the process, you can find ways to strengthen your services and clinical care practices, equaling a win for both you and your patients.
With so many benefits, it is no surprise that reporting is one of the most essential parts of running a successful business — and it’s a practice you should pick up on, too.
Discover some of the top reports that your pharmacy should be running and learn how your pharmacy software can enable you to report with accuracy and efficiency.
Accrual System Sales Report
Easily calculate your pharmacy’s total sales with the help of the accrual system sales report. This report allows you and your team to view all transactions recorded in your pharmacy software system, including prescription sales, OTC and retail sales, and payments made by patients and third parties.
This is a good base report to understand the financial flow of your business. By recording each of your transactions, you can identify product demand and payment methods, and adjust your business model accordingly.
Highest Profit Items
Help your pharmacy run at an optimal level by recording your highest profit items. Running a report on these items — whether they be particular prescriptions or high-margin OTC items — can identify the goods and services that make your pharmacy the most money. In turn, it can help you to know which items to recommend to patients and which to promote on your storefront and in your marketing strategy.
Top 20 Drugs Filled
In addition to recording your highest profit items, keep tabs on the items that are highest in demand. Running a report that lists the top 20 drugs your pharmacy fills can help you to keep your inventory levels high and remind you to order new stock on a regular basis.
By extension, it allows you to create and implement strategies that get your patients the drugs they need.
Financial Loss Report
As you track your total sales, profits, and financial gains, don’t overlook your losses. In order for your pharmacy to run as smoothly as possible, you must develop a solid understanding of both metrics. By running the financial loss report, you can determine what goods and services are cutting into your profits and costing your pharmacy money.
In addition, you can find out which items to remove from your inventory and determine how to use your resources elsewhere.
Third-Party Reconciliation Report
Better manage incoming and outstanding third-party payments with the help of a balance and reconciliation report. This report equips you to track the payment history of insurance companies and other third parties, including completed sales and starting/ending balances. By monitoring these transactions, you can better manage your reimbursements and make sure that you get paid for your services in a timely manner.
On the operational side of reporting, manage all of the inventory you stock in your pharmacy, including medications, tools and equipment, and retail items. With an inventory report, you can track how often you sell a particular item, schedule appropriate times to restock that item, and make sure that your patients never have to go without it.
Monitor the efficiency of your workflow with a quick and easy report. A workflow report can determine the number of prescriptions your pharmacy fills, the time it takes to fill them, and which staff members complete which parts of workflow. In the process, it can help you to break down each stage of your workflow, learn what’s slowing you down, and come up with ways to speed up the process — increasing your overall efficiency.
Keep tabs on your team’s performance with a comprehensive staffing report. This report can provide insight into how your pharmacists, technicians, and support staff are spending their time in the pharmacy and how your resources are being allocated.
By tracking this information, you can make adjustments in your workflow, fix any areas of unproductivity, and maximize what you can accomplish at your pharmacy.
To further improve your efficiency, keep a customer count. With this report, you can find out how many patients visit your pharmacy on a daily, weekly, or monthly basis — including which days and times are most popular.
Knowing the fast and slow points of your workday can help you to adjust your operations, saving particular tasks for times that are less busy and delegating other tasks in times that are most busy. In addition, a customer count allows you to see when and where business is lagging and develop strategies to keep a consistent patient base.
Most Valuable Patient Report
Keep track of your pharmacy’s top patients, including frequent visitors, top prescription fillers, and recurring retail customers, in one convenient place. An MVP report can calculate which patients do business with you the most, and can remind you to give them the best possible experience at your pharmacy. In addition, it can help you to develop rewards programs and come up with other ways to say “thank you” to those who support you the most.
Report with Your Software’s Support
Despite the critical role it plays in creating and maintaining business, many pharmacies are overwhelmed with reports — finding that they take too much time and effort to run on a regular basis.
With the right pharmacy software system, though, reporting doesn’t have to be difficult. In fact, it can be a simple, streamlined process that you and your team can complete with little to no hassle.
The top pharmacy systems enable you to run reports from right within your software, giving you the tools you need to collect, monitor, and adjust the data that is most important to your pharmacy. From recording profits to reporting inventory, your software system can help you get critical insights that lead to real improvements and real results.
In addition to standard reports, the best software systems allow you to create custom reports, which you can easily edit, adjust, and run within the software at any time. You can even set recurring reports and program them to be sent to your inbox on a regular basis. The custom reporting capability allows you to create reports tailored to your specific needs, in the same quick and easy way as standard reports, and helps you to come up with more personalized solutions for your pharmacy.
With a bit of help from your technology, you can report with a breeze.
To explore more features in your pharmacy software system, read through our other blog posts.
To compare vendors and select a system that you can count on, look to our Compare Software page — and get to running the reports that matter.