The American Associated Pharmacies and FDS, a pharmacy-centric healthcare technology company, are partnering to bring AAP members ProfitAmp, a groundbreaking business analytics tool to improve their pharmacies’ performance and profitability.
ProfitAmp provides powerful business intelligence and a unique level of detail that cannot be obtained with other BI tools on the market, according to the company.
“FDS is committed to helping pharmacies improve efficiency while positively impacting their bottom line, a mission that aligns well with AAP’s goal of providing member pharmacies with tools to enhance profitability, streamline operations and improve care quality,” AAP’s vice president of preferred partners Tracie Heyrman said. “Partnering with FDS to bring our members impactful BI solutions from an industry-leading technology company was a natural pairing, one we expect will deliver significant value and rapid ROI, while improving patient outcomes and strengthening the pharmacy-patient relationship.”
FDS, Inc. announced today the appointment of Adam McMullin as Chief Executive Officer (CEO), effective immediately. McMullin succeeds Jake Canova, who will continue to work with FDS in an advisory capacity after spending seven years as its CEO.
“We are very pleased to partner with Adam to lead FDS. His broad experience in healthcare IT will be invaluable as the company continues to innovate and grow in pharmacy technology and beyond,” said Michael Booth, a Partner with Calvert Street Capital Partners, FDS’s majority shareholder.
FDS – VP, Business Development and Population Health
Data is power in today’s pharmacy marketplace. Patient data, prescription transaction data, clinical data, insurance data, financial data, adherence data … so much data in so many places – your pharmacy system, POS, claims processor, etc. Trying to gather all these data points from different programs and sources can be like herding cats for a pharmacy and even more difficult for multi-store pharmacy operators. Privacy and security concerns further complicate the process.
Business Intelligence (BI) is necessary to compete in today’s data-driven marketplace. BI can provide you with meaningful reporting and actionable data that can help your pharmacies grow, improve efficiency, and deliver better patient outcomes, as well as positively impacting your bottom line. Identifying and prioritizing key opportunities is necessary to maximize your financial goals and positively impacting patient health.
Pharmacy management systems have offered reports for decades for sales, regulatory requirements, dispensing history, and more. These legacy reports remain essential to operating your business. As the role of the pharmacist continues to evolve, more data is available in more places. New reporting and analysis is typically a requirement as with Star Rating measures. Star Ratings are an example of ancillary information that is vital to your pharmacy practice but often maintained in various systems and locations.
The goal for a successful BI service is locating, collecting, securely storing and aggregating the necessary data elements in a central location, typically the ‘cloud’ today, and then performing analytics to provide reporting promptly to meet changing marketplace dynamics and patient care needs.
What can BI do for your pharmacy business?
BI can give pharmacies the ability to simultaneously address poor patient medication adherence, Star Rating measures, med sync enrollment which in turn may boost profitability, prescription volume and so much more. The ability to provide Trending Analysis of Key Performance measures including Refills On Time, Gross Profit Margins, New Patients and, PDC Measures are just a few examples of meaningful reporting that can assist you in managing your business. Trending KPIs can provide a clear picture of your business health.
Patient Behavior Identifying refills that are overdue or missed has become somewhat common. But what about the impact of Early or Late Refills on staffing, inventory and refill volume? BI reports these events for immediate action by your staff which can have a direct impact on adherence, drive refill volume and produces more revenue.
Measure Success “If you can’t measure it, you can’t improve it.”, is a famous quote of Peter Drucker, considered one of the founders of modern business management. With BI, you can readily measure almost any variable you have the data elements for tailored to your specific needs. For example, identifying and tracking New Patients is essential to the growth of your business. Marketing and advertising get them in the door but understanding who they are and what they want is important to retain their patronage.
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From medication synchronization and medication therapy management (MTM) to a robust immunization program that includes yellow fever vaccinations, Balls Food Stores (BFS) has maximized clinical services and outcomes with the help of ENGAGE from FDS, Inc. On the operations side, FDS’s MYDATAMART enables BFS to monitor and measure pharmacy performance to ensure each of its 21 locations is operating at peak efficiency for maximum profitability.
“Data drives pharmacy services in today’s patient-centric healthcare environment. But there is little value to even the most robust database if pharmacists cannot act upon the information promptly,” said Mike Halliwell, Director of Pharmacy & Whole Health, Balls Food Stores. “By integrating ENGAGE directly into the clinical workflow, pharmacists can access the real-time data needed to identify and close medication gaps and determine patients who would benefit from medication synchronization or other patient-focused services, thereby optimizing patient engagement and clinical outcomes.”
ENGAGE is an interactive platform for pharmacists and technicians to manage patient-focused activities and to meet the growing demands of Star Ratings, adherence, and pay-for-performance measures while strengthening patient relationships. With ENGAGE, pharmacists are empowered to create and manage medication synchronization plans easily, take advantage of additional revenue from MTM and immunization opportunities, and extend patient relationships with automated patient messaging by phone and text. The patient management platform also streamlines Star rating management.
BFS also utilizes MYDATAMART, a comprehensive business intelligence tool that enables a deeper understanding of performance across the chain and delivers insights to increase profits and enhance patient care. It features interactive dashboards and easy-to-use, customizable reports for monitoring a variety of performance metrics, including the most frequently dispensed medications and the best National Drug Codes (NDCs) for dispensing. Other metrics include the overall financial impact of each NDC on the pharmacy and fills returned to stock by patient or drug. MYDATAMART also tracks patients and helps identify questionable claims, and features compliance reports to identify Star Ratings and non-adherent patients.
“We expend a tremendous amount of energy and talent to help build non-dispensing functions to differentiate ourselves, such as our travel clinics and pharmacogenomics programs. As we integrate these programs with the dispensing side of the house, it is imperative that data not be siloed. That’s why it has been so important to have ENGAGE and MYDATAMART, to enable us to continue to evolve with the industry and our patient populations while maintaining our high standards of care,” said Halliwell.
To learn more about ENGAGE and MYDATAMART …