Business Intelligence – Beyond The Scope of Traditional Pharmacy Reporting
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.
Want to discuss how FDS’ Business Intelligence services can drive revenues and improve patient outcomes?
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- Published in Blog, MYDATAMART
Regional Food Combo Delivers High-Value Clinical Services and Maximizes Pharmacy Operations
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 …
- Published in Blog, ENGAGE, MYDATAMART
Balls Food Stores Leverage FDS Inc.’s eNGAGE and MyDataMart to Deliver High-Value Clinical Services, Maximize Pharmacy Operations
FORT WORTH, TX–(Marketwired – Aug 16, 2017) – 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. (NACDS TSE Booth #2912). 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.
FDS, a pharmacy-centric healthcare technology company, will feature its eNGAGE patient management platform and myDataMart business intelligence tools in booth #2912 at the National Association of Chain Drug Stores (NACDS) Total Store Expo (TSE), taking place August 19-22 in San Diego, Calif.
“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 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.
“Retail pharmacies are challenged with maintaining quality and reducing costs while remaining competitive within today’s complex care and reimbursement models,” said Rich Bukovinsky, Executive Vice President of Business Development for FDS, Inc. “Success requires tools like eNGAGE and myDataMart that let them leverage the high volume of patient data that is flowing into pharmacies to accelerate the decisions and adjust operations to drive care quality and pharmacy profitability.”
To learn more about eNGAGE and MyDataMart, visit FDS in booth #2912 at NACDS TSE August 19-22.
About FDS, Inc.
Fort Worth-based FDS is a pharmacy-centric healthcare technology company dedicated to helping its customers succeed in today’s complex and multi-faceted healthcare ecosystem by leveraging the power of data and developing solutions that change the way healthcare is delivered, today and tomorrow. Its industry knowledge, technical expertise, and scalable, cloud-based platforms are utilized by thousands of customers to solve the many challenges pharmacies face each day, while its tools help improve profitability, streamline pharmacy workflow, and enhance clinical care and operational effectiveness. FDS solutions include automated medication synchronization services; business intelligence analytics and reporting; Star Ratings and Population Health Management; DME claims billing; third party reconciliation services and patient communication portals. For additional information or request a demonstration, please visit our website at www.fdsrx.com or call us at (877) 602-4179.
- Published in ENGAGE, MYDATAMART, News
Increased Revenues, Refill Gains Identified by APRx as Top Benefits of RxCOMPASS, Powered by FDS Inc.’s myDataMart
Buying cooperative shares study results demonstrating financial gains generated by robust pharmacy business intelligence tool
FORT WORTH, TX–(Marketwired – Jul 20, 2017) – RxCOMPASS reports generated gains of more than 1,800 prescription refills and net revenues of $171,000 at six American Pharmacies (APRx) member pharmacies over a 33-week period, while five other APRx pharmacies realized significant gains in refills and increased revenues by $108,000 in just 16 weeks. Those were the findings of two studies on the efficacy of the business intelligence reporting tool powered by myDataMart from FDS, Inc. that were released by the member-owned buying cooperative at its annual shareholder meeting, which took place in June in San Antonio, Texas.
“The daily and weekly performance reports generated by RxCOMPASS drive value by identifying key operational opportunities like gross profits, prescription revenues and missed refills,” said John Cooper, Vice President, Sourcing & Consulting Services, APRx. “In particular, the Refill-on-Time report that is pushed daily to subscribing pharmacies has proven highly effective at increasing refill volume and improving timeliness.”
American Pharmacies was established in 2002 to protect the interests of independent community pharmacies and increase members’ profitability. In keeping with that commitment, APRx partnered with FDS to provide its member pharmacies with a comprehensive business intelligence tool that provides a deeper look into their pharmacy operations. Powered by FDS’s myDataMart, RxCOMPASS identifies key dispensing and operational trends and income-driving clinical opportunities by analyzing dispensing data through the pharmacy management system.
“RxCOMPASS, powered by myDataMart, offers APRx member pharmacies a robust array of dashboards and graphical reports to help them manage patient adherence, Star performance measures, new and lost patients, dispensing analysis and more,” said Rich Bukovinsky, Executive Vice President of Business Development for FDS, Inc. “It is compatible with most pharmacy systems and supports population health management efforts, such as vaccination tracking, to ensure pharmacies can leverage every opportunity to improve patient outcomes, strengthen the pharmacy-patient relationship and maximize revenues.”
Throughout the 2017 shareholder meeting, one major area of focus was the Refill-on-Time report, which tracks the timeliness of refill activity and allows pharmacies to prioritize patient outreach based on multiple factors, including patients with the largest gap in therapies and the highest gross-margin. From within the report, pharmacists can link to a list of patients who did not refill scheduled prescriptions during the previous week.
“Reaching out to just a few of these patients can produce real results that pharmacies can then build upon,” said Laird Leavoy, Senior Vice President of Sales & Operations, APRx. “The Refills-on-Time report not only helps improve maintenance medication refills, but has proven to help our stores improve Star ratings through identification, prioritization and determination of optimal candidates for Med Sync or Auto-Refill.”
He points to the results of a 16-week study of five participating APRx pharmacies, which revealed that RxCOMPASS reporting generated benefits including:
- Gains of 2 fills per patient
- Increased revenue-per-script of more than $108 and overall revenues of more than $108,000
- Increased profit-per-patient of more than $29 and overall profit of more than $14,000
Member pharmacies were equally enthusiastic about the benefits of RxCOMPASS. These include Benjamin McNabb, Pharmacist/Owner, Love Oak Pharmacy in Eastland, Texas, who says that the calls made to patients on the Refill-on-Time report out-perform the pharmacy’s automated reminder messaging.
“We track the actual prescription numbers, so we can cost-justify the five hours a week spent on the calls,” said McNabb. “You want to prioritize calls based on the best patient opportunities. It’s also an ideal time to remind patients of other services like Med Sync and immunizations. You can do some meaningful outreach.”
Other member pharmacies point to the Daily Performance Report as a key benefit of RxCOMPASS. A snapshot of the pharmacy’s previous-day performance, the report summarizes prescription revenues, gross profit, opportunities/low hanging fruit, prescriptions sold at a loss, and claims paid at Usual & Customary (U&C) prices compared to FDS’s calculated U&C. A monthly report displays missing and new patients and the pharmacy’s Star Ratings Compliance Scorecard for each claim adjudication plan.
“One of my most compliant stores was losing money, so I looked at the performance report and discovered they were using a size on a generic that was not covered. It just took one phone call to say ‘hey, use a different size,’ and they suddenly became profitable,” said Alton Kanak, RPh, Vice-Chair of the APRx Board of Directors and Owner of five APRx pharmacies in Texas.
Adds Vance Oglesbee, RPh, APRx Board Member and Owner of Hometown Pharmacy in Fairfield, Texas, “I’m amazed at how much extra money we’ve made just by reviewing the things we do every day to check for inaccuracies. I’m quickly becoming a believer.”
About FDS, Inc.
Fort Worth-based FDS is a pharmacy-centric healthcare technology company dedicated to helping its customers succeed in today’s complex and multi-faceted healthcare ecosystem by leveraging the power of data and developing solutions that change the way healthcare is delivered, today and tomorrow. Its industry knowledge, technical expertise, and scalable, cloud-based platforms are utilized by thousands of customers to solve the many challenges pharmacies face each day, while its tools help improve profitability, streamline pharmacy workflow, and enhance clinical care and operational effectiveness. FDS solutions include automated medication synchronization services; business intelligence analytics and reporting; Star Ratings and Population Health Management; DME claims billing; third party reconciliation services and patient communication portals. For additional information or request a demonstration, please visit our website at: www.fdsrx.com or call us at (877) 602-4179.
About American Pharmacies
Based in Corpus Christi, Texas, American Pharmacies is a multi-state, member-owned buying cooperative for independent pharmacies. Founded in 2002, APRx is a leading political and legal advocate for members in Texas, Louisiana, New Mexico and Oklahoma. For more information, please visit www.aprx.org.
- Published in MYDATAMART, News
American Pharmacies Partners with FDS to Provide myDataMart to All Members
American Pharmacies (APRx) announced that it has partnered with FDS, Inc. to provide myDataMart’s powerful data analytics to all of its member pharmacies at no charge.
“This is a one-of-a-kind business tool that our members can use to improve their performance and profitability,” APRx President Mike Gohlke said.
Beginning in March, FDS will host weekly training webinars for all enrolled APRx pharmacies.
- Published in MYDATAMART, News
FDS, Inc. and Transaction Data Systems, Inc. Form Strategic Partnership
(PRLEAP.COM) April 28, 2015 – Baltimore MD – FDS, Inc. today announced a strategic partnership with Transaction Data Systems, Inc. (Rx30), a leading provider of pharmacy management solutions.
FDS’ myDataMart provides Rx30 customers a comprehensive business intelligence tool that provides a deeper look into their pharmacy operations. myDataMart provides a robust array of dashboards and graphical reports to Rx30 customers to help them manage patient adherence, five star performance measures, new and lost patients, dispensing analysis and much, much more.
“We are excited to work with the team at Rx30 to make myDataMart an integrated service offering to the Rx30 customer base. Rx30 and FDS are working together to help community pharmacies compete in today’s pharmacy marketplace,” said Rich Bukovinsky, EVP Business Development for FDS, Inc.
“At Rx30, we are always interested in working with organizations that provide real value to our end-users. Our new partnership myDataMart offers tremendously valuable data analytics, pinpointing competitive trends, strengths and weaknesses to give our stores powerful real time information to keep them ahead of the competitive curve.” says Steve Wubker, President/CEO, Transaction Data Systems, Inc.
About FDS, Inc.
FDS offers professional, comprehensive and affordable business solutions that immediately impact pharmacy profitability by providing tools to manage patients, third party receivables, five star measures, DIR fees and much, much more. FDS’ leading edge business analytics tools are simple to use but provide a robust array of dashboards and graphical reports to make your data meaningful and useful. FDS products and services help pharmacies and managed care organizations connect with their patients 24hrs a day, analyze and better understand their business, while also offering population health management tools. For additional information or request a demonstration, please visit our website at: www.fdsrx.com or call us at (877) 602-4179.
About Rx30 Pharmacy Management System
Developed by Transaction Data Systems, Inc., Rx30 (www.rx30.com) is a total Pharmacy Management Software application that truly acts as the hub for all pharmacy management activities, including prescription dispensing, fully automated refills and reminders, workflow management, adherence management, document management, smart phone/web refills, e-prescribing, POS, outbound customer communication, IVR integration, business reporting, label printing and a myriad of value added processes and interfaces that assist in streamlining pharmacy management activities and driving profit.
- Published in MYDATAMART, News
FDS, Inc. and QS/1 Forge Strategic Partnership
(PRLEAP.COM) April 24, 2015 – Baltimore MD – today FDS, Inc. announced a strategic partnership with QS/1, a leading provider of pharmacy management solutions.
FDS’ myDataMart provides QS/1 customers a comprehensive business intelligence tool that provides a deeper look into their pharmacy operations. myDataMart provides a robust array of dashboards and graphical reports to QS/1 customers to help them manage patient adherence, five star performance measures, new and lost patients, dispensing analysis and much, much more.
“We are excited to work with the team at QS/1 to make myDataMart an integrated service offering to the QS/1 customer base. QS/1 and FDS are working together to help community pharmacies compete in today’s pharmacy marketplace,” said Rich Bukovinsky, EVP Business Development for FDS, Inc.
“We are pleased to partner with FDS, a company that understands our commitment to offering the most advanced technology for our customers to efficiently run their businesses,” said Michael Ziegler, Senior Manager, Marketing and Analysts, QS/1.
About FDS, Inc.:
FDS, Inc. offers professional, comprehensive and affordable business solutions that immediately impact your profitability by providing tools to manage your patients, third party receivables, five star measures, DIR fees and much, much more. FDS’ leading edge business analytics tools are simple to use but provide a robust array of dashboards and graphical reports to make your data meaningful and useful. FDS products and services help you connect to your patients 24 hours a day, analyze and better understand your business and manage your patients. For additional information or to request a demonstration, please visit our website at: www.fdsrx.com or call us at .877.602.4179.
About QS/1:
QS/1, a complete healthcare automation solutions provider, serves pharmacies, HME businesses and LTC facilities. QS/1 is a division of the J M Smith Corporation, the fourth largest privately held company in South Carolina. For additional information about QS/1, visit the website at www.qs1.com, or call 800.231.7776.
- Published in MYDATAMART, News
myDataMart Service Available to Computer-Rx Users
(PRLEAP.COM) March 16, 2015 – Baltimore MD – FDS, Inc. today announced a strategic partnership with Computer-Rx, a leading provider of pharmacy management solutions.
myDataMart provides Computer-Rx customers a comprehensive business intelligence tool that provides a deeper look into their pharmacy operations. myDataMart provides a robust array of dashboards and graphical reports to Computer-Rx customers to help them manage patient adherence, 5 star performance measures, new and lost patients, dispensing analysis and much, much more.
“We are excited to work with the team at Computer-Rx to make myDataMart an integrated service offering to the Computer-Rx customer base. Computer-Rx and FDS are working together to help community pharmacies compete in today’s pharmacy marketplace,” said Rich Bukovinsky, EVP Business Development for FDS, Inc.
“Computer-Rx strives to help pharmacies grow their business every day and we are excited to be providing data to FDS for the myDataMart service. Adjusting to the changes in the marketplace and understanding their business with powerful data is a great step in the right direction. We feel passionate about independent pharmacy and are happy to partner with people who feel the same.” Said Roger Warkentine, Founder and CEO at Computer-Rx.
About FDS, Inc.
FDS offers professional, comprehensive and affordable business solutions that immediately impact pharmacy profitability by providing tools to manage patients, third party receivables, 5 star measures, DIR fees and much, much more. FDS’ leading edge business analytics tools are simple to use but provide a robust array of dashboards and graphical reports to make your data meaningful and useful. FDS products and services help pharmacies and managed care organizations connect with their patients 24hrs a day, analyze and better understand their business, while also offering population health management tools. For additional information or request a demonstration, please visit our website at: www.fdsrx.com or call us at (877) 602-4179.
About Computer-Rx:
In 1982 Roger Warkentine, DPH, saw the need for a user-friendly pharmacy management program in his independent pharmacy. With support and innovation being cornerstones, Roger founded Computer-Rx and began developing software for his pharmacy practice and word quickly spread about his innovation. Today, Computer-Rx has customers in nearly every state including Hawaii and Alaska with customer support and product innovation continuing to drive the company. Visit the website at http://www.winrx.net/ or call 1-800-647-5288.
- Published in MYDATAMART, News, Products