The pharmacy industry is no longer just about filling prescriptions or how to beat mail order. You know better than anyone that running a pharmacy is running a highly regulated, high cost business. You have schedules to make, inventory to order, insurance companies to contact and about one hundred other things that make it possible for you to effectively take care of your patients.
This is why anything that can help you run the business side of your pharmacy can be an essential tool. And that is where pharmacy software reports come in — a wise person once said “If you can’t measure it, you can’t manage it.”
Pharmacy reports should always be offered by your pharmacy software vendor and possibly your wholesaler. They allow you take a look at different aspects of your pharmacy business and see what’s working well and where you can make some improvements.
To better help you utilize the reports feature in your pharmacy software we’ve collected the five pharmacy software reports that you should be running and why!
Pharmacy Inventory Report
This report will give a dollar value to the medication sitting on your pharmacy shelves and provide you a true value of the cost of your current inventory. You will need to filter the report to only show medications with a positive on-hand values, and it’s also crucial that you keep proper inventory to have an accurate number.
Pharmacy Workflow Report
This report gives you prescription status. You can build and customize a report to specific areas important to your pharmacy efficiency: who last touched a prescription, how many prescriptions have been filled, how long it takes your staff to process a prescription through your workflow, how many prescriptions are waiting on pick up, etc.
This report focuses on prescriptions that are in the dispensation process and have yet to be picked up.
Patient Discovery Report
This report should focus on finding patients that could be affecting your pharmacy’s Medicare 5-star ratings. It will identify patients taking antidiabetic, antihyperlipidemics or antihypertensive medications and show their adherence to their medications.
The goal of this report is to identify these patients in an effort to partner with them to increase their adherence to their prescription medications, which will in turn increase their health and your pharmacy’s 5-star rating. Medicare is monitoring patient adherence and rating pharmacies based on it as incentive for pharmacies to work more closely with their patients and increase adherence.
Third-Party Reconciliation Report
This report breaks down all outstanding third-party claims that your pharmacy has yet to receive. It tells you what money the pharmacy is still waiting to collect. It breaks down the time that has passed since the claim was submitted, showing how long the money has gone uncollected. It is important to try to collect in a timely manner because the longer a claim goes the less likely the insurance company will be to consider settling it.
Audit Potential Report
This report identifies audit flags. It is important to run this report on a regular basis so that any potential audit-flag prescriptions can be found, reversed, corrected and rebilled. Correcting problems before an insurance identifies them in an audit is helpful to your business. This allows you to correct where there is an issue instead of the insurance company performing a time consuming audit on randomly-pulled prescriptions and recouping funds that have been paid prior to the audit.
Some bill reversal and resubmissions have allowable windows, so it’s important to run this report regularly to stay on top of it.
Dashboard reports are also very helpful to your pharmacy business. They focus more on specific values that you’re looking for rather than other information that may be unnecessary.
For example, the Medicare D 5-Star dashboard report or scorecard report can identify adherence percentages for the specific therapeutic classes that Medicare is monitoring without delving into the specific prescription. However, you can view those details if you’d like. They just won’t load automatically. Dashboard reports are also effective for tracking dispensing and third party information.
If your software has the capability to run these reports and you’re not, some important issues and opportunities may be slipping past you. Your pharmacy software may allow you automate reports to run at the end of each month to give you an idea of what you have going into a new month.
*Automating a report is setting up a report to print or email at a certain time (e.g. weekly or monthly) so that you don’t have to remember to run the report each time.
Do you use reports in your pharmacy? Which do you find most useful to your pharmacy business? Let us know in the comments.
Would you like to learn about how reporting works in WinRx? Click below!