Hosted by the dynamic team of Carter Tatum, Financial Solutions Strategy Manager at EnlivenHealth, and Matthew Reavis, PharmD, MBA of Medical Arts Pharmacy, this insightful webinar guided viewers on a deep dive into data-based approaches to streamline pharmacy operations and eliminate financial losses.
Strategies for Loss Prevention
Over the course of the webinar, Tatum and Reavis dissected four data-driven strategies devised to mitigate losses in pharmacies. Tatum stressed that, because 91% of a pharmacy’s revenue is rooted in dispensing medication, gaining insight from dispensing data is critical. By effectively utilizing data analytics, pharmacies can single out medications negatively impacting their financials and impeding their ability to operate at the apex of their license.
Tatum also underscored the benefits of scrutinizing data for a cost-benefit analysis for every dispensed medicine. This facilitates pharmacies to identify medicines causing a net loss and take steps towards enhancing profitability and efficiency.
Data Dissection for Losses
In the heat of the discussion, Reavis articulately detailed the need for monitoring and data analysis to detect patterns of prescription losses. According to him, the identification of a loss should trigger a comprehensive assessment considering the patient’s profile and payer issues. Reavis stressed the importance of establishing patterns and trends before making informed decisions to address losses.
Defined Delegation & Decision-Making
Tatum advised pharmacists in the audience to delegate for effectiveness (offering pharmacy technicians as suitable candidates for managing data analysis) while also suggesting that they reach out to customer consultants like those at EnlivenHealth. These consultants assist with navigation and optimal use of available data.
The conversation shifted to refill reports, which both men stated was a priceless tool facilitating users to optimally make proactive decisions. Tatum likened it to a GPS, enabling pharmacists to foresee and prepare for upcoming refills and make necessary adjustments to maximize profitability or minimize potential losses.
Leveraging Technology for Better Returns
Transitioning into technology usage, the duo introduced MyDataMart, a data analytics tool designed for pharmacies. Reavis brought into focus the need to prioritize key reports and dashboards like the financial overview, sold-at-a-loss opportunities, prescription counts, and others.
MyDataMart’s user experience includes a queue that allows pharmacists to view missed high-profit refills that would increase cashflow. Even with nominal time and effort, many MyDataMart customers, including Reavis’ Medical Arts Pharmacy, have seen significant returns in profit and dividends on their investment in the platform.
According to Tatum and Reavis, efficient pharmacists should be leveraging these data tools to work smarter, not harder.
Parting Thoughts
In summary, this webinar shed light on the practice of proactive planning to successfully sail through reimbursement challenges. It emphasized aligning drug choices with patient needs and business profitability.
The insights shared by Tatum and Reavis offer a structured approach to address the challenge of patients who cause financial burdens and seek ways to turn them profitable. Using data to make wise decisions about how to handle certain payers, understanding contracts, and managing reimbursements were highlighted as key steps towards a successful and profitable pharmacy model.
In conclusion, “From Insight to Income: Data-Driven Strategies to Eliminate Pharmacy Losses” helped guide the pharmacists in attendance towards an efficient and profitable future powered by data. Click the button below to watch the webinar on demand!