American Pharmacies reports results from using FDS’ RxCompass
FORT WORTH, Texas — Buying cooperative American Pharmacies has released the results of two studies showing the impact of implementing FDS’ RxCompass data reporting tool powered by myDataMart. The results, shared at its Annual Meeting in San Antonio, shows that RxCompass reports generated gains of more than 1,800 prescription refills and net revenues of $171,000 at six APRx member pharmacies in a 33-week period, and five others saw increased revenues of 108,000 in six weeks.
“The daily and weekly performance reports generated by RxCOMPASS drive value by identifying key operational opportunities like gross profits, prescription revenues and missed refills,” APRx VP sourcing and consulting services John Cooper said. “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.”
APRx partnered with FDS in an effort to help its member independent pharmacies with a comprehensive business intelligence tool to offer a deeper look at their pharmacy operations. RxCompass identifies dispensing and operational trends, as well as clinical services opportunities, through analysis of dispensing data in 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,” FDS EVP business development Rich Bukovinsky said. “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.”
In the 16-week study of five pharmacies, using RxCompass helped drive gains of two fills per patient, increased revenue-per-script of more than $108 and increased per-patient profit by more than $29.
Besides offering the Refill-on-Time function, RxCompass also offers a Daily Performance Report that shows a snapshot of the pharmacy’s previous-day performance, as well as a monthly report displaying 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,” APRx board member and owner of one of the pharmacies studied, Alton Kanak, said. “It just took one phone call to say ‘hey, use a different size,’ and they suddenly became profitable.”