10 (Monthly) Key Performance Indicators that attribute the total health of your pharmacy
Independent pharmacies come in all shapes and sizes. While each store is unique in their special way, there are many intricacies that impact the overall health of a store. Because of this, we surveyed leading pharmacies to determine the indicators make the difference in their success. After boiling down the feedback, we developed the Top 10 KPIs list below. But we didn’t stop there. Because we are committed to helping every store be strong, we also share details behind each of these metrics with links to additional resources.
Monthly Metrics that Make the Difference
- RX Volume – Pharmacies filling larger quantities of prescriptions and those focusing on growing their fills are experiencing more success. This is in contrasts to the belief that filling more prescriptions is too costly.
- Gross Profit per RX – Not all prescriptions are equal and the days of filling any medication without consideration have passed. Learn how to impact your Profits Per Prescription in our blog.
- Active Patient Syncs – This is number of patients whose medications have been synchronized. This reduces the number of fill events per customer.
- Sync Perceptions Number – KPI #3 & #4 measure how many medications are synced in your store as well as how many of your patients belong to a medication sync program. To understand the benefits of health sync numbers, read our Syncing for Success blog.
- Active Package Patients – The number of your patients receiving prepackaged medications by day and/or time.
- Packaging Prescriptions and Patients – When more of your patients medications are being packaged when filled, greater medication adherence is achieved. You have options with medication packaging, learn more here.
- Delivery Customers – Offering to deliver medications to your customers comes with its potential for increased profits as well as its watch outs. Because of this, we want help you navigate medication delivery. Get our map for delivery success.
- Immunizations– Vaccinations can be a win-win service for your store and the community. Read more.
- OTC Sales– Optimize the profitability of your stores Over-the-Counter square footage. But, if you are not feeling strong in your front-end, get our front-end tips and tools.
- Generic Dispensing and Purchasing Ratios – Generics drive the business in the pharmacy space. Because of this, its critical that owners do not overlook this key ingredient in a healthy store. Smart stores watch their generics and leverage opportunities to grow these numbers whenever possible.
Get Help with Your Metrics
Owning and operating a pharmacy is rarely easy. But every businesses success is contingent on focusing on what really counts. It can take time to begin to accurately track and improve each of the key areas on our list. However, when you are in the position to capitalize on each of the key performance areas, you will find you are in the greatest position to ensure the success of your store.
At Inventory iQ, we work every day to help stores make the most of their inventory management and ordering processes. We are excited to share programs that can bring these metrics into focus and position your pharmacy to be as healthy as possible. When you are ready to begin measuring your monthly KPIs, we can help you make this process simple and scalable to your store. Realize the benefits of optimized inventory management to your store’s fitness. Start now.
