From Data to Decision: Using Reporting to Dig Deep
by Jon Love
If you are a home infusion provider and/or a specialty pharmacy business, you probably already realize that you have an overwhelming amount of data available to help your business make smarter decisions. While most pharmacies use some type of reporting, whether in-house or through a third-party vendor, the question remains: Are you using reporting and analytics to its fullest potential?
Many people may say yes, but after reading this, you may change your mind.
1. Staying Compliant and Protecting your Pharmacy: In order to thrive in the specialty pharmacy world, payers and manufacturers want to make sure that you can deliver on the promise of filling prescriptions for patients who need high-cost medications to treat complex conditions. In the event of audits, many pharmacies look to their data and question what they need to provide and where they should look to find this information. Using reporting tools and data analytics appropriately combined with a good process can help you retrieve the data in your system in a timely manner and ensure that your pharmacy stays compliant to the stakeholders who hold your future in their hand. Do you have an enterprise reporting system to easily obtain the multiple data points a stakeholder might ask for tomorrow? If the answer is no, maybe you should.
2. Accreditation: We have all heard the buzz about accreditation, but why all the talk? Because accreditation is one of the ways you can validate to payers, manufacturers and other stakeholders that you provide excellence in Specialty Pharmacy Management through continuous quality improvement. In order to receive accreditation from URAC, ACHC, and other providers, you will have to demonstrate your ability to consistently capture and report complex data elements in a systematic way and on demand. If you have gone through accreditation, you know you currently have to measure and report on MPR, time to fill, PDC, and the acceptable PDC threshold. But what does it take to get that information? How many highly paid staff spend hours working on to produce this reporting? What kind of productivity could you get back if it was just a click of a button?
3. Workflow/Operational Improvements: Monitoring the amount of work that each staff member completes, the number of scripts going out the door, the backlogs that are occurring, and the sources of errors can take countless hours. Automated reporting can quickly track defined issues and let you know almost immediately of their occurrence. Monitoring these metrics can be a time saver and can ensure that you are reaching maximum efficiency in your pharmacy’s filling, billing, and dispensing processes. Are you currently measuring workload by queue, status, core service, or therapy?
These are just a few ways that reporting can help you make your pharmacy more productive. Having data at your disposal to help you make better decisions just seems like good business. Are you using your data to its fullest potential?