Jul 20, 2017

Increased Revenues, Refill Gains Identified by American Pharmacies as Top Benefits of RxCOMPASS, Powered by FDS Inc.'s myDataMart

Buying cooperative shares study results demonstrating financial gains generated by robust pharmacy business intelligence tool 

 RxCOMPASS reports generated gains of more than 1,800 prescription refills and net revenues of $171,000 at six American Pharmacies (APRx) member pharmacies over a 33-week period, while five other APRx pharmacies realized significant gains in refills and increased revenues by $108,000 in just 16 weeks. Those were the findings of two studies on the efficacy of the business intelligence reporting tool powered by myDataMart from FDS, Inc. that were released by the member-owned buying cooperative at its annual shareholder meeting, which took place in June in San Antonio, Texas.

"The daily and weekly performance reports generated by RxCOMPASS drive value by identifying key operational opportunities like gross profits, prescription revenues and missed refills," said John Cooper, Vice President, Sourcing & Consulting Services, APRx. "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."

American Pharmacies was established in 2002 to protect the interests of independent community pharmacies and increase members' profitability. In keeping with that commitment, APRx partnered with FDS to provide its member pharmacies with a comprehensive business intelligence tool that provides a deeper look into their pharmacy operations. Powered by FDS's myDataMart, RxCOMPASS identifies key dispensing and operational trends and income-driving clinical opportunities by analyzing dispensing data through 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," said Rich Bukovinsky, Executive Vice President of Business Development for FDS, Inc. "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."

Throughout the 2017 shareholder meeting, one major area of focus was the Refill-on-Time report, which tracks the timeliness of refill activity and allows pharmacies to prioritize patient outreach based on multiple factors, including patients with the largest gap in therapies and the highest gross margin. From within the report, pharmacists can link to a list of patients who did not refill scheduled prescriptions during the previous week.

"Reaching out to just a few of these patients can produce real results that pharmacies can then build upon," said Laird Leavoy, Senior Vice President of Sales & Operations, APRx. "The Refills-on-Time report not only helps improve maintenance medication refills, but has proven to help our stores improve Star ratings through identification, prioritization, and determination of optimal candidates for Med Sync or Auto-Refill."

He points to the results of a 16-week study of five participating APRx pharmacies, which revealed that RxCOMPASS reporting generated benefits including:

  • Gains of 2 fills per patient
  • Increased revenue-per-script of more than $108 and overall revenues of more than $108,000
  • Increased profit-per-patient of more than $29 and overall profit of more than $14,000

Member pharmacies were equally enthusiastic about the benefits of RxCOMPASS. These include Benjamin McNabb, Pharmacist/Owner, Love Oak Pharmacy in Eastland, Texas, who says that the calls made to patients on the Refill-on-Time report out-perform the pharmacy's automated reminder messaging.

"We track the actual prescription numbers, so we can cost-justify the five hours a week spent on the calls," said McNabb. "You want to prioritize calls based on the best patient opportunities. It's also an ideal time to remind patients of other services like Med Sync and immunizations. You can do some meaningful outreach."

Other member pharmacies point to the Daily Performance Report as a key benefit of RxCOMPASS. A snapshot of the pharmacy's previous-day performance, the report summarizes prescription revenues, gross profit, opportunities/low hanging fruit, prescriptions sold at a loss, and claims paid at Usual & Customary (U&C) prices compared to FDS's calculated U&C. A monthly report displays 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. It just took one phone call to say 'hey, use a different size,' and they suddenly became profitable," said Alton Kanak, RPh, Vice-Chair of the APRx Board of Directors and Owner of five APRx pharmacies in Texas.

Adds Vance Oglesbee, RPh, APRx Board Member and Owner of Hometown Pharmacy in Fairfield, Texas, "I'm amazed at how much extra money we've made just by reviewing the things we do every day to check for inaccuracies. I'm quickly becoming a believer."

About FDS, Inc.
Fort Worth-based FDS is a pharmacy-centric healthcare technology company dedicated to helping its customers succeed in today's complex and multi-faceted healthcare ecosystem by leveraging the power of data and developing solutions that change the way healthcare is delivered, today and tomorrow. Its industry knowledge, technical expertise, and scalable, cloud-based platforms are utilized by thousands of customers to solve the many challenges pharmacies face each day, while its tools help improve profitability, streamline pharmacy workflow, and enhance clinical care and operational effectiveness. FDS solutions include automated medication synchronization services; business intelligence analytics and reporting; Star Ratings and Population Health Management; DME claims billing; third party reconciliation services and patient communication portals. For additional information or request a demonstration, please visit our website at: www.fdsrx.com or call us at (877) 602-4179.

About American Pharmacies
Based in Corpus Christi, Texas, American Pharmacies is a multi-state, member-owned buying cooperative for independent pharmacies. Founded in 2002, APRx is a leading political and legal advocate for members in Texas, Louisiana, New Mexico and Oklahoma. For more information, please visit www.aprx.org.

Market Buzz

Dec 14, 2017 iMedicare and Creative Pharmacist Announce Strategic Partnership
Dec 13, 2017 American BioTech Supply Introduces Webpages Dedicated to Natural Refrigerant Tec...
Dec 08, 2017 Azzur Labs Expands Accreditation
Dec 08, 2017 Azzur Labs Named Fourth Best Place To Work in PA
Dec 06, 2017 Hacettepe University Oncology Hospital Introduces Omnicell i.v.STATION ONCO Robo...
Dec 01, 2017 Swisslog Healthcare Launches Next-Generation Pharmacy Analytics Platform To Tran...
Nov 28, 2017 Omnicell Introduces Revolutionary New Solution to Automate Critical Workflows in...
Nov 22, 2017 R.J. Hedges & Associates Named 2017 Torch Award for Ethics by BBB
Nov 17, 2017 BestRx First Pharmacy Dispensing Software Company to Achieve Level 2 – Pharmac...
Nov 16, 2017 Introducing Accreditation Commission for Health Care as a Thought Leader in Phar...
Nov 15, 2017 Medi-Dose®, Inc. / EPS®, Inc. Now Markets Steri-Tamp® Tamper-Clear Syringe...
Nov 14, 2017 Omnicell Supports Global Charity Mercy Ships by Donating Next Generation XT Seri...
Nov 14, 2017 Medi-Dose, Inc. Announces NEW MPB™ Multi-Purpose Blister
Nov 13, 2017 OmniSYS Announces Strategic Partnership with PerceptiMed
Nov 02, 2017 Contec, Inc. Recognized as One of America's Healthiest Organizations by American...
Nov 02, 2017 Introducing Apexus as a Thought Leader in 340B Drug Pricing and Education
Oct 31, 2017 Medicine-On-Time and Clinical Support Services Announce the Formation of Star MT...
Oct 26, 2017 Hackensack Meridian Health Expands Contract with Omnicell for Medication Managem...
Oct 26, 2017 iMedicare and American Associated Pharmacies Partner to Help Independent Pharmac...
Oct 25, 2017 Medi-Dose, Inc. / EPS, Inc. Announces Expanded Line of Resealable and Ultraviole...
Oct 25, 2017 Riverside Medical Center Selects Omnicell's Medication Management Solutions to E...
Oct 25, 2017 Kinney Drugs 1st Patient-Centered Pharmacy Home™ Accreditation Recipient
Oct 24, 2017 Dana Rafferty Named Akro-Mils Executive Director of Sales and Marketing
Oct 23, 2017 Medi-Dose/EPS Announces TampAlerT® Tamper-Evident Cap for ENFit™ Syringes
Oct 20, 2017 Phononic Honored by Goldman Sachs for Entrepreneurship
Oct 19, 2017 Contec, Inc. Earns Working Well’s Platinum Recognition for Promoting Optimal W...
Oct 11, 2017 Smith Drug Company Names Associate Vice President of Strategic Accounts
Oct 11, 2017 FDS Achieves Pharmacist eCare Plan Level I Capability
Oct 11, 2017 CAM Commerce Goes Live with Cumulus Retail; New, Affordable Cloud POS
Oct 06, 2017 Frost & Sullivan Names Omnicell as Global Smart Hospitals’ Pharmacy Automation...

RXinsider Product Overview Videos