5 Must-Run Pharmacy Reports That Could Be Costing You Big If You’re Not Using Them

1. Patient Adherence Metrics

Medication adherence is one of the most important factors in improving patient outcomes. When patients don’t take their medications as prescribed, it can lead to worse health conditions, higher hospital readmission rates, and ultimately higher healthcare costs. However, many pharmacies fail to track patient adherence on a consistent basis. Without these reports, you miss out on identifying gaps in care and opportunities to improve patient engagement.

Pharmacy software often includes patient adherence metrics that allow you to track when patients pick up their prescriptions, whether they’re refilling them on time, and if they’re skipping doses. Running these reports regularly lets you monitor adherence patterns, identify at-risk patients, and reach out proactively to encourage them to stay on track.

In addition to improving patient care, medication adherence reports can directly impact your bottom line. When patients pick up medications on time and follow their prescribed regimens, they are less likely to experience complications that lead to expensive hospital visits or emergency care. If your pharmacy has medication synchronization services or delivery programs, adherence reports can help you fine-tune these services for better results.

2. Claims Reconciliation Reports

claims are accurately processed and reimbursed. If you’re not running claims reconciliation reports regularly, you may be losing out on revenue due to billing errors or denied claims. These reports help you identify discrepancies between what was billed and what was paid by insurance providers, ensuring you get reimbursed accurately for the services provided.

Reporting tools can show you trends in claim denials, identify areas where your claim submission process might be broken, and flag instances of underpayment. By reconciling claims on a regular basis, you can ensure that you aren’t leaving money on the table and that you’re getting paid for every prescription you dispense.

Running claims reconciliation reports also helps identify patterns in reimbursement rates, which can be crucial for negotiating better terms with insurance companies. Over time, you’ll gain valuable insights into which payers are more likely to approve claims, which treatments or medications tend to face the most denials, and how to streamline your billing process for better financial outcomes.

If you’re not reconciling claims regularly, you could be losing out on significant revenue due to billing errors or underpayments.

By addressing any discrepancies quickly, you ensure your pharmacy runs more efficiently, cutting down on costly administrative work and delays. Plus, it frees up your team to focus on patient care and other higher-value activities.

3. Clinical Services Performance Reports

Clinical services, such as immunizations, medication therapy management (MTM), and wellness screenings, can significantly increase your pharmacy’s revenue while providing essential services to your patients. But if you’re not tracking the performance of these services through reports, you’re missing the chance to maximize their effectiveness.

Clinical services performance reports offer insights into how many patients are engaging with your services, the types of services they are utilizing, and how much revenue each service generates. They can also highlight areas where you might be underperforming, such as immunizations or MTM consultations that aren’t being used as frequently as you’d like.

By regularly reviewing these reports, you can adjust your marketing efforts, staff training, and service offerings to improve patient engagement and increase utilization of these high-margin services. For example, if you notice that flu shot rates are lower than expected, you can increase promotions or set up reminder systems to encourage more patients to get vaccinated.

Additionally, clinical services performance reports can give you the data you need to refine your pricing and reimbursement strategies, ensuring that you’re receiving appropriate compensation for the value you provide.

Clinical services are becoming a larger part of the pharmacy industry, and pharmacies that fail to leverage data on their performance could be missing out on a substantial revenue stream.

4. Inventory Reports

Inventory management might seem like a routine part of running a pharmacy, but not tracking inventory data closely enough can cost you dearly. Overstocking can lead to excess stock sitting on shelves, tying up valuable cash, while understocking results in missed sales opportunities and frustrated patients. Without inventory reports, you can’t effectively gauge which products are moving fast and which ones are collecting dust.

Inventory reports provide data on stock levels, sales trends, and expiration dates, allowing you to adjust your orders accordingly and reduce excess inventory. These reports can also help you identify slow-moving medications or products that could be discontinued, ultimately helping you optimize your pharmacy’s inventory levels and prevent waste.

For example, if an inventory report shows that certain items are frequently out of stock, it may be a signal that you need to adjust your ordering process. On the other hand, if a product isn’t moving, you can use the report to assess whether it’s worth keeping on hand or if it’s better to phase it out.

By effectively managing inventory, you prevent wasted resources and ensure that you can fulfill patient needs without over-purchasing. An accurate inventory also leads to better supplier relationships and more accurate financial forecasting.

5. Prescription Dispensing Trends

Prescription dispensing trend reports can provide valuable insights into which medications are being prescribed most frequently, which patient demographics are utilizing specific drugs, and how your pharmacy is performing in relation to local and national trends. These reports help you understand the overall flow of prescriptions, identify patterns, and plan your inventory and services accordingly.

By understanding which prescriptions are in high demand, you can make smarter decisions about inventory, staffing, and patient services. Prescription trend reports can also highlight opportunities to engage with patients, offering personalized services or promoting related products based on their medication needs.

Prescription dispensing trends help you stay ahead of demand, ensuring you always have the medications your patients need while optimizing your inventory.

These reports also allow you to monitor the impact of medication adherence on prescription trends, as well as identify any potential issues with reimbursement or claims for high-volume medications. Over time, you’ll be able to use these trends to adjust your business model, improving patient care while increasing pharmacy profitability.

Don’t Let Critical Data Slip Through the Cracks

If you’re not running these essential pharmacy reports regularly, you’re leaving money on the table and potentially compromising patient care. Patient adherence, claims reconciliation, clinical services, inventory, and prescription trends all provide key insights that can help your pharmacy optimize its operations and maximize profitability.

By using your reporting data to its fullest potential, you can prevent costly mistakes, reduce waste, and improve service. With the right tools, you can ensure that every decision you make is backed by real-time, actionable data.

DocStation offers a powerful analytics platform that augments your pharmacy software, providing comprehensive RCM reports to drive your medical billing business forward. Get the most out of your data with DocStation today.