Figure 2 – Real World Retail Buying Compliance View
A good manager always monitors their performance regularly so that they can adjust quickly when things are not as they should be. It has been accepted practice that reviews should be carried out once a week in the FOS and many carry out reviews at least once a month in Rx, best practice is once a week in Rx too.
In Rx you need to check your number of items in total, and by store in a multistore business. You should be doing your best to work out your sales & margins and compare against budget and the same time period last year. You should check your loans and a host of other categories of claims.
To do this takes a number of different reports and somehow you need to bring them together. This is where rwr can help you save time by generating
> that payments are generally under what has been dispensed and there are many reasons for this. The BSO has a system and rules for filtering scripts that are difficult to read and rules to pick out exceptions.
Generally these result in the correct payments but not always, a small percentage of issues can represent a lot of money to you. As a rule of thumb, more than half of the underpayments are due to problems around the way items are handled by you on your dispensing system due to “finger problems”. For instance, pack sizes are incorrectly entered on the system and broken packs are not treated correctly.
So how can analytics help here? On the rwr solution we use the BSO’s payment reports and we match their
2D Barcodes with the 2D Barcodes on the BSO Payment Summaries. The ones which match 100% we hide, and we look at the high level views of the ones that don’t match and drill into these as required. It is too early to say what the return will be for a typical pharmacy in NI but it will not be insignificant and well worth your time now that you can get to the truth easily.
If you are in the head office of a chain you are probably throwing away £2,000 to £6,000 of medicines per store per annum that have gone past their sell by date. If you have your stock live then this may not be the case but few have accurate live stock. In rwr we have a module to identify slow moving items in one store and deal with them accordingly. Not only does this module reduce this shrinkage
Figure 3 – Real World Retail Sales by Dept in FOS
but it also can reduce the size of your monthly order which effectively puts cash in your bank.
So where are you going to get the time to do all this extra work?
these automatically as visualisations. You have the same job to do in the Front of Shop where slow moving stock can tie up cash and sales and margins can suffer from having the wrong items. See the visualisations for some more examples.
To continue the oil analogy, we are probably at the pioneering stage of prospecting and refining oil. In England and Wales where the NHS publish all the claims data publicly we can match this with geolocation which produces very valuable insights into where prescribers scripts are going.
Additionally you can see what other pharmacies and practices are doing around services which produces valuable business insights.
Angela Ahrendts the VP of Retail in Apple and ex-CEO of Burberrys said “Consumer data will be the biggest differentiator in the next two to three years and not just in our sector. Whoever unlocks the reams of data that we’re all collecting on consumers and then uses it strategically, will win.” – Substitute the word Consumer for Patient and this is where we believe the value of your data will surpass £10,000 to £20,000 profit per annum per store.
Link to article by Forbes re refining data to make it useful.
http://www.forbes.com/sites/perryrotel la/2012/04/02/is-data-the-new-oil/ n
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