Reporting plays an important role in any pharmacy’s operations.
With the right reports, you gain valuable insights into your pharmacy's finances and operations and discover new ways to improve your business. In the process, you can strengthen your services and clinical care practices.
With so many benefits, it is no surprise that reporting is one of the most essential parts of running a successful business — but which reports should you be running?
Discover 10 must-run pharmacy reports and learn how your software system can enable you to run them with accuracy and efficiency.
Financial Reports
1. Accrual system sales report
The accrual system sales report allows you to see all transactions recorded in your pharmacy software system. This includes prescription sales, OTC and retail sales, and payments made by patients and third parties.
By running this report, you can identify product demand and payment methods, and adjust your business model accordingly.
2. Highest profit items
Grow your pharmacy’s finances by reporting your highest profit items.
Whether they be prescription medications or high-margin OTC items, you can use this report to identify the goods and services that make your pharmacy the most money.
In turn, you can have a better idea of which items to recommend to patients and which ones to promote in your marketing strategies.
3. Top 20 drugs filled
Aside from your highest profit items, keep tabs on the items that are highest in demand.
Running a report that lists the top 20 drugs your pharmacy fills can help you to keep your inventory levels high and remind you to order new stock on a regular basis.
This can be particularly helpful if your pharmacy has a med sync program.
4. Financial loss report
As you track your total sales, profits, and financial gains, don’t overlook your losses.
For your pharmacy to run as smoothly as possible, run a financial loss report to determine which goods and services are cutting into your profits and costing your pharmacy money.
When you do this, you can cut items from your inventory and use your resources elsewhere.
5. Third-party reconciliation report
A third-party reconciliation report can help you better manage incoming and outstanding third-party payments.
This report equips you to track the payment history of insurance companies and other third parties, including completed sales and starting/ending balances.
This can help you manage reimbursements and get paid in a timely manner.
Operational Reports
6. Inventory report
On the operational side of reporting, use an inventory report to keep track of your medications, supplies, and equipment.
Within this report, you can track how often you sell or dispense a particular item, schedule appropriate times to restock that item, and make sure that your patients never have to go without it.
7. Workflow report
Monitor the efficiency of your workflow with a quick and easy report.
A workflow report can determine the number of prescriptions your pharmacy fills, the time it takes to fill them, and which staff members complete which parts of workflow.
This can help you to break down each stage of your workflow, learn what’s slowing you down, and come up with ways to speed up the process, increasing your overall efficiency.
8. Customer count
To further improve your efficiency, keep a customer count.
With this report, you can find out how many patients visit your pharmacy on a daily, weekly, or monthly basis — including which days and times are most popular.
Knowing the fast and slow points of your workday can help you adjust your operations, saving certain tasks for times that are less busy and others for those that are busier.
In addition, a customer count allows you to see when and where business is lagging and develop strategies to keep a consistent patient base.
9. Staffing report
Keep tabs on your team’s performance with a staffing report.
This report can provide insight into how your pharmacists, technicians, and support staff are spending their time in the pharmacy and how your resources are being allocated.
This can help you adjust your workflow, fix any unproductivity, and maximize what you can accomplish at your pharmacy.
10. Most valuable patient report
Keep track of your pharmacy’s top patients, including frequent visitors, top prescription fillers, and recurring retail customers, in one convenient place.
An MVP report can calculate which patients do business with you the most, and can remind you to give them the best possible experience at your pharmacy.
In addition, it can help you to develop loyalty programs and come up with other ways to say “thank you” to those who support you the most.
Your #1 Reporting Resource: Pharmacy Software
Despite the critical role it plays in business, many pharmacies are overwhelmed with reports, finding that they take too much time and effort to run on a regular basis.
With the right software system, however, pharmacy reports don’t have to be difficult.
The top pharmacy systems enable you to run reports from right within your software, giving you the tools you need to collect, monitor, and adjust the data that is most important to your pharmacy.
From recording profits to reporting inventory, your software system can help you get critical insights that lead to real improvements and real results.
In addition to standard reports, the best software systems allow you to create custom reports, which you can easily edit, adjust, and run within the software at any time.
You can even set recurring reports and program them to be sent to your inbox on a regular basis.
The custom reporting capability allows you to create reports tailored to your specific needs in the same quick and easy way as standard reports, and helps you to come up with more personalized solutions for your pharmacy.
Conclusion
With a bit of help from your technology, you can run pharmacy reports with a breeze.
To explore more features in your pharmacy software system, read our blog. And, to compare software systems and select a system that you can count on, look to our Compare Software page.
With the right software, you can run the right reports and get the information most important to your pharmacy.
