From Keeping Score to Driving Results with Data
Pharmacies are collecting increasingly greater amounts of data about their operations, customers, and the results of strategy implementation. But how you go from simply collecting data to using it to drive growth?
In the first part of this blog series, we discussed how establishing clear project criteria, together with a prioritization roadmap, leads to early project wins and faster returns on digital investments. In part II, we will look at how pharmacies are using insights gained from predictive analytics, data integration, regulatory compliance, and mobile analytics platforms.
Download the white paper, The Digitally-Driven Pharmacy: 8 Proven Elements that Maximize IT Project Value and Accelerate Transformation
Data has the potential to transform how your pharmacy makes informed decisions, and those insights can be used to drive growth in key areas:
|Streamline workflows||Medication adherence||Reduce costs|
|Synchronize systems||Regulatory compliance||Increase sales|
|Process efficiency||Improve patient outcomes||New revenue streams|
The following four examples show how to improve data practices to drive revenue growth, ensure regulatory compliance, streamline integrations, and leverage analytics tools for your workforce:
1. Predictive analytics in RCM: detect bad debt before it occurs
From predicting equipment failure to forecasting customer churn, predictive analytics enables pharmacies to uncover new revenue opportunities and enhance business processes and customer interactions.
When applied to RCM, for example, predictive analytics and machine learning can lead to long-term cost benefits. As part of a larger digital transformation for a Fortune 100 pharmacy, AgileThought developed an intelligent early warning system that detects potential bad debt scenarios before they occur, greatly reducing financial risks.
- Tens of millions of dollars in year-over-year cost savings
- Faster reporting
- Reduced bad debt
- Reduced financial risk
2. Mobile analytics platform: empower sales teams to increase market share
Facing fierce competition and shrinking margins, pharmacy organizations are looking for an edge – and gathering data into a single platform, with real-time analytics, empowered a pharmaceutical organization to improve sales.
Leaders wanted to modernize processes by providing sales reps on-the-go access to information and insights to maximize their meeting time with physicians. The mobile analytics platform offers real-time access to product analysis, sales management, and prescription analytics.
Instead of relying on manual spreadsheet reporting, the mobile app allows sales teams and leaders to use data to its full strategic potential.
- Accessibility – housed on an intuitive mobile app, the platform helps the sales team while in the field, in real-time
- Greater process efficiency – report creation is 600x faster than competitor tools
- Increased sales effectiveness – customized insights allow reps to deliver more value in face-to-face meetings
- Improved sales performance – reps have clearer lines of sight to pursue opportunities and close deals
- Ultimate data utility – analytics used by 98% of sales reps
3. Data integration: streamline processes and improve patient care
Disparate data systems create costly inefficiencies that waste time and resources while increasing the likelihood of error in patient medical records. A post-merger integration, streamlined by a team knowledgeable in both pharmacy technical and business processes, led to more structured and useful data for a major US PBM.
As part of the M&A process, this PBM gained over three million new patients (with each patient having up to up to 20,000 records), and decided to integrate all patient data into their existing ERP. In partnership with AgileThought, the team extracted logic from a system transfer process to create an automated ETL migration framework that accelerated the project timeline. All sensitive patient information was successfully migrated between disparate systems in only eight weeks.
- Streamlined processes
- 8-week migration of over 3 million patients
- Improved patient care via additional process improvements
- Caused zero disruptions to operations and patients
- Increased data utility for users at all levels
4. Regulatory compliance: fast ICD-10 transition reduces risk
ICD is a critical aspect of compliance for pharmacies: codes are tied to patient records, hospitals, and pharmacy manufacturers, while updates impact sensitive areas such as dispensing, claims, and billing. If an organization did not update its systems, they would face government financial penalties and also dangerously impact patient care. AgileThought guided a leading pharmacy organization through a nine-month transition to ICD-10. Clean analysis and design optimized and accelerated delivery while avoiding complicated diagnostic issues that could negatively impact revenue cycle, patient services, or operations.
- Project workflows optimized due to parallel work schedule
- Created system fail-safes & maintained compliance
- Zero disruption to patient services or processes
- ICD-10 transition completed within 9 months
A Note on Compliance:
Compliance is an essential component to every pharmacy IT initiative. Anything that touches prescription data or patient profile information will likely require review and approval. Compliance involves A) handling data from a HIPAA standpoint, and B) adhering to client internal control standards. Many of our clients have a robust testing and certification processes to ensure our teams are compliant to be working on their network.
Transform Your Data into Business Insights
As your pharmacy starts to link and mine the data collected in different technical and organizational silos, you’ll uncover opportunities make better real-time decisions and drive financial and operational growth. Taking this next step with your data is also one of the eight elements that help ensure your IT investments create value and accelerate your digital agenda.
|“Data-driven organizations are 23 times more likely to acquire customers, 6 times as likely to retain customers, and 19 times as likely to be profitable.”
-McKinsey Global Institute
Get the White Paper: The Digitally-Driven Pharmacy: 8 Proven Elements that Maximize IT Project Value and Accelerate Transformation