Using Data to Your Advantage
The Power of Good Neighbor Pharmacy
Good Neighbor Pharmacy members have a number of reporting options right at their fingertips—reports that enable them to home in on specific opportunities to optimize their business. This includes analytics with claim-level detail showing reimbursement and average profit-per-script data, patient and prescriber data, performance ratings, adherence ratings and front-end sales data. While these resources can help a pharmacy refine their business practices and improve their efficiency and/or profitability, pharmacy owners may not have the time, interest or expertise to analyze the data, identify the opportunities and craft a plan for improvement. And sometimes it simply comes down to not knowing where to start.
That’s where our coaches come in
Drawing on their expertise, the Good Neighbor Pharmacy business coaches can analyze the data, address obstacles and work with the pharmacy to build a custom action plan aimed at improving those areas of opportunity. They can also tap into the successes of more than 2,000 other independent pharmacies across the country and apply those best practices to the business.
And that hasn’t changed as we continue to work through these extraordinary times. Even in a remote setting, our coaches are still working hard to help our pharmacies and provide invaluable guidance. Instead of meeting quarterly, coaches are connecting with their pharmacies as needed, increasing their contact to twice each quarter. We recognize that many pharmacies may need more frequent contact, even if their phone calls or video chats are shorter than their typical in-person meetings.
As pharmacies face new challenges, our coaches are pivoting to find creative solutions that address their evolving needs. For example, when the pandemic prevented patients from going into stores, coaches immediately began strategizing with their pharmacies to maintain patient connections while safeguarding the community. They helped implement or enhance delivery and curbside services with front-end menus and companion sales, emphasized social media and prescriber outreach to get the word out and stay in touch, and refocused attention on med sync to boost patient adherence, delivering personalized care even if it wasn’t physically in the pharmacy.
Results so far this year
Among Good Neighbor Pharmacy members actively working on the following initiatives with their business coach this year, many have made substantial gains.
- Increasing front-end sales: The average increase in total front-end sales was $26,219
- Reducing inventory: The average reduction in inventory on hand was $52,000
- Improving profitability: The average increase in cash margin was $4.18
What our members think
When we surveyed our members this past June about our Business Coaching program:
- 89% of respondents said the program made it easy for them to get the business insights they need to run their pharmacy
- 91% of respondents reported a positive experience with their business coach
It was great having our work-from-home Skype meeting. I thought, “What could you possibly have to say that I don't already know?” But my coach had plenty to say! I’m amazed at what we went over and the things we still need to work on. Meeting from the comfort of my own home was not only relaxing, but far more helpful. When I’m at work, I have one ear on my coach and the other ear on the background noise of what’s going on in the store. This was 100% better for me. No distractions! I was able to listen, take notes and actually remember the things we discussed. It was a much more efficient use of my personal time and much more productive. In fact, it was one of the best meetings I have ever had! Thank you for always being so helpful.
We have seen great year-over-year growth with regards to OTC sales, as well as pharmacy sales, thanks to the guidance our coach gave us on how to improve cash pricing. Once we were able to make some changes on our pricing structure, we noticed much fewer overrides and improved margins. We have also been able to make in-roads on adherence given the feedback we received from our coach. In a world where you feel like you are losing battles to PBMs on a regular basis, it’s good to feel like we have control on many fronts now, improving cash flow and efficiency in the pharmacy.
I have been an AmerisourceBergen customer for 32 years. I had noticed my revenue was steadily decreasing due to an increase in PBM scripts and DIR fees, so I decided to sign up for the Business Coaching program this year, even though I had my doubts about it. I would like to say that I was wrong. My coach started running numbers on my pharmacy and it was an eye opener. I’m now able to see which doctors are my best writers, which drugs are my best movers and numerous other pharmacy measurements. I have also been able to focus on the DIR scripts to help my bottom line. DIR fees have gone down and my pharmacy is now a leaner, more-money-making operation.
If you’re interested in leveraging the full power of our Business Coaching program, fill out the following form and a Good Neighbor Pharmacy representative will get in touch with you as soon as possible.