• Blog
  • Member Log-In
  • Contact Us
(800) 987-7386
  • Home
  • Why PDS?
  • Success Stories
    • Member Testimonials
    • Case Studies
  • Programs for Pharmacies
    • Membership
    • PDS do-it-for-you Solutions
      • PDSconnect
      • PDSfinancials
      • PDSreach
  • Resources
    • Finances
    • Operations
    • Team
    • Growth
  • Let’s Talk
  • Menu Menu
You are here: Home1 / All2 / How to Mine Your Pharmacy’s Database to Increase Sales
increase_sales_with_pharmacy_database.png

How to Mine Your Pharmacy’s Database to Increase Sales

October 29, 2015/0 Comments/in All, Pharmacy Growth Strategies/by pdsmarketing

 

What if you could find a brand new way to increase profits using the information you already have? Believe it or not, you can easily find sales opportunities by investing minimal time to mine your pharmacy’s database. Here at Pharmacy Development Services, we train our member pharmacies to use a program called Profitability Pathways. It is a system that shows the pharmacy team how to tap into existing niches based on specific disease states. With this program, pharmacy staff will learn how to anticipate patient needs and identify ways to convert low-profit patients into high-profit opportunities.

Step 1: Run Software Reports

To get started, you will need to use your pharmacy computer’s software to run seven different reports. Running all of these reports will allow you to confidently make decisions based on data, instead of a gut feeling or a guess. These seven reports include:

  • Highest Profit $ Drugs
  • Highest Profit % Drugs
  • Highest Profit Doctors
  • Highest Profit Insurance Companies
  • Top 20 Drugs Filled
  • Margin Over $40
  • Daily Money LOSS Report

You may find that your customers are looking for different items than what you thought you needed to focus on selling them. On the other hand, the data could reveal that a particular insurance company is much more profitable than you realized. The reports will provide data that can guide your next steps as a business owner.

Step 2: Look for Trends

You may find commonalities in your customer base that need further examination. Are many of your patients being treated for the same disease? Do you have a large number of geriatric patients? Do you have a high number of female patients? As you identify trends in your database, you have two options for determining growth opportunities – disease-based pathways or prescription-based pathways.

  • Option 1: Disease-Based Pathways

If you find that many customers are older, you may want to focus on diseases that typically affect aging people like arthritis or high cholesterol. Perhaps you have a much larger demographic of female customers and decide to concentrate on women’s issues like menopause treatment. Choose and create Profitability Pathways for popular diseases based on the services you provide. It’s up to you!

  • Option 2: Prescription-Based Pathways

Examine the most profitable prescriptions in the pharmacy and begin creating Profitability Pathways to increase the number of fills. You may find that a particular drug or group of drugs is extremely profitable and decide to focus on those instead of a disease. If you identify that a specific diabetes drug is extremely profitable for you, you may decide to focus on increasing sales in that area instead of focusing on diabetes as a whole.

After running reports and analyzing trends, you will be ready to move forward with new techniques to increase sales. By mining your database, you will be able to use solid data to identify patient needs. Your team will be able to recommend supplementary products, programs and services to support patient care and increase revenue.

Don’t miss the opportunity to increase customer trust, while simultaneously boosting profits. Are you interested in finding new ways to increase profit? If so, register for a free pharmacy business assessment now. PDS Business Advisors are available to help pharmacy owners discover new ways to improve their independent pharmacy businesses.

 

Tags: Independent Pharmacy, Pharmacy Data, Pharmacy Growth Strategies
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on LinkedIn
  • Share by Mail
https://www.pharmacyowners.com/wp-content/uploads/2017/08/increase_sales_with_pharmacy_database.png 125 600 pdsmarketing http://www.pharmacyowners.com/wp-content/uploads/2022/01/PDS-logo.svg pdsmarketing2015-10-29 08:27:462018-04-02 19:16:03How to Mine Your Pharmacy’s Database to Increase Sales
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

  • Financial Literacy for Pharmacy OwnersApril 11, 2022 - 10:59 am
  • Open Enrollment Best PracticesOctober 27, 2021 - 6:40 pm
  • pds super conferenceInspiring Speakers | PDS Super-ConferenceSeptember 17, 2021 - 11:57 am
  • A Pharmacy Owner’s Guide to Getting Started on Social MediaSeptember 15, 2021 - 11:17 am
  • What Does It Mean to Manage Inventory With Purpose?August 24, 2021 - 3:46 pm

Categories

  • All
  • Featured
  • PDS Super Conference
  • Pharmacy Compliance
  • Pharmacy Finances
  • Pharmacy Growth Strategies
  • Pharmacy Operations
  • Pharmacy Profits and ROI
  • Pharmacy Staff Development
  • Pharmacy Team
How we do it (link to pharmacy programs)

About PDS


Company Overview
Our Team
Careers
Press / Media
Podcasts

pds logo

Pharmacy Times SAP Seal

For Members


PDSadvantage
Training

PDS Events


Pharmacy Webinar Series
PDS Super-Conference
PDSspeaks
Event Calendar

Recent Posts


May 11, 2022/by Cynthia JeanInFeatured, Pharmacy Growth Strategies, Pharmacy Staff Development Tags:business growth, community pharmacy, diversification, Independant Pharmacy, Pharmacy Customer Service

Expanding Your Pharmacy’s Reach Through Point-of-Care Testing

April 18, 2022/by Cynthia JeanInFeatured, Pharmacy Growth Strategies, Pharmacy Staff Development Tags:business growth, community pharmacy, Independent Pharmacy, Pharmacy team

Four Strategic Trends Independent Pharmacies Need to Implement in 2022

April 11, 2022/by pdsmarketingInAll, Pharmacy Finances

Financial Literacy for Pharmacy Owners

View PDS Blog

Let’s Talk


  • (800) 987-7386
  • 1926 10th Avenue North #400
    Lake Worth, Florida 33461

Or Contact Us Here

Copyright © 2022. All Rights Reserved. Privacy Policy  |  Terms of Service
  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • Member Log-In
  • Careers
  • Contact Us
9 Steps to Optimize Pharmacy Staff Performance optimize_pharmacy_staff_performance.png bigstock-We-Are-Hiring-100011611.jpg 8 Mistakes to Avoid When Hiring New Pharmacy Employees
Scroll to top