Pharmacy Performance Analysis

Why Get a Pharmacy Performance Analysis

Over the past 21 years many pharmacy owners download valuable PDS resources only to find that they do not know where to start. That’s why we came up with the Pharmacy Performance Analysis. This no-obligation analysis will provide you with an understanding of your pharmacy across four quadrants of your business, team, growth, operations and finances and eight key performance indicators within those four quadrants.

Our pharmacy performance analysis is a two-part process where we have a brief call with you to learn about your pharmacy and collect some data that you have readily available and then after an internal review we will have a second call to present to you the analysis of your pharmacy.

The Pharmacy Performance Analysis and the impact of the key performance indicators is yours to keep with no further obligation. This is another small way for us to fulfill our belief that independent pharmacies deserve to thrive…that you deserve to thrive.

If, after the presentation of the analysis, you are interested in learning more about PDS and what being a PDS member is all about, feel free to ask.

Pharmacy Development Services (PDS) is committed to serving the independent pharmacy industry and to fulfill that commitment, we provide valuable resources such as blog posts, webinars, and eBooks that anyone in our industry can read, download and begin implementation.

Whether you are a first-time owner, a 20-year veteran owning multiple stores, or a second or third-generation pharmacist, you will find these resources provide a positive impact on how you run your pharmacy.

Our blog started in 2010 with an article called 4 Ways Independent Pharmacy Owners Can Get More Referrals from Doctors, and we continue to publish relevant content every month. Some recent blogs are about Compliance Packaging, USP <800> and Marketing Your Pharmacy, all critical topics to succeed in today’s challenging marketplace.

We have been publishing eBooks for years with topics ranging from an ROI Blueprint to PBM Audits to Pharmacy Leadership. These eBooks are easily downloaded and provide you with the road map to implementation.

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What customers are saying about
Pharmacy Performance Analysis

With the help of PDS, we’ve been able to create a culture throughout our business that teaches our staff to be resilient and adaptable to change.

The one thing I know, as an independent pharmacy owner, we have to come together. We have to be strong. If we are not strong, these big boys, these PBMs, are going to kick us around and eventually we are not going to be here. PDS has done a great job forming those relationships and making us stronger.

It’s been life-changing for me as a business owner. I’ve always worried about the future and what I didn’t have control over. For the first time in a long time, I feel like I have more control.

Here are a few of the KPIs we will review with you in your Pharmacy Performance Analysis

  • Gross Margin Per Prescription (GM/Rx)

    When you track your gross profit per prescription, you’re measuring how effective you are at dispensing. You must keep tracking this measurement to spot the trends in your pharmacy so you know where to focus your efforts. Increasing your GP/Rx has a direct impact on your ability to pay expenses, the profitability of your pharmacy and, of course, your bottom line. Your Pharmacy Performance Analysis will tell you the ways to increase your GP/Rx and the opportunities you can leverage to sustain the growth.

  • Payroll Ratio

    The payroll ratio is a spending ratio, but it’s also an efficiency measurement. If your ratio is off, it could be a symptom of a number of issues at play in your pharmacy. Whether it’s the amount of people on your team or, most likely, how efficient each team member is, your Pharmacy Performance Analysis will help you determine where you stand against the industry goal and how to improve your number.

  • OTC$/Employee Hour

    Increasing your over-the-counter (OTC) sales increases your bottom line and therefore it’s important to measure your OTC dollars per employee hour. If you want to increase this number, you must have a strategy to get full team buy-in to improve efficiency. Along with calculating this KPI, your Pharmacy Performance Analysis will come with strategies you can use that will empower your employees to have a stake in improving OTC sales.

  • Inventory Turns

    If you want to run a leaner, more profitable pharmacy, you must start with your inventory. Most pharmacies have far too much inventory on their shelves and this is one of the biggest causes of cash flow issues. At a minimum, you should review your inventory turns annually. Your Pharmacy Performance Analysis will calculate your number, show you where you stand against the industry goal, and suggest strategies to find the right balance of inventory for your pharmacy.

Let’s Build Your Growth Plan Together

PDS has solutions that will improve your business KPIs and transform your pharmacy into a leaner, stronger, more efficient business that will elevate your patient care and your profits. We’re a team of experts who have your back so you’re free to have your patients’ back. As a pharmacy owner, you’re not alone in your journey to grow your business. Let us help you build your plan of attack.