Keeping an Eye on your Profit Margins

At Cost Effective Computers, we understand how important the financial side of your pharmacy is to you. Between complicated insurance plans and drug wholesalers, it’s important to make sure your business is thriving. Our QuickSCRIP Pharmacy Software offers numerous tools to help you monitor your profit margins, track your inventory usage, and improve customer retention.

The Dashboard

A new feature we are rolling out for spring of 2017, QuickSCRIP will be featuring an informative dashboard, which will open automatically on startup. This dashboard will provide crucial daily statistics about your pharmacy, allowing you to constantly be in the know about your prescription output. The dashboard will highlight information like:

  • New vs Refill Daily Totals – Compare new prescriptions to refills to see how much of your business is based on recurring prescriptions and repeat customers.
  • Payer Breakdown – This pie chart will show how much of your payment was made through Cash, Charges, Third Party Insurances or Medicaid.
  • Profit Margin Totals – A display that gives you your profit margins for the day.
  • Scrip by Scrip Profit Analysis – A list detailing all prescriptions that were filled, allowing you to see which ones were most profitable and which ones need your attention.

Please contact a Cost Effective Computers representative if you are interested in this feature.
More information on the Dashboard can be found here.

Daily Log High/Low Profit

One of the best ways to track your profit margins is built into the daily log reports that you already run. In addition to the usual information the log contains, we can also flag it to report on particularly low and high profit prescriptions.

By calling attention to your lowest profit scrips (a value you can customize), we can call attention to claims that have underpriced. This can allow you to catch and correct prescriptions with inaccurate prices or insurance companies that are paying below cost.

The high profit report is also very useful. By seeing what prescriptions are your most profitable, you can target your marketing towards those customers, encouraging them to return regularly for maintenance medications. Overly profitable claims can also be flagged for potential audit. This report can help you catch and correct these claims, saving you potential headaches in the future.

Information on these daily log switches can be found here and here respectively.

Web-Based Profit Reports

Additionally, QuickSCRIP now offers a high/low profit report that can be run for select date ranges. This report, in addition to capturing your low and high profit prescriptions, can also be exported into an HTML webpage, allowing you to sort the information according to your needs. This report can be used to find out what drugs (and especially what insurance companies) are helping your profit. You can also use this report to see what insurances have low and negative profit values, so you can adjust your claims accordingly.

This report can also be setup to be emailed automatically, keeping you up to date on your business flow.

Paid as Sent Report

A new report feature that we are rolling out is the Paid as Sent report. This report can be run from your F7 Report generation menu, and displays prescriptions filled by third party insurances. Prescriptions that paid exactly as much as you requested in your Usual and Customary field are highlighted in red, indicating that you might be able to bill more for these particular claims.

If this report is not available in your system, please contact us to have it set up.

Reports for Unused Stock

Drugs that go unsold waste money and space on your stock shelves. If you use QuickSCRIP to electronically track your inventory, you can run reports to see what drugs are going unsold, allowing you to return that stock to your wholesaler.

Instructions for running this report can be found here.

Quick Verify

Another useful tool for QuickSCRIP users is our Quick Verify program, a workflow tool that allows you to check all prescription information before dispensing the prescription. In addition to checking customer and drug data, it also displays financial and transaction data. This allows you to catch and correct low-profit prescriptions before they ever leave your sales floor.

Please contact a Cost Effective Computers representative if you are interested in this feature.

Manual Refill Queue / Scrip Syncing

In addition to reports and Quick Verify, QuickSCRIP offers tools to help you maintain customer retention. The Manual Refill Queue and Scrip Syncing programs help you group all your prescriptions together for easy processing, allowing you to provide the most convenient pharmacy experience for your customers. Additional features include allowing you to put scrips on hold for late customers or claims with insurance problems, and the ability to add notes to these scrips for your technicians.

Syncing not only increases your prescription filling by having your customers returning monthly, if you are able to fill these scrips on 28-day cycles, you can get 13  fills in a year.

The Manual Refill Queue and Sync programs not only help your customers with maintenance-medicine adherence, but these features also improve your insurance STAR ratings.

Instructions for using the MRQ and Scrip syncing programs can be found here and here respectively.