Easily Monitor Your Pharmacy's Performance

Reviewing reports is probably not your favorite part of being a pharmacy owner, however it is essential.

Monitoring financial and operational metrics is important because it provides valuable insight into your pharmacy performance. It allows you to easily identify what’s going well and opportunities to improve as well. You should review a variety of reports, including your:

• Accounts Receivables (including invoice turnover rate, aging and past due invoices)
• Gross Profit Margin & Rate
• Operating Expenses (including inventory and turnover rate)
• Payroll Expenses
• Prescription Fees, Costs & Volume (by prescription category)
• Sales (including total sales and lost return-to-stock sales per day/month)

It's important to review reports regularly, so you can quickly identify and address under-performing areas.

In most cases, reviewing reports monthly or quarterly is ideal. This allows you to monitor the effectiveness of your pharmacy's day-to-day operations, as well as the financial trends over time. Quickly responding to shifts in your productivity or profitability allows you to shift from "just getting by" to achieving long-term success.

The benefits that can be gained from these reports is substantial, so why don't pharmacies review them more often?

The answer is simple - time. Remembering to run various reports each month can be a challenge, especially when you are busy. That’s where Scheduled Reports can help, delivering essential reports right to your inbox automatically. To start, select which reports you want to receive. Next, you'll need to determine how often you'd like each report sent. Then, assign recipients to each report.

You can have reports sent to specific team members or external business partners (like your accountant) when needed. By using the Scheduled Reports feature, you save valuable time running and distributing reporting each month. Instead, BestRx does the work for you, ensuring you’ll never miss a vital report - no matter how busy you get!

To learn more about the BestRx Scheduled Reports feature, contact us online, or by calling (877)777-5758.