Insight Spring 2020

Spring 2020 | 16 Spring 2020 | 17 Tyler Daniel, Product Specialist - Integra Over the years, technology in pharmacy has advanced and its use will only continue to rise. Pharmacists have not only embraced technology but are now more dependent on software solutions, automation, and hardware to help manage an increasing number of patients. With an increased workload, an expanded role, lower reimbursements, increasing drug costs, and DIR fees, the need for data analytics is certainly clear. Big data is a term used to describe a large data set, but that amount of data can be quite overwhelming. What do you do with it? Well, that’s where data analytics come in. It’s the practice of taking big data sets and analyzing them to identify important business information. Pharmacies have always retained data – whether it be for record keeping or legal and regulatory means – but it wasn’t often used to benefit the pharmacy. Now, with the lower cost of cloud storage and enhanced technology, the focus is changing to how pharmacists can filter and analyze the data at their fingertips, using it to create action items and make timely business decisions. When you work in your pharmacy management system, you’re creating data. Every click. Every prescription filled. Every patient record updated. Do you know how any of it impacts the health of your business or patients? A Unified Data Warehouse Mevesi Intelligent Analytics can show you. Mevesi takes the data collected from an individual pharmacy or multiple pharmacy locations and compiles it into a central data repository in a cloud-based data center. This allows you to access the data from anywhere, which is a time- saver, especially for those who own multiple locations. There’s no need to log into each individual location to run reports. With just a few clicks, Mevesi gives you access to key data and countless ways to evaluate it. Filter, view, analyze, and compare your data with the following built-in tools: y y Dashboards : A high-level visual of your business performance that enables you to track trends. y y Scorecards : Quick comparable analyses of how your business and operations are trending. Track key performance indicators (KPIs) daily, weekly, monthly, and annually. y y Analysis Reports : Pre-built action reports that are rich in detail, which allow you to drill down into data. y y Customized Reports : Tailor reports to meet your needs; create them on-demand or automatically. And do it all without an IT expert involved in the process. Mevesi’s functionality allows for unlimited insights. The features make monitoring your KPIs and setting goals easier, which can result in increased revenue and productivity, but most importantly it helps to free your time to focus on what matters most – patient care. Patient Care Means Everything There’s so much value in providing quality patient care. Not only does it improve patients’ well-being and lower healthcare costs, but it’s simply the right thing to do. Mevesi can capture your pharmacy’s data and quickly show the proportion of days covered percentage to allow you to see not only patients who are below the 80% threshold but also those who could benefit from counseling and medication therapy management. You can also see high-copay prescriptions and high-cost prescriptions to help identify patients at risk for noncompliance before it happens while simultaneously reducing your capital investment of on-hand inventory. Stay on top of medication adherence. Run a report to see how many patients are non-compliant and by how many days. And from that same report, garner information on the potential revenue being lost by those patients not refilling their prescriptions. There’s Power in Knowing Data & Your Bottom Line Mevesi includes over 15 pre-built analysis reports. You can view data at a high level and then drill down to underlying pharmacy transactions that comprise this data. This allows you to identify red flags early and discover their root causes. For example, if you look at a third-party payer report and notice very low margins with a particular third party, you can identify drugs being dispensed under that plan with the lowest margins and then see how many prescriptions are being billed to that third party each month. Be made aware of negative margins but also ensure your positive margins are where they should be. Just because your profit is in the green doesn’t mean you couldn’t or shouldn’t be improving your bottom line. Know Your Data Every pharmacy can benefit from intelligent business analytics. Mevesi integrates seamlessly with QS/1 and Integra’s pharmacy management systems and is your chance to see your data in a completely new, different way. Mevesi