The Three E's of Pharmacy Success

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9 min read
The Three E's of Pharmacy Success

Like all pharmacy owners, you understand the importance of running an efficient and profitable business while also providing excellent service and care to your customers. However, achieving these goals can be challenging, especially with increasing competition and evolving customer expectations within the industry. To succeed, it's essential to focus on the three e's: Efficiency, Engagement, and Earnings. 

Efficiency: 

Efficiency is crucial for any business, but it's especially important for pharmacies. With hundreds or even thousands of prescriptions to fill and manage every day, you need streamlined processes and workflows to ensure that everything runs smoothly. An efficient pharmacy not only saves time and money but also ensures accuracy and reduces the risk of errors. 

Engagement: 

Engagement refers to how well you connect with your customers and build lasting relationships with them. In today's digital age, customers expect personalized and convenient experiences from their service providers. Therefore, it's essential to engage with them in a way that meets their expectations and builds trust. 

Earnings: 

Finally, earnings are the lifeblood of any business. Without profits, you can't sustain your business, invest in growth, or provide the best possible service to your customers. However, maximizing earnings while also maintaining high levels of efficiency and engagement is easier said than done. 

This is where Transaction Data Systems (TDS) comes in. TDS offers a range of pharmacy management solutions and clinical applications designed to help pharmacies achieve the three e's.  

TDS Efficiency in Action  

    • The Rx30 Pharmacy Management System is designed to improve the efficiency of pharmacies by streamlining workflows and processes. It provides a user-friendly interface for managing prescription filling, patient data, inventory, and billing. The system enables pharmacies to process prescriptions faster and more accurately, reducing wait times for patients and improving customer satisfaction. Additionally, it allows pharmacies to manage their inventory more efficiently, ensuring that they have the right medications in stock when patients need them. 
    • The Computer-Rx Pharmacy Management System focuses on efficiency. It provides a range of tools to help pharmacies automate various tasks, such as prescription processing, refill reminders, and claims management. This reduces the need for manual data entry and frees up pharmacy staff to focus on more complex tasks, such as patient counseling and medication therapy management. The system also offers inventory management features, which enable pharmacies to optimize their inventory levels and reduce waste. 

Engage the TDS Way  

    • PrescribeWellness is a patient engagement platform that improves patient outcomes by increasing medication adherence and improving communication between patients and pharmacies. The platform enables pharmacies to send automated refill reminders and other medication-related alerts to patients via SMS or email. It also allows pharmacies to offer medication synchronization programs, which help patients to align their medication refills and reduce the number of trips they need to make to the pharmacy. Additionally, PrescribeWellness provides a range of additional features that enable pharmacies to engage with patients and build stronger relationships. 
    • Interactive Voice Response (IVR) enhances patient engagement by providing patients with an automated telephone service that offers prescription refill options and access to pharmacy information. This solution encourages patients to stay connected with their local pharmacy. The user-friendly nature of the system, along with the ability to customize it to include specific pharmacy information, such as store hours and location, makes it easier for patients to access the information they need. The system can also remind patients when their prescriptions are due for a refill, which can improve medication adherence and ultimately lead to better health outcomes. All of these features work together to create a more engaging and patient-centric experience for those who use the IVR solution. 

Increase Earnings with TDS 

    •  ReconRx is a reconciliation program designed to work with pharmacies utilizing a variety of software vendors. The solution offers reports on DIR fees, transaction fees, and other adjustments implemented by third-party payers, as well as end-of-month and end-of-year reports on total AR and total amount reconciled. ReconRx enables pharmacies to recover missing money to ensure their profits reach their full potential.  
  • Opportunities Now:
    • Opportunities Now is a Patient Engagement Center platform enhancement that provides paid clinical opportunities directly to pharmacies. This feature allows pharmacists to access more paid clinical opportunities than ever before, thus diversifying their revenue streams. TDS has provided over $20 million in clinical opportunities to pharmacies in 2022 alone. With Opportunities Now, TDS connects payor and pharma programs to enhance patient care and provide profitable patient care. The program is fully integrated, offering all clinical opportunities and eligible reimbursements in one easily accessible, central solution. This solution represents a significant step in delivering comprehensive, reimbursable care in the pharmacy setting that truly diversifies revenue for independent pharmacy businesses. 

The three E's - efficiency, engagement, and earnings - all work together to make your pharmacy successful. When your pharmacy is more efficient, it frees up your pharmacists and staff to engage with your patients. Engaging with your patients allows your pharmacy to build long-lasting relationships and trust, providing you with the opportunity to offer additional clinical services like vaccines, MTMs, and other services that generate additional earnings for your pharmacy. The additional earnings to the bottom line enable your pharmacy to expand its services, which in turn benefits your patients, and the cycle continues.