Pharmacy Daily | In God we trust – all others bring data

Over the past few weeks I have outlined the importance of timely financial reporting in pharmacy. The key to it all is the relevance of the data and its accuracy. We live in unprecedented times. The signing of the 5th CPA signifies the first Agreement where remuneration to pharmacy is decreasing in real terms. Add to this the price cuts to molecules coupled with the heightened level of competition in the market and we have a volatile environment. Today our lives are run by data whether we like it or not. It is no longer acceptable to operate the pharmacy based solely on how many scripts you did in a day or how much cash is in the bank. The survival of your pharmacy is solely dependent on how many customers you serve, whether you provided an outcome for them and therefore whether they return (i.e. did they value what you gave them). Each of these determinants for survival can be measured using the data in the pharmacy. Without the data you won’t be aware of what the customers are doing. It is imperative that you start recording the information so that you can report on it, manage it and change the business model if needed. We all have a vested interest in making sure pharmacy survives (albeit it in a changed format) and that pharmacists can manage the level of debt they are currently incurring. Financial statements and tax returns are what accountants do, but the systems we have developed at JR Pharmacy Services allow us to help pharmacies collate and manage the data. This of course will allow them to survive and compete. This week’s contributor is Norman Thurecht from JR Pharmacy Services. Norman Thurecht is an expert in pharmacy finances, having been with JR Accountants’ Pharmacy Division since 2003. More info nthurecht@jr.com.au.

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