Powerful Data Analytics
to Help Drive Performance
& Boost Rx Revenue
RxCOMPASS UTILIZATION PLAYBOOK: Your Step-by-Step Guide to Success
American Pharmacies and Freedom Data Services have partnered to bring you a groundbreaking business analytics tool that brings you the powerful business intelligence you need to improve your pharmacy’s performance and profitability. RxCOMPASS –– powered by FDS’ myDataMart –– is being provided at no charge to all APRx member pharmacies. All you need to do is sign up to take advantage of this groundbreaking opportunity.
RxCOMPASS identifies key dispensing trends, lost patients and income opportunities by analyzing dispensing data through your Pharmacy Management System. It also lets APRx review the aggregate performance of our membership so we can identify organizational strategies to improve your revenue and profits. RxCOMPASS is a state-of-the-art program with a level of detail and business analytics that is unavailable anywhere else in the marketplace.
The cost of RxCOMPASS is paid completely by American Pharmacies from its general revenue. Your rebate payments are not affected in any way by APRx providing you this program.
"This is a one-of-a-kind business tool that our members can use to improve their performance and profitability," APRx President Mike Gohlke said. "A pharmacy's data on dispensing, reimbursement and patient behavior trends is a tremendous resource that just isn't used enough to drive business decisions. RxCOMPASS makes it easy to harness that data and profit from it."
Every day, APRx and FDS will email enrolled pharmacies a Daily Performance Report, which is a basic snapshot of your pharmacy’s previous-day performance. You will also receive more detailed weekly and monthly reports by email that link directly to the myDataMart website so you can “drill down” into your data for more details and analysis. The DPR shows a daily summary for: Rx Revenue | Gross Profit | Opportunities/Low Hanging Fruit | Rx Sold at a Loss | Claims Paid at U & C with Comparison to FDS’ Calculated U & C. A weekly report details Refills on Time, while a monthly report displays Missing Patients, New Patients and your Five Star Compliance Scorecard for each claims adjuducation plan. You can Boost Your Revenue in 10 Minutes or Less using the refills on time report.
Powerful Data Reporting & Personalized Support for You
Powerful capabilities give you the ability to generate your own ad-hoc reports so you can analyze your performance metrics at a deeper level. Personalized support from FDS’ pharmacy-savvy analysts is just a phone call away. And your APRx Business Development Manager can advise you on how to make the best decisions with the powerful data that your reports provide.
Game-Changing Intelligence for American Pharmacies
RxCOMPASS gives APRx powerful tools to review and analyze the aggregate performance of all enrolled pharmacies so we can efficiently create and apply solutions to help grow revenue and profits for our members:
- Monitor reimbursements for the entire membership so we can act as needed on sourcing & reimbursements;
- Create performance benchmarks from aggregate data and provide individual analyses & insight for members;
- Assess total margin on reimbursements so we can maximize sourcing opportunities with our vendor partners;
- Measure overall profitability of insurers’ Rx plans; and
- Provide accurate, factual data in support of our legal & legislative efforts.
Eligibility & Enrollment
All active APRx stockholders who are 90% compliant with AmerisourceBergen are eligible to enroll in RxCOMPASS. To enroll, you will have to complete and submit:
- An amendment to the APRx member agreement authorizing release of your dispensing data to APRx;
- The FDS/RxCOMPASS enrollment form for each pharmacy; and
- A HIPAA compliance agreement for each pharmacy.
Your enrollment agreement is typically processed in the same week in which it is received by FDS; connection of RxCOMPASS to your pharmacy management system takes three days in most cases. FDS states that from the time that fully completed paperwork is submitted, most pharmacies should be loaded in the system within 5-7 days.
Starting March 3, FDS will conduct twice-weekly training sessions (webinars) for enrolled pharmacies. FDS will provide the training schedule to all newly enrolled pharmacies, and we will publish it as soon as it is finalized.
To enroll in RxCOMPASS, contact your APRx business development manager today.