Top KPIs to Monitor During 60 Day Dispensing

Top KPIs to Monitor During 60 Day Dispensing

Community Pharmacy  is a resilient industry and over the years you have had a lot of challenges thrown at you and boy have you battled hard for your community; for all Australians. Unfortunately, another obstacle has been thrown into the pharmacy landscape and your next challenge which will have a huge impact on your business and patients’ welfare is to commence on 1 September 2023; 60 day dispensing.

Pharmacies are likely to be impacted negatively through this policy and I want to share some insights on how you can keep track of your pharmacy’s performance through Key Performance Indicators (KPIs)

,

What do your patients really think?

,
What do your patients really think?

So much has transpired in my life over the past few years and  the most heartwarming change was my transition into motherhood and embracing the role  as a proud parent to my son, Harry (fondly referred to as Hazza around the office). During my maternity leave, my interaction with pharmacists took on a new dimension; something any new parent can easily relate to! The frequency of my visits to pharmacies undoubtedly surged and well, pharmacies became my new best friend.  These experiences have further expanded my knowledge so when I returned to work and started working with pharmacies and their marketing, my approach also evolved.

,

Budgeting for Pharmacy

,
Budgeting for Pharmacy

July has finally arrived which means the new beginnings of another financial year. One of my favourite things to do with a business around this time is to prepare an annual budget for the next financial year. We get to review the past year’s performance to see goals we have achieved, what worked and what didn’t work for the business and discuss challenges and opportunities that are occurring in the business. Particularly with 60 Day Dispensing impacting pharmacies in the 2024 financial year, it is vital pharmacies must have a good understanding of their profitability and cashflow and understand what measure they need to introduce to mitigate the impacts. It’s a great time to reflect and set goals for the business to focus on for the next year and to recharge the energy to regain momentum again.  

What are your 60 day strategies?

What are your 60 day strategies?

In the past, Community Pharmacy Agreements provided a sense of security for the community pharmacy industry, offering a clear outlook for the next 5 years. It allowed owners to grasp their business model, profitability, and cash flow, providing a foundation for continued funding from the banking system. However, the world of pharmacy is currently far from certain due to a hastily implemented, non-consultative policy by the Health Minister. Uncertainty now looms over numerous aspects of community pharmacy, leaving owners worried about their future income, cash flow, business worth, and overall sustainability. This uncertainty has cast a shadow over every facet of this vital industry, which plays a crucial role in community health.

Your Pharmacy's Income and Stability

Your Pharmacy's Income and Stability

We understand the emotions in the industry currently. Many are very concerned about the future of their businesses, given the potential impact of 60 Day dispensing and what we know (so far). Whilst we must continue with our best efforts to advocate to MP’s, we also need to focus some of our attention to your pharmacy as a business.

Acknowledgement of Country

Peak Strategies acknowledges the traditional custodians throughout Western Australia and their continuing connection to the land, waters and community. We pay our respects to all members of the Aboriginal communities and their cultures; and to Elders both past and present.

PRIVACY POLICY 

Legal

Cart (0)