What is online pharmacy metrics?
The knowledge of metrics is very important to understand in order to manage an online pharmacy business. To carry on a particular business, one needs to take care of these measures of business. Learning about the metrics is a very simple process and training is provided to new pharmacies. There are some framed metrics which are required to run a pharmacy business online and to maintain the sales structure of a company. If you cannot understand the sales structure, it is going to be very hard to make a profit in the business.
Keeping the records of refills and new prescriptions:
It is important to keep the record of old and new prescriptions as it helps to decide the profit margin of the business. The refill prescriptions include the customers who are repeating their purchase again and again, which includes an increase in popularity of a store. While, the new prescriptions include the new customers, who are making their first purchase from the store and which also indicates the growth of the customers.
Keeping hourly count of the sale of medications
The application of a metric can be practically done when you keep a count on the sales of the pharmacy products per hour. Nowadays, the technology has developed a lot but the easiest way to do this is by keeping the record of all online pharmacy drugs sold per hour in the store. By doing such a calculation, you can keep an average record of the sales per hour which will help to eventually help to determine the annual profit.
Maintaining Pharmacy revenue
The revenue count generally depends on the marginal income of online drugstore. Comparing the income of every month, it is the responsibility of the manager of the online drugstore to increase the sales. Otherwise, it will be very difficult for the company to meet the regular expenses such as the salaries of the employees, services and much more. If the revenue count of the business does not increase at a continuous rate, it indicates that the business is not doing any profit at all.
Pay through cash or insurance:
If the customer has an insurance to support their health issues in case of any accident then the insurance company is bound to provide a certain amount of benefit to the patient. Almost all the expenses will be covered by the online pharmacies including the medication. In this case, the store needs to accept the insurance card from the customer along with a bill to be paid by the insurance company. While in other cases, some customers make cash payment where there is no need to prepare any type billing. Though comparatively, a number of cash payments remain more than that of the insurance payments.