Pharmacy data mining is the systematic process of extracting the raw data from the data warehouse and converting it into an information format that is easily digestible for decision makers.
The information acquired from the pharmacy data mining process can be used to find patterns in the large pharmacy data sets. Pharmacy data mining has been used by individual pharmacies, large chain pharmacies acquiring other pharmacies, and retail pharmacies to make informed decisions.
Two Point creates custom reports based on the information gathered from the pharmacy data mining process. These reports can be requested by pharmacies who are looking to acquire other pharmacies. Pre-acquisition reports can be leveraged by potential buyers to determine the value of the pharmacy acquisition.
Two Point will extract the data from the seller’s pharmacy system to generate the pre-acquisition reports which will provide valuable information such as script history, prescribers, and customer information. Pharmacy buyers can request specific reports with customized specifications in order to make information decisions based on their requirements for purchase.
Pharmacy data mining can pose potential challenges for pharmacies. Two Point’s purpose is to mitigate those challenges and risks to provide valuable, reliable reports.
The first common challenge comes from the data itself. Large pharmacies and pharmacies with multiple systems, often have unstandardized data. Unstandardized data requires a more detailed approach to pharmacy data mining. The data must be pulled from multiple sources followed by additional information cleansing in order to verify the information with the same properties is classified accordingly during the reporting process.
The second most common challenge is in relation to the knowledge of the pharmacy data. Oftentimes, pharmacy owners are not completely familiar with all of the pharmacy data that is potentially no longer accessible. Therefore, we make sure to include all necessary information in the reporting documents provided to ensure a full picture of the pharmacy’s decision driving information.
The benefits of pharmacy data mining can be endless. The information extracted from the pharmacy data system can be utilized to determine revenue opportunities, cut costs, and even increase patient care and satisfaction.
Additional benefits include answers to questions such as:
With this knowledge, pharmacists can increase work efficiency, their decision making quality, and marketing effectiveness. Whether data is spread across several databases or contained in a single file, Two Point has the experience to extract the necessary data required to develop effective reports.
Below is a list of our most frequently asked questions regarding our pharmacy data mining and reporting to assist in the research and planning phase of your data mining project.
No. Only aggregate level data is provided.
Our pharmacy data mining process is complex in nature and requires a variety of additional steps depending on the specific parameters requested by the client for data reporting.
Two Point follows strict privacy standard requirements set by HIPAA to protect the privacy rights of pharmacy patients. Internal pharmacy data mining reports can include PHI but are not necessary unless requested by the pharmacy.
External reports requested for pre-acquisition decision making protects the rights of patients by excluding PHI based on its lack of necessity to make informed decisions.
At Two Point we understand the importance of getting answers to your questions as soon as possible to be able to quickly make better business decisions.