Everyone else is monetizing your pharmacy’s data; shouldn’t you be too?
The pharmacy data that independent pharmacies create daily is worth millions. Yet, pharmacy owners never see any of that money. Everyone else that collects and uses your pharmacy’s generated data sells it. What’s crazy is you even pay to send these companies your data, and they turn around and sell it on top of charging you.
What Happens To Your Pharmacy Data Now
Pharmacies generate data with every prescription. This data contains valuable information: who is prescribing, which medications, who is paying for them, what quantities and days supply, and much more. You might be thinking, who is the data valuable to? Most often, it is pharma manufacturers that are most interested in this information. There are other interested parties such as research firms, payers, and clinicians.
Switch companies are often the ones who are selling the most data. A switch is a company you sign up with that all your online adjudicated data goes to before going to the PBM. If you process your cash scripts online, they will have both cash and third-party scripts. This data is de-identified and turned into market-level data and then sold in bundles to buyers. With the traditional model, pharmacy owners don’t see any revenue for generating the pharmacy data.
Market-Level Pharmacy Data
You might be thinking, but what about HIPAA? The data that is helpful to companies isn’t patient-specific data. Instead, they are interested in market-level data. Market-level pharmacy data is the specific data related to the script, not the patient. This data can be freely bought and sold without worrying about violating any privacy rules.
A Different Way
DiversifyRx has been learning from Scriptera how you could benefit from all of this pharmacy data for several months now. Scriptera has created a new channel that gathers the market-level pharmacy data directly from pharmacies and sells it to the same pharma and research companies that your switch company and others sell to. This new channel that Scriptera created now allows pharmacy owners to generate revenue from their data!
Mailbox Money
DiversifyRx is all about helping pharmacy owners improve profitability. Often, before you can generate revenue, you need to invest in education, training, or technology to enable the revenue strategy. Thanks to Scriptera, you can now start generating revenue from your data with no cost or extra daily work. When you sign up to be a part of Scriptera’s network, you will get a percentage of your data’s revenue. There is no standardized amount that pharmacy data is worth, as different data has various price points. Some pharmacy data is more valuable than others. Either way, you have now created mailbox money for your pharmacy.
Legalities
Scriptera’s process is HIPAA compliant, complies with all your contracts, keeps your patients’ specific data safe, and helps boost your profits with no extra effort on your part. I have signed up my pharmacies for their service.
You can learn more or sign up with this document.
To learn about other strategies to help improve the profitability of your pharmacy, be sure to join DiversifyRx’s private Facebook Group or email us at [email protected].
