How RWA Independent Multiples Outperform the Industry
Now that the 2018/19 NHS Year is complete we can compare our RWA group performances against the industry.
*As reflected in the attached infographic, RWA groups consistently outperform the rest of the multiples.
Working in any innovative business you are likely to find committed people, with a strong belief in their product. It’s also likely to have a strong customer focus with regular meetings to look at ongoing improvement of product and service levels. We wanted to go a step further and use our data skillset to examine not just how our customers felt about working with us, but how much value we added to their business.
For those who don’t know us, we work across the UK with independent pharmacy groups, taking data from a range of sources on their business performance. We then crunch those numbers and turn them into a structured system of reports and actions to help them get to the next level in terms of workflow, revenue growth and payment capture.
Using publicly available data – we could directly compare the position of our customers with all other operators in the market and get a “transparent” view of like for like performance.
We already knew the key metrics we’d be evaluating - the ones our customers had told us time and again were most critical to their business.
- Item growth (the bread and butter of the pharmacy market – literally how many items your pharmacy dispensed this year versus last).
- Growth in services (where pharmacies are paid a fee by the NHS to deliver consultations and reviews to appropriate patients).
So what results did we get?
The results exceeded our expectations. Our groups had grown by almost 1% while at the same time the wider market was down 1.9%. They were thriving in the shrinking market and capturing market share. All the little actions we’d been helping them to take - focussing on nominating patients, tracking high value patients and identifying and re-engaging lost patients added up to an awful lot over the course of twelve months.
Next we looked at services. MURS are Medicine Usage Reviews – a consultation with a pharmacist to ensure your long term medicine is still correct for you and equally important that you are using the medicine correctly.I knew we’d see a good result here, but we knew some groups were maxing out their MUR target (400 per branch per year) without us, so I was expecting the gap to be slim – This was not the case.
RWA customers performed 70 more MURs than the industry in the NHS Year 18/19. At £28 per MUR, that is potentially £1,960 per year per branch. *See infographic
We also looked at NMS – New Medicine Service. For a busy pharmacy, these can be very tricky as the service is delivered via three separate steps – or “engagements” with the patient.Miss one and the patient doesn’t get the full service, and the pharmacy doesn’t get paid.
Visual easy to read reporting is crucial for NMS as the pharmacy can track engagements to ensure great patient care and increased revenue from NMS services.
In the same NHS year, the RWA customer average for NMS was 143 compared to the industry average of 78. A total of 65 more NMS which is potentially £1,820. *See infographic
Groups up and down the country are struggling to deliver these, and as we move to a services driven pharmacy model it’ll take time and a cultural shift across the industry to master what the NHS wants.
We’ve already been sharing these results with our customers – after all they have done much of the hard work achieving these results so well done to them.
Would you like to become part of our growing community and join the market leading statistic?
Contact Paul on 0808 1890 617