This is all about your Monthly Dispensary Management Accounts, all Dispensary managers/Lead Dispensers/Dispensary Lead GP need to see what is happening money wise in the dispensary. We are currently working with several dispensaries and one thing we want to achieve is a way to track your dispensary accounts as simply as possible.
Firstly, take a moment to look at the image below:
Now some questions.
1 – Do you know what the difference between the “Cost of Drugs” in Fig 1 and the “Basic Prices” are in Fig 2?
2 – Do you know what the “Prescription Charges Collected” number means in Fig 1?
3 – Do you know what the “Paycodes” in Fig 3 relate to/mean?
If you know the answers to those questions then you are doing well and will be able to interpret the payment coming into your practice for the medicines you dispense and the prescription charges you collect.
I can’t stress enough how important monthly management accounts are to your ability to run your dispensary as a business.
Now the answers.
1 – The “Cost of Drugs” in Fig 1 is the actual payment into your dispensary for the drugs dispensed in October 2021; the “Basic Prices” in Fig 2 is the Net Ingredient Cost of the medicines you dispensed in October 2021 before Clawback and other factors are considered. These two figures may seem strange, but they are mathematically correct [depending on how accurate your monthly submission is]
2 – The “Prescription Charges Collected” number in Fig 1 is the amount of money held back for all those items you dispensed which you should have taken a prescription charge from the patient. This figure should be tallied against your internal process for recording Prescription charges paid to the practice and should be equal to that.
3 – The “Paycodes” in Fig 3 relate to the actual payment for the practice in Fig 1 i.e. only items coded in the full statement as DRGD relate to the actual payment into your practice for medicines and DRGDPF relate to payments for Professional Services such as the dispensing fees.
And so if you can record your payments in [Cost of Drugs and Professional Fees] against your spend out [Wholesalers etc] this will give you a running total of how well your dispensary is performing. But remember your December Payment relates to your October dispensing and is always behind by two months.
We have webinars to help you which can be found here:
Or for an informal chat on this email me via contact@dispensingdoctorexperts.co.uk
