What Is an Acquisition Data Conversion?
March 13th, 2021
Find out what an acquisition data conversion is and its importance when buying a pharmacy in this post.
The pharmacy business in the U.S. is constantly changing. Many factors impact pharmacy buying and selling. Retail and independent pharmacies both make acquisitions. Sometimes they keep them open and rebrand. Other times they close the location and become the new provider to patients. In either situation, an acquisition data conversion is a necessary step.
In this post, we’ll define this type of acquisition and provide key insights for pharmacy transition services.
Defining an Acquisition Data Conversion
When pharmacies purchase another business, they have several considerations for patient data. Much of the time, that requires migrating the data from one pharmacy software to another. In either rebranding or closing, the buying pharmacy needs to convert the data to their system.
Data conversions in pharmacy are complex. It’s not a manual process but rather a programming exercise. The challenges often come from field mapping, unstructured data, 340B conversions, and drug pricing. Those are just a few of the migration issues.
Who Should Perform the Data Conversion?
To ensure a smooth data conversion, you’ll want to work with a partner that’s an expert in the field. Not just any data management company can pull off such a project. Those that are specialists in data conversion understand HIPAA compliance, have experience with many pharmacy systems and have standardized practices in place.
In choosing a data conversion company, look at their experience, workflows, and processes. You should feel confident that their work is accurate and compliant.
Should You Keep All the Data?
In most scenarios, you won’t convert all your data to a new system. Some of it may be outdated or inactive. However, you still must retain those records for a period of time legally. Instead of converting, you can archive pharmacy patient data. Using a cloud-based, secure platform enables access with less cost and burden on your software.
What Else Can You Do with New Patient Data?
Along with being able to access and use the patient data, there are other ways to use it. Those consumers need to know about the changes, and patient contact information is the key. You can send them branded letters that announce the acquisition and advise them you’re their new pharmacy. These communications can have a significant impact on patient retention.
Need Support for Your Pharmacy Acquisition?
InfoWerks helps pharmacies in transition, whether they are closing or rebranding. We offer a turnkey suite of pharmacy acquisition services, including conversions, archiving, and print and mail. Learn more about them today by downloading our pharmacy transitions spec sheet.