Inventory Management for Pharmacy is Unlike Any Other
Inventory management for any retail business is a large piece of the “success” puzzle. There are many factors that go into inventory management for retail businesses, like – necessary stock, dead stock, and being out of stock. The factors that go into inventory management for pharmacy, are a little more complex.
Here are some examples:
Accurate forecasting: The shelf life of medications can determine the amount of product a store can carry at any given time. Shortages or overages can cause devastating results for not only the business, but for the patients, too.
A bottom-line: With pharmacy, exists DIR fees and low reimbursements. Errors made in inventory management can be extremely costly to a pharmacy business’ profits. According to Elements, “Every 1 percent change in an average pharmacy’s costs of goods can shift profits by 20 percent.”
Efficiency: Pharmacy inventory moves quickly. Inefficient workflows can create numerous obstacles or inconveniences for both your business and patients.
What are some ways you can do inventory management for your pharmacy?
You can set up your own system. If you are someone that is organized to the point where you can efficiently keep track of inventory counts, expiration dates, forecasting, and more, do it.
Most businesses cannot do that themselves efficiently—therefore, seeking an inventory management tool is necessary. Using a tool will not only track your inventory efficiently, but it will allow your employees to put their time and focus on the patients.
To learn more about our inventory management tool, Turn Rx, click here.