Inventory management is a big part of your pharmacy business. You don’t want to have too much cash tied up in inventory that is sitting on a shelf. On the other hand you don’t want to constantly be running out of stock and asking patients to wait an extra day until you can receive your next order.
Mr. Henry is at the counter, waiting on a refill for his blood-thinning medication while your fill tech searches through your stocked inventory. After several minutes she brings you a stock bottle with six pills in it, asking if you know if there is anymore. You take the bottle and check the shelves yourself, certain that you ordered more, but you come up empty handed. Mr. Henry isn’t exactly excited when you issue him a short fill and let him know that you’ll have the rest of his prescription in tomorrow, but he takes his medication and leaves.
Have you fallen victim to one or more of the 5 Common Pharmacy Inventory Pitfalls? Does your inventory count in your pharmacy software never match what’s on your shelf? Maybe it’s time to wipe the slate clean and start again.
Inventory management is an important aspect of your pharmacy business. It is tied directly with your profit margins through the amount of money you spend on medications and the revenue coming into your pharmacy through co-pays and cash payments. To keep on top of your profitability, the amount of stock recorded in your pharmacy software needs to be in line with what you have available on your shelves.
Correctly managing your pharmacy inventory can help you avoid over and under ordering. If you have too much of an item in stock, it may expire before you’re able to sell it all, wasting your space and money. Processing a prescription to find out you don’t have that item in stock, despite what pharmacy your management software has recorded, is an unpleasant surprise. This can hinder customer satisfaction with your business as well, if not corrected.