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.