Running a Modern Pharmacy: 5 Best Practices for Inventory Management
Pharmacies often incur financial losses if they do not manage their inventory effectively. New practices could improve the way the pharmacy operates and prevent them from having huge overstocks of outdated medications. They can also keep high-demand items on shelves and maximize their earning potential. With the right practices, pharmacies could optimize sales and increase their profitability quickly.
- Use an Automated Inventory Management System
Automated inventory management systems provide fast information for the pharmacy. The features include alerts that let the pharmacist know whenever the supply of a medication is low. They can review the sales for each medication and determine if they should reorder it in the future.
The pharmacy can also track the quantity of each medication and how often the medication is prescribed. These are great features that decrease losses and ensure the pharmacy has all medications prescribed to their patients. Pharmacies can learn more about Pharmacy Automation Solutions by ARxIUM by contacting a vendor now.
- Order Products Regularly According to Demand
The pharmacy must order their medications and products according to the current patient demand. The orders prevent the pharmacy from running out of key medications and products that sell regularly. They can use the automated system to send orders to their suppliers easily and quickly. By getting updates about their products, the pharmacy can streamline the way they place orders and avoid overstocking items they do not need.
- Slow Orders for Products That Are Rarely Used
By reviewing information about their medication inventory, the pharmacy can slow down on orders that include medications that aren’t prescribed as often. If the patients rarely need the medication there is no point in ordering it just to let it sit on the shelf until the medication expires and is no longer viable. They can decrease the orders and get only products they need on a daily basis.
- Decrease Existing Inventory
By decreasing their existing inventory, the pharmacy will not incur losses because medications have expired. It is important that they have protocols that require the staff to shift older medications to the front so the medications are used and not wasted. If the new orders come in and older medications are in the back of the shelves, they will expire, and the pharmacy will have to dispose of the medications. Under the circumstances, they may not get full credits from their suppliers if they try to return the items.
- Set Up Protocol for Receiving Incoming Medication Orders
When new orders come in, the pharmacy needs protocols for entering the new inventory in the computer and updating the quantity of each medication. If the staff doesn’t complete these updates, the management system will not have accurate totals, and it won’t show the correct amount of each medication. The staff should review the expiration dates for all existing medication when stocking the shelves and eliminate any outdated medication first.
Pharmacies need better practices for managing their inventory and placing orders appropriately. Automated inventory management systems could provide the pharmacy with exceptional benefits and prevent overstocking medications and health products. The right system gives the pharmacy accurate totals and improves practices to avoid higher quantities of medications that are rarely needed. The systems can also help the pharmacy maintain their inventory and better serve their patients.
