How you manage your pharmacy inventory is crucial, and here’s why. It directly constructs patient care and the efficient operation of your pharmacy. Stick with the vital parts of your inventory and let go of the rest. This will not only keep your pharmacy more successful and financially balanced, but it will support the needs of your customers.
Care and Safety
When you have a well-managed inventory, it guarantees that essential medications are always in stock. It also means that patients can adhere to their treatment regimens without interruptions. It only takes one interruption to lead to missed doses, additional health complications, and more. When your patients receive the right medication prescribed in a timely manner, their treatment outcomes will improve.
Technology for Smarter Inventory Management
You can connect with customers one-on-one. Large chains can’t. Using technology to manage your inventory and optimize your purchasing decisions is very important. What’s more, the advanced systems can help you monitor your purchasing and dispensing data to make smart decisions. What you don’t want to do is rely on your staff for manual ordering. That introduces the risk of human error, which can make integrating automated systems into your workflow vital.
Generic Dispensing
Your profitability depends on generic drugs since they offer higher margins. It’s important to monitor our generic dispensing ratio and make sure the appropriate therapeutic alternatives are provided when possible.
Look for Compounding Opportunities
This dispensing niche can hugely enhance your pharmacy’s profitability. If you aren’t in an area with heavy Medicaid to help offset reimbursement challenges, compounding can be a feasible alternative.
A Member-Owned Company Serving Independent Pharmacies
PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy-side of their business. Founded and run by pharmacists, PBA Health serves independent pharmacies with group purchasing services, wholesaler contract negotiations, proprietary purchasing tools, and more.
An HDA member, PBA Health operates its own NABP-accredited warehouse with more than 6,000 SKUs, including brands, generics, narcotics CII-CV, cold-storage products, and over-the-counter (OTC) products — offering the lowest prices in the secondary market.
