Pharmacies grapple with some of the most intricate inventory management challenges in the industry. They cater to patients with chronic medical conditions while juggling stock across various departments and locations. Outmoded inventory management practices can result in failure to dispense essential products to patients. Moreover, the lack of visibility into stock levels leads to unnecessary orders and the risk of expired products.
Inefficient inventory management not only exhausts staff but also heightens the anxiety of not having crucial medications available for patients. To maintain competitiveness and effectively serve patients, pharmacies must go beyond merely employing electronic inventory systems. Best-in-class inventory automation utilizes advanced technology to revolutionize inventory management, optimize purchasing decisions, and unearth cost-saving opportunities.
THE COST OF INEFFICIENT INVENTORY MANAGEMENT
Many pharmacies undertake multiple physical inventories annually to ascertain their stock levels. This process proves disruptive, consuming valuable time and straining schedules already brimming with tasks. Relying on repurposed technology, such as a pharmacy information management system (PIMS), not specifically designed for inventory management, exacerbates the complexity of the process.
Some pharmacy professionals designate a staff member to track inventory needs. However, this practice can be taxing for the employee and problematic for the pharmacy if they depart or take a day off. Given the unique demands of pharmacy operations, the absence of specialized functionality further complicates inventory management. Although maintaining the status quo may seem convenient, pharmacies inadvertently create additional burdens for themselves.
The VMC Pharmacy Program & Buying Group collaborates with secondary suppliers and the SureCost platform. SureCost, a unified purchasing and inventory solution tailored for pharmacies, streamlines purchasing decisions and identifies cost-saving opportunities across their vendor portfolio. It interfaces with major wholesalers and the majority of secondary providers, offering enhanced pricing opportunities. However, for pharmacies merely scraping by in inventory management, the consequences include stockouts of vital items, excessive ordering, and expiration or unsold drugs. Inefficient inventory management incurs financial losses, disappoints patients, and exhausts staff with laborious processes.
Without a solution engineered to automate the most arduous aspects of inventory management— a data-driven process tailored to pharmacy usage and operations—member pharmacies struggle to remain competitive and deliver quality patient care. Best-in-class inventory automation eliminates the stressful guesswork from inventory management, ensuring accurate stock levels, timely replenishment, and optimal utilization of resources. Real-time data and analytics provided by perpetual inventory updates streamline operations, reduce errors, and empower staff with integrated solutions.
SureCost emerges as the premier pharmacy inventory management solution by delivering best-in-class inventory and purchasing automation within a unified framework. Compatible with hundreds of vendors, including major wholesalers, SureCost offers full inventory transparency, transaction accountability, and streamlined workflows. Tailored to fit seamlessly into existing pharmacy processes, systems, and technologies, SureCost eliminates the need for software retrofitting or manual cross-referencing, providing a comprehensive solution for inventory and purchasing management.
You’ll save time and money, work more efficiently, increase visibility and accountability, and ensure compliance both with your primary vendor and regulatory authorities, as well as with your trading partners. More importantly, you’ll provide the best service to your patients. You’ll consistently maintain the right products on hand and have additional time to dedicate to them.
