Inventory management of a pharmacy.

Introduction: The goal of inventory management is to reduce costs and improve operational
efficiency. To do this, pharmacies need complete visibility into their existing inventory levels in
order to take some of the guesswork out of maintaining ideal supply levels. This involves being
able to track inventory stores, orders being generated, inventory receiving and all in real time.
Ideally, the inventory management system will be customizable, as different pharmacies have
different inventory needs. For example, the needs of government institutions will differ from the
unique needs of ambulatory or retail pharmacies. Customizable inventory management systems
can also be scalable and can grow with the operation as patient population and services change.

Multiple inventories management

There is also a need to manage more than one inventory in today’s pharmacy setting, as different
patient assistance and pricing programs, like 340B, have necessitated the need to treat the same
drugs differently depending on supply costs. Maintaining multiple inventory centers presents
unique challenges, so it is important for an inventory management system to have the capabilities
to integrate separate inventories into the pharmacy workflow. Ideally, this system will also
support direct EDI interfaces, allowing the order and inventory system to link directly to
suppliers and automatically download and access their updated catalogs.

Advanced tools for managing 340B programs also include robust reporting and data analytics
that help ensure pharmacies remain fully compliant with rules and regulations that govern these
programs. Features such as virtual tracking of separate inventories, orders, and reports, as well as
340B claims processing functionality helps to maintain levels of separate stock to comply with
government regulations.

Regulations have made 340B prescription processing more important, and complicated, than it
has ever been. So, the ability to make a 340B status determination as a prescription is being
processed plays a vital role in reducing audit risk. This will also allow pharmacy staff to better
serve patients and provide the pharmacy with a way to accurately manage the appropriate level
of inventories.
Conclusion:

We have seen how pharmacy inventory management has become even more important in recent
years. The ability to integrate an inventory system into an overall pharmacy workflow can be a
challenge and requires an integration into every stage of the process. It must have the ability to
work with automated dispensing systems and maintain supply and demand data for multiple
inventories. Script Pro Inventory Management and 340B Management Package were designed to
meet the challenge that pharmacies face when trying to gain control and insight into their
inventories. Contact us today for more information.