When running a successful pharmacy, the most important factors other than accuracy are inventory, productivity, and profitability. It is easier to achieve success with these three factors if your pharmacy has the proper tools, and OrderInsite is a software company in healthcare tech that provides innovative solutions to your pharmacy replenishment with its Replenish, Exchange, Count and Analyze products.
By not being able to accurately keep up with what is on hand, customer service suffers because patients cannot get what they want when they need it. This leads to frustration and a potential loss of that customer, while pharmacies have the problem of not being able to keep up their own reorder points and quantities for every individual medication.
To have the correct count of medications, as well as accurate inventory, OrderInsite simplifies things with OI Replenish. This makes it easier to know what and when to reorder. In fact, reorder points are set accordingly using algorithms.
The proprietary algorithms take into account things like price, availability and other external factors, as well as drug demand history. This helps meet customer demand and overall carrying costs of your inventory.
Another area that needs attention in pharmacy inventory is optimization. Without a chain-wide view of the inventory, orders are placed with the supplier or vendor instead of taking the existing inventory from a pharmacy that has an excess; this leads to waste and higher cost.
According to a report at Virginia Commonwealth University, “In 2012, more than 26 million prescriptions were either unfilled or abandoned, and more than 225 million resulted in dispensed medications that were not used. The total cost of this waste was estimated at $30.4 billion.”
OI Exchange designates slow-moving or excess items so that they can be transferred to the stores that need them or they can be returned to the supplier before they expire and become part of the waste problem.
Physical onhand counts take up valuable time that is not always available, but without an accurate count some issues can arise like drug diversion or an inaccurate inventory.
OI Count provides the necessary means of knowing when there are discrepancies by using consistent and data-driven methodology to notify stores on a periodic basis. The software selects specific inventory items for a physical count and distributes them to the store in the form of a task. If your store has a discrepancy with a certain type of medication, then it will be caught before it becomes a more significant issue.
Profitability and Productivity
Data-driven business is always a concern and pharmacies are not immune to the need for information that helps with productivity and profitability. Along with those concerns, there are audits, and government reporting that is required and tools are needed to provide that data.
OI Analyze is a cloud-based analytics engine that provides the advanced reporting you need. And the great thing about cloud-based data is that it is always there. You never have to worry that you will have a systems failure and cannot retrieve crucial data because it is protected by our servers.
This tool helps with auditing issues as well as compliance-related reporting and easily integrates with your existing system. According to the Federally Controlled Substances Act, “Pharmacies must keep an accurate record of every transaction involving a controlled substance (i.e., purchasing, receiving, dispensing, or disposal). This allows for tracking of each controlled substance from initial manufacture to final dispensing to the patient or disposal.”
Streamlining your pharmacy inventory makes good sense and the pharmacy technology from OrderInsite makes it easy.