Pharmacy Inventory Management Services

Inventory is the single largest investment for pharmacy. Managing the need to have the proper amount of inventory on the shelf without tying up your cash is a delicate balance. Pharmacy inventory management is one of the most important tools for a successful pharmacy operation.

Not having the right item in the right quantity at the right time will result in loss of immediate revenue as well as the loss of customers and future revenue. Pharmacy inventory management depends on sound purchasing practices. Therefore, purchasing and pharmacy inventory management are two distinct, yet inseparable functions.

In order to combat declining pharmacy margins, it is imperative to have a healthy inventory turnover ratio which will ensure that the pharmacy operation is maximizing cash-flow, reducing cost-of-goods sold, eliminating stock-outs, and reducing the inventory carrying-cost.

The experts at Progressive Healthcare Solutions (PHS) will work with the pharmacy owner/manager to determine the proper inventory levels based on the pharmacy’s usage history, (not wholesaler recommendations), lead time, safety stock, carrying-cost and seasonality among other factors. Additionally, the experts at PHS will implement policy and procedures designed to maintain proper inventory rotation which will result in reducing obsolescence and increasing the pharmacy’s profitability.

The ultimate goal of pharmacy inventory management is to reach that delicate balance between having the correct inventory items while investing the least amount of cash.

By following best-practice pharmacy inventory management policies, a pharmacy will be able to maximize its cash-flow and increase the inventory turnover ratio while reducing inventory carrying costs. The experts at PHS utilize the latest in technology methods in order to implement best-practice purchasing methodology. These methods will ensure the implementation and maintenance of perpetual inventory systems, maintaining the correct acquisition cost and the continuous monitoring of the inventory value.

For additional information on pharmacy inventory management and for a confidential consultation please contact us by filling out the form below or by calling us at (800) 996-0975.