Perpetual Inventory Systems – A Pharmacy Perspective

Jul 14 2020 Published by under Uncategorized

By definition perpetual inventory systems allow a user the ability to see a record of every sale, purchase, remaining inventory and that inventory’s cost in real time on a daily basis. This process has been greatly affected by the improvements in computer software and hardware and is rapidly ingraining itself in a variety of industries. The healthcare industry typically lagging behind the business sector is now seeing more and more efficient use of this technology. With a focus on the hospital pharmacy setting inventory management has made great strides in the last few years.

Typically a full-time purchaser would be designated to order medications on an as needed basis, which would require physical monitoring of inventory on a daily basis. This process usually involved creating an arbitrary par level and ordering medication replacements once an item fell below that level. While this concept was not only in efficient from a labor force perspective it was also an issue of patient safety. Infrequently used medications could tend to be overlooked in the daily monitoring process and in time of need may not have been available for dispensing. Issues also arose from a dispensing standpoint where some medications would be incorrectly stocked and subsequently re-stocked incorrectly in automated dispensing machines at nursing stations. However, with the implementation of Talyst inventory management systems these issues have all but been eliminated.

The concept behind the Talyst machine is the ability to store, monitor, dispense, and control all inventory from a singular location. Inventory can now be tracked in a perpetual way enabling instantaneous reports displaying inventory par levels, costs, and suggested purchases direct from the wholesalers. In addition manufacturer backorders are now known instantly along with their estimated release date enabling pharmacy management the ability to ration remaining inventory and better plan for use of alternatives. As added bonus of functionality the Talyst system incorporates bar code scanning capabilities to further enhance it’s control on inventory.

New items are thus scanned into their specific container and also scanned out during the dispensing process. This system has proved to be an invaluable tool in the management of pharmacy inventory by not only providing a better and more efficient use of the labor force but also has increased patient safety with it’s medication scanning functions and real-time inventory management ability.

From an accounting perspective the utilization of perpetual inventory management systems has also enabled management to better grasp the associated costs. Reports can be generated instantly depicting a snapshot of a period over a few months or a day depending on what information is needed. This information is imperative to the operational budget and how the pharmacy is performing within it.

In the end it seems that perpetual inventory management systems have substantially benefited pharmacies with a regard to improved control and immediately available information.

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The Purpose of Pharmacy Management Systems

Jul 14 2020 Published by under Uncategorized

Pharmacies are complex businesses. Even a minor pharmacy in a small town has a substantial amount of responsibility and moving parts. In fact, big pharmacies and mom-and-pop pharmacies a like wouldn’t be possible today without the advent of pharmacy management systems.

What is a Pharmacy Management System?

The pharmacy management systems are a type of computer system, often called a pharmacy computer system. These systems are not a single piece of software but rather a unified collection of components that can be added to and removed from the system on a plug-and-play basis. An essential component of any such framework is the point-of-sale (POS) system, which is similar to the POS found in a grocery or hardware store.

Legal and Ethical Responsibilities:

A pharmacy, however, has important responsibilities that a hardware store or grocery generally does not. A pharmacy, for instance, is charged with ensuring that customers get their prescriptions precisely how they are prescribed by their doctor. Mistakes can result in loss of life. For this reasons, pharmacies seek to limit the opportunity for human error. One of the primary ways they do so is by integrating a prescription dispensing system into pharmacy management systems. A prescription dispensing system is robotic and computerized, and it ensures that the prescription is filled precisely how the doctor ordered it.

Billing of Claims:

The vast majority of money that enters a pharmacy’s coffers comes from insurance companies or Medicare and Medicaid rather than directly from the customer. In this way, a pharmacy is a lot like a health organization, and pharmacy computer systems must integrate that aspect as well. After a prescription is filled, modern systems automatically process and track the insurance claim.

Compliance with Laws and Regulations:

A pharmacy must also comply with all local, state and federal regulations. The pharmacy cannot rely on the medical professionals for compliance because there can be extenuating circumstances in play, such as two separate doctors unknowingly providing a prescription to the same client. A modern pharmacy system will automatically check any request before it is processed, and if that request is in violation of a law or regulation, it will deny it.

Health Care Network:

The modern pharmacy management systems must also be connected to the health care network that provides services to its area and even throughout the country. Imagine a scenario where a pharmacy needs further instruction when filling a prescription for an out-of-state customer. Modern systems ease that burden by automatically providing the pharmacy with all the contact information and alternative contacts that it needs.

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