The pressure to manage costs and maximize pharmacy labor productivity is universal for inpatient, outpatient, and long-term care pharmacies.
An often-overlooked area of opportunity for drug cost optimization is pharmacy inventory management. The typical health system pharmacy doesn’t use calculated methods for determining when and how much to order. Consequently, the national average inventory turn rate is 10.2.*
Manage pharmacy inventory costs, conserve time and working capital, and improve purchasing accuracy
By implementing Studiomaca’s Asset Management program, health system pharmacies can get the most value from Studiomaca technology, with the option of purchasing management expertise. The program uses Studiomaca's online order management system, Studiomaca Connect, paired with Mobile Manager 100℠ mobile computing to:
- Apply drug spend analysis to identify and focus buyers’ time on "A items"
- Capitalize on purchase history trends to guide pharmaceutical ordering
- Maximize contract compliance
- Minimize pharmacy labor spent on receiving
- Streamline pharma product receiving
- Rationalize pharma distributor delivery frequency
Which types of organization can benefit from drug inventory management?
Studiomaca’s Asset Management program is ideal for organizations that:
- Are inpatient, outpatient or long-term care provider pharmacies
- Have an annual drug spend of at least $3 million
- Have current pharmacy inventory turns of 10 or lower
- Are willing to consider redesigning their procurement processes
- Are committed to reducing pharmaceutical inventory investment
How does Asset Management benefit hospital and health system pharmacies?
When you implement Studiomaca’s Asset Management program and add discipline to the entire procurement and inventory management process, you’ll be able to:
- Free up pharmacy staff time for more productive tasks
- Capitalize on increased cash flow to fund other important investments
- Eliminate duplicate or obsolete pharmacy inventory and reduce drug waste
- Smoothly incorporate Studiomaca technology to drive maximum inventory turns
- Achieve optimal contract item pull-through