We regularly speak with pharmacists to learn how they utilize technology to improve their business. This month, we got in touch with Chris’ Pharmacy & Gifts to talk about how RxSafe’s RxCloud Analytics™, powered by Datarithm, has helped the pharmacy reduce inventory costs by 30 percent. Read the story below and take advantage of special pricing.
How well you control inventory can make or break any business. Finding the right balance with a pharmacy is difficult. You don’t want to leave money on the shelf, but you don’t want to have to tell a patient you do not have a medication in stock.
In community pharmacy, inventory represents the largest asset and can potentially devastate the business if it is not controlled. And rising drug prices don’t make controlling inventory any easier.
Since opening in 2008, Chris’ Pharmacy & Gifts has grown to four locations and provides exceptional care to Louisiana residents. The pharmacy’s success is due in part to management’s exceptional ability to control the inventory.
With the implementation of RxSafe’s new solution in multiple stores, Chris’ Pharmacy & Gifts was able to reduce inventory holding costs by $250,000.
When we asked Chris Williams, RPh, owner of Chris’ Pharmacy & Gifts, what he thought was the most valuable aspect of RxSafe’s RxCloud Analytics, he said, “RxSafe’s solution has been very valuable, especially with multiple stores. The program’s non-usage report will effectively indicate what medications we should send to our other locations or what medications to return back to the wholesaler — as opposed to letting the medications sit on the shelf just waiting to expire.”
The solution also saves time, Williams said.
“In addition to improving the inventory management, RxSafe’s solution also saves us time — freeing up labor to work on other projects that are just as important,” he said.
RxSafe has recently partnered with Datarithm to provide pharmacies with an easy-to-use solution that allows them to effectively manage their inventory from a value perspective. In turn, this solution can lead to greater profits, avoiding future overstocks, cycle-counting elimination, inventory holding cost reduction and saved time — all while boosting customer service.
Be sure to stop by RxSafe’s booth at the PDS Super Conference in Orlando, Florida as they will be unveiling RxSafe’s new RxCloud Analytics. To learn more about how their new solution can help you manage your inventory more effectively and to take advantage of special pricing, visit RxSafe here.