Well-managed pharmacy inventory is key to a veterinary practice’s ability to provide quality care to its patients and boost profitability. Inventory costs represent the second-highest expense in veterinary hospitals and clinics, frequently eating up 20% or more of gross revenue. Strategic inventory management has become central to a veterinary practice’s success due to:
- Rising labor and overhead costs in recent years
- Increasing client demand for fast, convenient ordering and delivery options for needed medications
However, optimizing a practice’s inventory management process can be a challenge. A detailed and strategic inventory plan, combined with managing time constraints and meeting cost targets, can make inventory management quickly feel like an overwhelming task.
Fortunately, technology can help. Many veterinary hospitals and clinics have made the digitization shift to software systems that efficiently manage their inventory and grow their pharmacy revenue.
A typical inventory management process includes:
- Finding and developing relationships with quality suppliers
- Determining the right order frequencies and quantities
- Setting reorder points
- Monitoring expiration dates
- Managing recalled products
- Adjusting for out-of-stock products
- … and the list goes on!
Inventory management software streamlines their processes by:
- Forecasting demand to optimize purchase decisions.
- Setting automatic reorder points based on what is being used or sold.
- Tracking expiration dates to minimize costs related to product waste.
- Updating pricing when item costs fluctuate.
Even the most advanced inventory management systems have limitations though and the complexity of compounded medication needs in veterinary patient care often pushes those system limits. To maximize efficiencies and meet compounded medication requirements, veterinary hospitals and clinics can integrate a prescription management system and online ordering system into their processes.
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What is a prescription management system?
Prescription management or bulk ordering systems close the communication loops between patients, prescribers, and pharmacies so that all members can be on the same page about treatment and medications. To truly highlight the benefits of these systems, we share a closer look at features of a system we work with every day – iFill, Epicur Pharma and Stokes Pharmacy’s online portal.
How it works – advantages of iFill:
iFill is a comprehensive prescription and bulk order management system developed specifically for managing both 503A compounded medications and 503B manufactured drugs, which are often needed in veterinary medicine when commercially available drugs do not effectively meet the unique needs of animal patients or when the needed medication is not offered commercially.
iFill is a cloud-based application which means that it is:
- iFill can be used in one or several facilities by as many users as needed at no additional cost.
- Easily accessible. iFill can be accessed using the computers and devices already available; no additional equipment is needed, and no software installations are required.
- Available 24/7. Prescribing veterinarians, their clients, and the pharmacy filling an order can access iFill anytime they need it.
How iFill benefits your patients and practice:
Whether ordering compounded medications for direct delivery to the patient or for office use, using iFill enables prescribing veterinarians and their staff to:
- Simplify processes. iFill’s website self-customizes to the needs of each veterinary facility and creates specialized shortcuts based on a facility’s ordering history and facility/prescriber preferences to make the prescribing process accurate and fast.
- Increase client engagement. Prescribing veterinarians, their clients, and the pharmacy filling an order can all use iFill, allowing for seamless communication and continuous information flow among all members of the patient care team. Clients can order refills and check the order status at their convenience.
- Improve patient outcomes. iFill partners with reputable sources, including FDA-registered 503B outsourcing facilities like Epicur Pharma that manufactures traditionally compounded medications, to ensure patients consistently receive products with reliable quality, potency, and sterility. Veterinarians also have improved visibility into their patient’s care with access to refill history, compliance, and other patient information.
- Boost pharmacy profitability. Veterinary hospitals and clinics can use iFill to keep their pharmacy stocked with high-demand compounded medications that are manufactured and ready for office use from Epicur’s 503B FDA-registered facility. iFill also integrates with ERP and spending management systems enabling practices to track and optimize their inventory levels.
- Have confidence that orders are compliant with state and federal regulations. iFill alerts prescribing veterinarians when patient-specific prescriptions require a medical rationale and provides a list of the medical rationales that typically apply. The system will also notify the veterinarian if their state prohibits compounded medication orders for office use.
Finally, iFill is GFI #256-compliant! iFill will prompt necessary information for individual patient prescriptions when applicable, alert the user if a certain drug/strength is unavailable for office use, and recommend alternatives. When it comes to compounded drugs (both 503A and 503B), iFill takes the stress out of ordering and helps hospitals to remain compliant!
