Tip Sheet: 5 Steps to Pharmacy Inventory Optimization

Master Inventory Optimization for Streamlined Success

Inventory is likely your pharmacy’s largest investment and expense, which is why proper inventory management is so impactful. It’s a careful balancing act, making sure you consistently have the right medications in stock, while also minimizing waste and maximizing profits.  

Managed poorly, and you risk tying up money in surplus inventory that sits on your shelves too long, restricting cash flow, not turning over revenue, and in the worst-case scenario, depreciating in value. Too little inventory, and you risk your ability to provide medications to your patients when they need it, which could cause you to lose them for good.  

Fortunately, inventory also represents your pharmacy’s biggest area of opportunity for time and cost optimization. 

Being able to run your inventory more efficiently, with less time spent on managing inventory and faster turnaround, means a healthier bottom line, better cash flow, and better long-term security for your business—not to mention better job satisfaction and retention for employees, plus a better work-life balance for you.  

One often-overlooked key to better managed inventory? A pharmacy inventory workflow. This tip sheet walks you through five essential steps toward optimization. 

Grab this Tip Sheet to learn:

• What a Pharmacy Inventory Optimization Workflow is

• Timing and DIR fee changes

• Key steps to workflow optimization

• The importance of employee training

• Adaptability and collaboration

In essence, this guide equips you with actionable steps and insights to establish an efficient Pharmacy Inventory Optimization Workflow. By following these steps, pharmacies like you can enhance their operations, reduce waste, and ensure they are well-prepared to navigate business challenges and changes in the pharmacy landscape.