3 Ways BestRx Helps You Manage Your Pharmacy’s Inventory
Posted on Feb 28, 2023
Your pharmacy’s inventory accounts for a large portion of your operating costs. That’s why it’s important to have a system in place to consistently manage it. Otherwise, it can impact your profitability. Fortunately, BestRx’s Wholesaler Interface and point-of-sale system, BestPOS, makes it easy to keep tabs on all your inventory, including over-the-counter items. In fact, BestRx helps you better manage your inventory with:
Access to multiple, customizable reports.
Rather than spending your time counting your inventory and making manual adjustments, you can use your pharmacy and point-of-sale software to manage your inventory electronically. In fact, using a variety of customizable reports, you’ll know exactly what’s on your shelves in a matter of seconds. Reports can be run for all your inventory, or you can apply filters to view specific information for particular date or item. This way, you can quickly identify top selling and slower moving items, set reorder points and adjust your ordering patterns. Available reports in BestRx include:
- Inventory Reports, which provide item counts for a particular date, quantities on hand, AWP and dispense costs, as well as the last fill date, and item type (brand, generic, or OTC).
- An Inventory Tracker, which monitors the in/out quantity of a particular drug over time. This is especially helpful for reconciliation purposes, so you can easily detect any discrepancies.
- Inventory Return Reports, which can be filtered by date, item and supplier. These reports also display the number of items returned and the credit amount. It is important to note, entering return information in BestRx does NOT initiate a return and is for record keeping purposes only.
- Transfer Inventory Reports multi-store owners can use to keep track of inventory transferred from one store to another.
Electronic Data Interchange (EDI) for quick inventory and price updates.
EDI is used to transfer data between your pharmacy software and wholesalers electronically. It’s included in BestPOS or Standard and Premium tier customers can manage their prescription inventory using the Wholesaler Interface in BestRx.
Once EDI is enabled, wholesalers can send digital files to a dedicated Wholesaler Inbox in BestRx. From there, you can download the files and apply price and inventory updates in a few simple clicks. Not only does eliminating the need to manually update this information save time, but it minimizes the potential for errors. Plus, the system automatically checks for supplier updates every 30 minutes, ensuring your pharmacy has the most current information, too.
The ability to view and manage purchase orders, right from your software.
You can use other inventory reports to assist with ordering too. For example, the Reorder Report helps you identify items that need to be reordered and Purchase Order Reports enable you to view your ordering history. Some wholesalers even allow you to submit purchase orders directly from BestRx. This means you’ll save time not having to enter the information twice – in BestRx and again in wholesaler’s ordering system. For these wholesalers, there are additional order-related reports available.
Effectively managing your inventory is an essential part of your pharmacy’s success. With BestRx, keeping tabs on your inventory and its impact on your profitability is easy! Request a free demo and learn how our Wholesaler Interface and BestPOS can help you manage all your inventory, including OTC items!