5 Bad Habits That Are Holding Your Pharmacy Back
Posted on Apr 29, 2024
As an independent pharmacy owner, you have a lot on your plate, so it may be tempting to let certain things slip every now and again. However, it’s important not to let busy days snowball into bad habits that will negatively impact your business over time. Here are five bad habits that may be holding your pharmacy back and how your software can help you break them:
Neglecting your inventory.
From rotating items on your shelves to monitoring expiration dates and slow-moving items, it’s important to have a handle on your inventory. Otherwise, you may end up limiting your cash flow and reducing profits as products collect dust on the shelves or end up being tossed. To prevent this, we recommend following the first-in, first-out rule, placing newer items behind older ones on your shelves. You should also run sales and inventory reports regularly (ideally monthly) to keep an eye on expiration dates and sales trends. Plus, you can use our Scheduled Reports feature to send operational reports automatically at the frequency of your choosing.
Overstocking.
In the past, many pharmacies used a “just-in-case” inventory management approach. However, this method often leads to too much inventory just sitting on shelves. This can be especially bad for business if you’re carrying a larger-than-necessary quantity of pricey medications. Instead, we recommend utilizing the “just-in-time” method, along with Medication Synchronization (MedSync) to help you better predict when those expensive drugs will be needed. Plus, establishing a consolidated refill schedule for patients on multiple recurring medications enables your staff to work more efficiently too.
Overlooking staffing and store traffic patterns.
Often, pharmacies set store hours and hire employees and never re-evaluate whether those hours or staffing levels are actually meeting their needs. For example, if the bulk of your traffic and sales are occurring during the afternoon and evening, you may be able to open a little later, reducing your overhead costs. Plus, you may be using full-time employees when you could operate just as well with a few part-time staff members. Sometimes, part-time team members not only reduce your overall staffing costs, but they can provide you with greater staffing flexibility as well. That’s where our robust reporting and Time Clock features come in, providing an easy way to monitor when sales are occurring and view all employee shift activity.
Only processing scripts during business hours.
Nowadays, there are several ways to continue operating after hours – some of which require no additional effort on your part. For example, if you’re only processing scripts during your store’s business hours, you’re needlessly limiting your productivity. Instead, you can leverage the NightTech feature in BestRx, which continues to process scripts in designated queues overnight automatically. Plus, if you opt for the cloud-hosted version of our software, you’ll gain 24/7 access to your store. That way, you can manage prescription activity, run vital reporting and more, whenever and wherever you are. Both options help to maximize your productivity at all hours of the day, without having to physically be at your pharmacy.
Ignoring industry and consumer trends.
Often, pharmacy owners get so swept up in the day to day, they forget to take note of what’s going on outside of their store. Whether it’s keeping tabs on competition in your area, shifts in the industry or new consumer trends, it’s important to be aware of external factors that may affect your business. That way, you can proactively make changes to address and minimize them. Otherwise, you’ll be caught off guard and be scrambling to find ways to recover. That’s why it’s important to select a pharmacy management system that not only meets your needs today, but continues to add new, innovative features as well. In fact, BestRx has two pharmacists on staff who work alongside our developers to ensure our software stays compliant on all current state and federal requirements. From auto-refill consents to comprehensive DSCSA solutions, BestRx has you covered.
Whatever bad habit you’d like to break, we can help get you back on track. With automated and customizable workflows, our easy-to-use software enables your pharmacy to operate its best. Request a free demo to learn more.