In our last blog, we dove into the critical task of delicately balancing patient satisfaction in the face of reduced costs, shrinking margins and ever-changing safety protocols. Pharmacies unable to deliver on patient satisfaction, a tricky metric often driven by meeting promise times, prescription accuracy, patient counseling and safety, all within a comfortable price point for the customer, will continue to lose out to competitors, including mail order and online pharmacy options. A study by U.S. Pharmacist show that today’s brick-and-mortar pharmacies continue to be outpaced by their mail order competitors.
The role of automated technology solutions in achieving balance
Pharmacy industry challenges including cost pressures, increasing competition and staffing shortages are not going away any time soon. In the face of ever-changing competitors, it is important that traditional pharmacies adopt a mindset of innovation. Leveraging automated technology solutions to address the challenges can help relieve pressure and deliver on the ultimate goal, pharmacy growth and profitability, built on the foundation of patient satisfaction. Centralized fulfillment solutions can take pharmacy to the next level, enabling them to successfully balance the competing priorities of controlling costs, ensuring safety and delivering patient satisfaction.
Controlling costs
Automated dispensing systems can reduce labor costs while helping to minimize the risk of medication dispensing errors. Inventory management solutions can reduce costs, positively impacting cash flow. The advanced analytics provided by these tools can be utilized to help in predicting demand, allowing pharmacies to optimize stock levels. Leveraging the buying power of group purchasing organizations and encouraging customers to adopt generic medications can further aid in cost reduction, not only for pharmacies, but for their patients as well. Software can be utilized to track real-time inventories, automate reordering, and identify slow-moving stock. Optimizing workflows can lead to further opportunities for improvement and cost reduction. The key here is to find the right balance between cutting costs and maintaining service levels.
Ensuring safety
Today’s advanced software can automatically check for contraindications and drug interactions, and barcode technology verifies medications, helping to reduce the risk of human error. Investing now in technologically supported safety measures can glean long-term benefits including improved outcomes, reduced liability, and most importantly, trust that drives patient satisfaction.
Patient Satisfaction
A central fill solution allows for a reduced workforce and can help to free up the time of pharmacists to counsel and interact with patients, a key driver in patient satisfaction. The time of pharmacists can also become more focused on addressing evolving patient needs, potentially creating services that drive additional revenue. Patients who spend more time interacting with the pharmacists have a better understanding of their health and pharmacy regimes and may also have improved adherence.
Next steps towards achieving balance
Balancing cost reduction, safety and patient satisfaction is a challenge, yet a necessity. Implementing a centralized fulfillment solution can allow these priorities to be balanced in such a way that patient satisfaction improves, costs are reduced and safety is enhanced, all while allowing pharmacists more time to practice at the top of their license.
Interested in learning more? Download our complete white paper The Current Dilemma in Pharmacy: Balancing Patient Satisfaction, Cost Reduction and Safety Protocols.