Centralized pharmacy fulfillment solutions have emerged as a business strategy for pharmacies as they work to fill higher volumes of prescriptions, manage staffing challenges and allow pharmacists to practice at the top of their licenses. Using central fill has a multitude of benefits, including those surrounding inventory management.
Economies of Scale
By processing prescriptions in bulk at a central location, pharmacies may realize a reduction in overhead costs, minimization of duplicative efforts and streamlining operations. Automation and standardized processes may help to further drive down the cost per prescription filled, resulting in high volume fulfillment being more efficient than filling prescriptions at individual locations.
Improving Purchasing Power
Centralizing inventory allows pharmacies to consolidate drug purchases, which may enable bulk buying and access to greater volume discounts from suppliers. This can reduce the cost per pill and free up working capital by lowering the need to stock high-cost drugs at multiple locations. This can also reduce the amount of waste as fewer drugs should expire sitting on shelves at multiple locations.
Reduced Inventory and Carrying Costs
Pharmacies can keep less inventory on hand at each store, reducing carrying costs and waste from expired medications. Centralized fulfillment can also enable better inventory management as the intelligent software that drives the solution can also provide valuable insight including identifying trends and forecasts for different drugs.
Enhanced Operational Efficiency
Automation at central fill facilities can optimize workflows, which may reduce labor costs and allow pharmacists at retail locations to focus on patient care rather than tedious work or administrative tasks. This can also lead to improved job satisfaction for them and better patient outcomes.
Centralized pharmacy fulfillment can empower pharmacies to leverage economies of scale, negotiate better purchasing terms and operate more efficiently—just a few of the benefits that can be realized.
To learn more about how to implement centralized fulfillment or hear about examples of pharmacies that have benefitted from this approach, contact us.