Pharmacy Management Software and its Many Benefits
To keep pharmacy operations on track, staff need a bit of extra assistance. The concept of Pharmacy Management Systems is relatively new. To make such a system, you have to create customized software.
What is Pharmacy Management?
In terms of employment, Pharmacy Management refers to those who supervise the pharmacy’s staff. They direct their employees to provide medicines to their customers efficiently, without sacrificing safety.
Their jobs involve the following:
- Monitoring medication prescriptions;
- Dispensing medicines;
- Minimizing waste; and
- Preventing drug shortages.
Not only are pharmacists necessary for running a pharmacy, but it is a legal requirement to have one present for transactions at all hours. In addition to managerial staff, a pharmacy employs pharmacy assistants and technicians.
So what’s a Pharmacy Management System?
A Pharmacy Management System is a form of business application software that automates the pharmacy’s workflow and handles the following:
- Reviewing orders;
- Preparing medications;
- Managing inventory;
- Making medication orders;
- Billing and insurance;
- Identifying incompatibilities, etc.
Though pharmacies from other countries, especially the United States, enjoy such a system, there’s a push to get more and more countries to utilize it.
The benefits of having a Pharmacy Management System
According to a report on the Philippines’ Pharmacy Retail Industry Outlook, the demand for generic medicines over branded ones is increasing. As a result, demand will surge at a Compound Annual Growth Rate or a CAGR of 4.7%.
In addition, the same report states that “pharmacy chains are anticipated to increase their penetration in the semi-urban and rural regions of the country.”
Then, this means that as more pharmacy branches continue to pop up, more people will purchase medicines. The increase in transactions will call for a more comprehensive look at the operations of every pharmacy branch.
Here’s how a Pharmacy Management System can help pharmacy management keep up with the developments:
Keeps track of prescribed medicines
The World Health Organization calls medication an essential building block of a health system. “Without them, it is impossible to achieve desirable health outcomes for individual patients and communities.” Thus, a Pharmacy Management System aids situations where people get medical consultations but don’t buy medicines for various reasons.
If an Electronic Medical Records system works with a Pharmacy Management System, you could solve several problems that bog down pharmacy staff. EMR providers can partner up with pharmacies, usually through a Patient Tracking System.
Once an EMR system releases a prescription, the pharmacy can provide the medications. But, it can only release the prescribed medications once a patient presents the appropriate medical certificate and prescription. Alternatively, the Pharmacy Management System will receive a request from the clinic or hospital and then dispense the medicine.
However, the goal of a Pharmacy Management System is to improve adherence in terms of prescription medication. There may be situations where a patient gets a checkup and receives a prescription, but they use the old prescription years later to get medicine.
With the help of the software, they can link EMRs to Pharmacy records and check if the prescription is legit and came from the clinic itself.
Handles extra health and wellness services
In addition, a Pharmacy Management System can enable and provide health wellness services to the community.
Pharmacies don’t have to focus solely on dispensing medicine. They can have programs like monitoring blood sugar. For example, diabetic patients don’t need to go to a clinic! Instead, the pharmacies can be like a supporting arm of a hospital to make sure the patient is on track in terms of watching their sugar levels.
You can do the same for patients with hypertension. In addition, a pharmacy can have programs to prescribe patients suitable healthy activities other than taking medication.
Oversees and manages stock
A Pharmacy Management System also keeps your inventory or stock in line, much like the modern FIFO method. The software should ensure that the prescriptions must be correct and distributed in precise amounts. As a result, the management system can increase quality and satisfaction ratings.
Here’s how else it can help:
- Assist with properly controlling or managing the expiry of medicines.
- Manage medications using previous transaction records.
- Analyze medications to find which ones are frequently purchased.
- Based on system data, provide data on popular medicines in a given season or month.
The last feature can ensure your pharmacy has ample medicine stock for a particular season! For example, in summer, you can prepare sunburn ointments. In December, you can order flu medications. Furthermore, you can purchase the amounts based on your records to minimize waste and keep up with demand.
Finds pharmaceutical suppliers
With the help of a Pharmacy Management System, you can even strategize which company to order medicines from. The software can find pharmaceutical suppliers, which could give you a target timeframe. For example, you request a shipment of medicines on a given day, and they state that the supplies will arrive after five days.
Your Pharmacy Management System can even monitor which suppliers are doing well or not. Let’s say, for example, that the supplier, for whatever reason, couldn’t deliver a shipment on time. That would cause understocking or overstocking. So you can mark them down as such in the system.
But, on the other hand, if a given supplier keeps to their target dates and delivers the correct products in the desired amounts, you can add them as a top supplier in the system.
Reduces the number of billing and medication errors
The Pharmacy Management System automates calculations in terms of purchases and accounting. Not only that, it automates the transfer of processes or modules. Thus, it minimizes errors across records!
Of course, since a pharmacy is a business, the system allows you to increase profitability and free time to work on the bigger picture.
From the start, the software allows you to manage everything using your records. You manage supplies and pricing without breaking a sweat.
Allows for seamless integration
The Pharmacy Management Software seamless integration works for Point Of Sale or POS. But, it can also apply to Electronic Medical Records, as mentioned before. The integration capabilities depend on the system used, so you must consult with your software vendors.
In addition to Application Programming Interface or API Integration, seamless integration usually includes the following:
- Synchronizing data;
- Managing patients and prescriptions;
- Tracking or managing inventory; and
- Workflow automation.
A Pharmacy Management Software oversees inventory
The thing about running a pharmacy is that a big part of the job is handling inventory. Except, of course, you oversee more specialized items. As a pharmacy staff, you have to keep an eye on things like expiration dates. You must also familiarize yourself with terms and codes that help when searching for the proper medication.
The Pharmacy Management Software can integrate with POS and sales recording. In addition, your system can integrate with as many other tools and concepts as your business needs.
Other pharmacies do have online platforms that allow patients to order their medicines. Such systems can support pharmacist-patient relations. Still, other pharmacies have tools or software that can directly monitor and manage orders.
Generates analytical pharmacy reports
The data gathered by a Pharmacy Management System can find what medicines are more potent or more effective. It gives insights on what to order from suppliers. They can also find out how best to store medications for longer shelf life based on spoilage rates. The software is capable of helping pharmaceutical staff handle their inventory better.
The Software Can Do a Lot for the Pharmaceutical Industry
Medicines are vital in the healthcare industry. Since they are capable of easing discomfort and helping people recover from illnesses, medications must be handled with great care. A Pharmacy Management System can significantly help the efficiency of a pharmacy in distributing medicines to its customers.
If you’re in the pharmaceutical industry in the Philippines, it will help your business to level up, especially during a pandemic. It’s especially true if the goal is to implement pharmaceutical management in your business.
The concept of Pharmacy Management Systems is quite new; if you want to have one for yourself, you need to check out Custom Software Development.