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PHAR 746 Pharmacy Management

PHAR 746 Pharmacy Management. Stacy Ramirez, Pharm.D. Clinical Assistant Professor Department of Pharmacy Practice. Goal . Explore the importance of effective inventory management and outline tools to achieve this goal. Inventory. Product Single largest expense Least liquid asset

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PHAR 746 Pharmacy Management

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  1. PHAR 746Pharmacy Management Stacy Ramirez, Pharm.D. Clinical Assistant Professor Department of Pharmacy Practice

  2. Goal • Explore the importance of effective inventory management and outline tools to achieve this goal

  3. Inventory • Product • Single largest expense • Least liquid asset • Poor management negatively effects • Profitability • Service • Morale • Patient lives

  4. Inventory Management Minimizing investment Supplyand demand

  5. Inventory Management • Purchasing • Right product • Right vendor • Right time and amount • Right price

  6. Inventory Management

  7. Inventory Management • Right vendor • Reliability • Delivery options • Access • Management tools • Extras • Price

  8. Inventory Management • Right time and amount • Cycle stock • Safety stock • Anticipatory stock

  9. Inventory Management • Right Price • Actual cost • Up-charges • Rebates • Discounts • Payment • Bulk • Exclusive agreement

  10. Inventory Management • Ordering Process • Manual or visual • Perpetual inventory • Combination

  11. Inventory Management • Evaluation • Inventory turnover ration (turns) ITOR=cost of goods sold/ average inventory • Service • Out of stocks

  12. Inventory Management • Return process • Vendor or wholesaler • Manufacturer • Controlled substances • Return to stock • Patient returns

  13. Inventory Management • Technology • Computer tracking • Web-based ordering • Robotics • RFID

  14. 340B • Allows eligible entities or designee to purchase products significantly below AWP • Prime vendor program • Must be managed separately from other stock • Safety net program

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