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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

PHAR 746Pharmacy Management

Stacy Ramirez, Pharm.D.

Clinical Assistant Professor

Department of Pharmacy Practice

slide2
Goal
  • Explore the importance of effective inventory management and outline tools to achieve this goal
inventory
Inventory
  • Product
  • Single largest expense
  • Least liquid asset
  • Poor management negatively effects
    • Profitability
    • Service
    • Morale
    • Patient lives
inventory management
Inventory Management

Minimizing investment

Supplyand demand

inventory management1
Inventory Management
  • Purchasing
    • Right product
    • Right vendor
    • Right time and amount
    • Right price
inventory management3
Inventory Management
  • Right vendor
    • Reliability
    • Delivery options
    • Access
    • Management tools
    • Extras
    • Price
inventory management4
Inventory Management
  • Right time and amount
    • Cycle stock
    • Safety stock
    • Anticipatory stock
inventory management5
Inventory Management
  • Right Price
    • Actual cost
    • Up-charges
    • Rebates
    • Discounts
      • Payment
      • Bulk
      • Exclusive agreement
inventory management6
Inventory Management
  • Ordering Process
    • Manual or visual
    • Perpetual inventory
    • Combination
inventory management7
Inventory Management
  • Evaluation
    • Inventory turnover ration (turns)

ITOR=cost of goods sold/

average inventory

  • Service
    • Out of stocks
inventory management8
Inventory Management
  • Return process
    • Vendor or wholesaler
    • Manufacturer
    • Controlled substances
    • Return to stock
    • Patient returns
inventory management9
Inventory Management
  • Technology
    • Computer tracking
    • Web-based ordering
    • Robotics
    • RFID
slide14
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