Pharmacy Chain Inventory Management System and Financial Reporting Evaluation

IndustryRetail Pharmacy
ProblemA mid-sized regional pharmacy chain requested an independent assessment of their pharmacy inventory management system and financial reporting to identify issues and address concerns. The chain was hoping to optimize a systematic process to better manage their pharmacy inventory and improve the accuracy of their financial reports.
PHSI SolutionPHSI reviewed the pharmacy operational policies and procedures, wholesaler agreements, pharmacy practice management system manuals and training guides. PHSI conducted on-site interviews with corporate and retail pharmacy management to understand current financial reporting and inventory management processes. PHSI reviewed financial reports and identified the source of inconsistent output and developed solutions leading to accurate reporting. PHSI provided insight on inventory control functionalities within the pharmacy system, metrics for measuring inventory management effectiveness, including methods to control cost and enhance efficiency.
ResultsThe regional pharmacy chain implemented consistent financial reporting and inventory management practices leading to improved operational results.