What can pharmacy management software do for your business?

Running your day-to-day operations is the most significant chore related to your business. To keep up in the fiercely competitive pharmaceutical marketplace, pharmacists must increase their prescription fill rate and provide the most convenient customer service.
Pharmacy management software is the system of record for a pharmacy business. It automates key activities including inventory management, regulatory compliance, and dispensing prescriptions efficiently. The most successful pharmacies utilize pharmacy software strategically to serve their existing customers, add new customers, implement patient retention and revenue generating programs and roll-out critical new technologies like IVR. Acquiring the right pharmacy software solution allows you to manage your pharmacy business and stay on top of your finances.
 

What should I look for in a pharmacy management software vendor?
The largest pharmacy chains have invested hundreds of millions of dollars in their proprietary software programs that are strategic to their business. The larger pharmacy system vendors (typically those with thousand plus customers) have invested tens of millions of dollars developing robust pharmacy software programs. However, smaller vendors have invested substantially less. Pharmacists must look for a long-standing and reliable vendor who would stay in business for the long term. It is important to have the vendor answer key questions such as the following:

• How long has the vendor been in business?
• Does the vendor serve my segment of the pharmacy market – for example retail, specialty or hospital pharmacies?
• Should I buy my pharmacy software from my wholesale partner?
• How big is the vendor (in terms of revenue or customers served)?
• How broad is the vendor’s product line?
• Is the vendor keeping up with new technology , for example, e-prescribing?
• How does the vendor’s software help me manage my business more efficiently?
• Is the vendor focused managing patient safety and information accuracy and utilizing the most complete drug interaction databases?
• Should I buy the lowest cost pharmacy software solution?

Squeezing profits out of your day-to-day tasks
An efficient pharmacy management software solution is supposed to help you manage your business more effectively. The process of simplifying the work you already do like inventory management, HIPAA compliance, managing drug interaction, labeling, claims processing, and reporting should no longer be a time-consuming proess.
currently cutbacks in reimbursements and lower margins on prescriptions, are forcing pharmacy vendors to offer more than a pharmacy software solution to their customers. Pharmacy software vendors need to help their pharmacy customers increase pharmacy revenue and lower total operating costs.