Pharmacy

Unraveling the Secrets of Smarter Pharmacy Purchasing

Empower your pharmacy using data-backed strategies for smarter pharmacy purchasing.

Unraveling the Secrets of Smarter Pharmacy Purchasing
Danielle Dinglasan

Danielle Dinglasan

Product Marketing Manager at SureCost

Pharmacies hold the key to delivering crucial drugs and first-rate patient care in the complex world of healthcare. But navigating this landscape isn’t without its challenges. A myriad of obstacles including staffing shortages, 3rd party audits and DIR (Direct and Indirect Remuneration) fees, cloud everyday operations, financial security and expansion potential. 

At SureCost, we understand the complexities and demands that pharmacies face. Our commitment to empowering pharmacies and driving positive change has led us to conduct an annual analysis of customer data. In the SureCost 2023 Annual Smarter Purchasing Report, we delve into 2022 customer data and uncover the secrets of Smarter Purchasing. 

The SureCost Smarter Purchasing strategies empower pharmacies to drive continuous growth and savings in their operations. In this blog, we highlight the five key areas of Smarter Purchasing that enable pharmacies to conquer these challenges and hold the key to pharmacies’ success.

Product Savings Beyond the Top 200

Smarter Purchasing starts with finding the best medication prices, a game-changer in itself. With SureCost, pharmacies view all of their vendor’s pricing in one place, saving pharmacies time by avoiding price-shopping and looking through multiple platforms and catalogs. SureCost also goes beyond the norm, uncovering significant cost savings beyond the Top 200 generic medications. 

With advanced technology at their disposal, pharmacies can now explore a broader range of possibilities, unveiling hidden cost-saving opportunities buried within vast catalogs, secondary vendors and product categories. SureCost empowers pharmacies to make data-driven decisions, ensuring they secure the most competitive pricing for medications, maximizing savings and bolstering their financial standing.

Vendor Non-Compliance

Another crucial area of Smarter Purchasing is vendor non-compliance. Inaccurate pricing or inadvertent mistakes by vendors lead to increased costs for pharmacies. The data analysis reveals a substantial number of contracted items experiencing pricing issues, amplifying pharmacy expenses. SureCost’s solution brings accountability, alerting pharmacies of vendor deviations from quoted contract prices. With transparency and trust established, pharmacies reduce rogue spending and achieve better financial control.

Accurate Value of Received Goods

Full visibility into pharmacy orders and deliveries is paramount to avoid overpayments. The 2022 data analysis exposes discrepancies between ordered goods and invoiced amounts, impacting pharmacy profits. SureCost addresses this challenge, streamlining the purchasing process, effortlessly comparing orders, receipts and invoiced amounts. With no room for costly errors, pharmacies redirect resources to enhance patient care and operational efficiency. 

The Real Cost of Reordering

Reordering due to out-of-stocks or unavailability is a common pain point. Smarter Purchasing optimizes inventory management by showing the real cost of reordering. SureCost’s system rapidly identifies compatible in-stock products, ensuring pharmacies provide seamless healthcare services, avoiding delay and potential sales losses. Customer satisfaction soars and pharmacies unlock substantial savings. 

Tracking Vendor Substitution

Vendor substitutions pose significant challenges for pharmacies, impacting profitability when medications with different costs or reimbursement rates replace one another without notice. The 2022 data analysis unveils a considerable rate of vendor substitutions, hindering pharmacy success. 

SureCost’s solution empowers pharmacies to track and identify substitutions, securing the correct products at quoted prices. With control over procurement, pharmacies deliver quality patient care while maximizing savings and peace of mind. 

The SureCost 2023 Annual Smarter Purchasing Report is more than just a report, it’s a transformative journey towards empowering pharmacies. The report’s valuable information equips pharmacies with the keys to unlock their full potential and overcomes the detrimental financial effects from staffing shortages, 3rd party audits and DIR fees. 

SureCost’s data-driven approach, Smarter Purchasing solutions and dedicated support makes the ideal partner for pharmacies aiming to enhance operational efficiency, achieve substantial cost savings and thrive in a challenging healthcare environment. 

Ready to unlock the power of Smarter Purchasing for your pharmacy? Download and dive in the SureCost 2023 Annual Smarter Purchasing Report to transform your purchasing strategies and overcome the negative financial effects of staffing shortages, third-party audits and DIR fees! 

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