417 Ravenaux Dr. Southlake, TX 76092 561-379-7750 DiversifyRx.com
1 How KPIs Can Transform Your Pharmacy’s Performance 2 Calculate and Manage Your Pharmacy’s Payroll Ratio 3 The Step-by-Step Guide to Improving Your Inventory Turns 4 Simple Steps to Reduce Expenses and Increase Profitability 5 Three Pharmacy Boosting KPIs 7 Empower Technicians With KPI Responsibilities INSIDE THIS ISSUE
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To be in the green, according to our stoplight method, your inventory turns needs to be at a minimum of 20. While green is at 20, you’re better off aiming for 24 and higher! Don’t get scared by these numbers. You have complete control over your inventory and we have the exact steps you need to follow. In fact, you can drastically improve your inventory in just 30 days. While reaching your final goal can take several months, big changes can happen in a short time when you follow our tips. For weirdos like me, fixing inventory is fun. If you’re normal and think it is tedious, just know this is some of the most important foundation work you can do for your pharmacy. The fun stuff will come even faster when you have a well controlled inventory. Here are some quick ways to clean up your inventory and get your KPI on the rise:
• Make sure your daily order is below your daily COGS.
• Sell unreturnable stock to other local pharmacies.
Performing these tasks regularly will increase your inventory turns before you know it! Of course, this may seem daunting to handle on your own. So, don’t! Assign your technician or a team of technicians to work on inventory consistently. As the owner, you already have plenty on your plate. Move these tasks down the line, and let your team own it and take pride in inventory! After several months of consistent inventory management, you should see a significant improvement in your inventory turns. Letting your inventory run amok and overstocking can lead to critical cash flow issues for your pharmacy, and it’s vital that this KPI is on your immediate to-do list. Go through our members- only course to gain all the information and resources you need to increase your KPI. Scan the QR code to get started! Our team is also here if you need additional guidance and coaching.
• Do regular inventory cleanups to return eligible items to their wholesalers.
Scan the QR code to check out our course on how you can increase your KPI!
• Return expired products to a reverse distributor to get a credit.
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