About 3% of the 3.6 billion prescriptions written annually are abandoned at the pharmacy, according to Power-Pak C.E. And US Pharmacist reports that inventory represents the single largest investment and ongoing expense for most pharmacies, so managing it well has an outsized impact on profitability.
Return to stock and adherence
Jason Poquette in Honest Apothecary blog, in his review of independent pharmacy metrics, notes that a prescription that is returned to stock may indicate that a patient has an adherence issue. A program that delivers patient interventions can help reduce the number of abandoned scrips and the need to return them to stock. He also warns that failure to return to stock can put a pharmacy in violation with third party insurance contracts.
Standardizing return to stock
Power-Pak C.E. recommends developing a standardized approach for handling RTS products to maximize inventory dollars. Common practice among pharmacies is to return items to stock every 7 to 12 days.
Managing expensive drugs
US Pharmacist cites business coach Danny Nelson from Amerisource Bergen, who recommends managing financial risk by keeping the supply of expensive drugs at a minimum. This can be achieved by using next-day delivery from distributors and coordinating refills with patients.
How AI improves return to stock rates
Pharmacists can use artificial intelligence with existing inventory systems to help reduce return to stock. AI can look for patterns in inventory data to predict which patients are more likely to abandon prescriptions, and shape interventions that motivate patients to pick up their medications. Using AI to improve return to stock rates frees up pharmacists to do what they do best — interact with patients and counsel them for better health outcomes.
AllazoHealth uses artificial intelligence to make a positive impact on individual patient adherence. We work with pharmacies to optimize adherence programs and intervention workflows. The result: improved clinical outcomes and increased reimbursement from pay-for-performance contracts such as DIR.
Case Study: Leading national pharmacy achieves 2.3x greater uplift in patient fill rate
Learn how AllazoHealth used AI to help a national pharmacy improve cost efficiency for their patient interventions.