In navigating the intricacies of pharmaceutical procurement and bolstering purchasing compliance, it’s important that pharmacies adopt three essential strategies that streamline operations, enhance efficiency and fortify adherence to contractual obligations and regulatory frameworks. These strategies, when implemented effectively, contribute to maximizing cost savings, optimizing rebate potential and ensuring a seamless and compliance procurement process.
Integrating all aspects of purchasing into a centralized solution emerges as the cornerstone of streamlined compliance management. By consolidating the entire product catalog into a unified platform, pharmacies gain a comprehensive overview of available purchasing options, enabling informed decision-making without compromising compliance standards. This unified approach also streamlines administrative tasks by enabling the seamless uploading of purchasing orders through a single interface. Integrating this solution with other crucial functions such as receiving, accounts payable and credit tracking further strengthens relationships with vendors, fostering a collaborative approach that bolsters compliance without replacing established vendor relationships.
The automation of purchasing processes serves as a catalyst for enhancing efficiency and maintaining consistent adherence to compliance standards. Automated systems provide real-time insights into accurate costs, factoring in rebates and variations in vendor pricing. By leveraging these automated systems, pharmacies make informed decisions regarding the best items to purchase to meet contractual agreements, thereby optimizing their purchasing strategy. Moreover, the automation of workflows and purchasing rules across all pharmacy teams and locations ensures uniform compliance through the organization, reducing the likelihood of non-compliance and streamlining operations for greater efficiency.
Implementing robust tracking and monitoring processes emerges as a critical element in maintaining purchasing compliance. By tracking compliance with primary vendors, group purchasing organizations (GPOs) and buying groups, pharmacies ensure consistent adherence to contractual agreements and maximize rebate potential across all sources. Analyzing purchasing data and rebate performance presents identification of trends and opportunities for improvement, enabling pharmacies to adjust their purchasing strategies to access higher rebate tiers. Additionally, monitoring vendor and internal compliance facilitates the identification and resolution of discrepancies, ensuring seamless procurement processes and safeguarding the integrity of the pharmaceutical supply chain.
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“Understanding what’s included and excluded in your agreements is vital for optimizing purchasing behavior within your market. Maximizing vendor relationships relies on aligning your needs with the right agreements, ensuring you surpass and maximize their potential impact.”
Calvin Hunsicker, founder and chief of product officer at SureCost
“I’ve been in this industry for a long time, and I’ve consistently observed pricing errors that lean unfavorably toward our side. When you can go back with concrete evidence, discussions with vendors take a productive turn where the number of errors is reduced. This emphasizes the importance of vigilant scrutiny to make sure you’re being adequately and fairly priced and treated.”
Mark Ey, chief operating officer and senior vice president at National Community Pharmacists Association (NCPA)Comprehending the significance of purchasing compliance reveals its pivotal role in mitigating the adverse impacts of drug shortages. By upholding these standards, pharmacies proactively manage shortages, including alternative sourcing strategies, negotiation of pricing adjustments and securing priority access to available stock. Additionally, adherence to pricing and reimbursement agreements builds trust with vendors and ensures financial stability. By leveraging compliance-driven data analytics, pharmacies develop robust demand forecasts, enhancing their ability to navigate drug shortages while ensuring uninterrupted patient care.
Furthermore, adherence to these pharmacy compliance standards serves as a safeguard against the risks of receiving counterfeit drugs, legal penalties, tarnished reputations and operational disruptions. Purchasing compliance ensures that pharmacies not only meet their contractual obligations but also safeguard their financial stability, mitigate risks and maintain a consistent supply of vital medications. By upholding purchasing compliance standards, pharmacies maximize cost efficiency, optimize vendor relationships and ultimately uphold the continuity of patient care.
Receive up-to-the-minute insights (rather than waiting until the end of the quarter), allowing for proactive purchasing strategy adjustments.
Ensures vendor agreements are correctly documented and applied, minimizing rebate calculation errors.
Helps pharmacies meet rebate tiers to maximize savings.
Gain insight into pricing across primary vendors, GPOs, buying groups, secondary vendors and manufacturers to ensure cost-effective purchasing.
Allows pharmacies to assess and adjust purchasing habits to optimize rebate eligibility.
Streamlines compliance monitoring and purchasing decisions, reducing manual efforts.
Avoid drug shortages and back orders by identifying cost-saving alternatives outside primary vendor agreements.
By leveraging Purchase Manager Compliance Insights™ software, pharmacies can ensure they are receiving the correct rebates, quickly adjusting purchasing strategies and remaining competitive while optimizing costs.
