SureCost today announced the publication of its third annual Smarter Purchasing Report. Current industry challenges, such as DIR fees, staffing and drug shortages, make it difficult for many independent pharmacies to remain in business. The report sheds light on smarter purchasing strategies that are designed to help pharmacies stay afloat.
ST. PETERSBURG, Fla., June 11, 2024 /PRNewswire-PRWeb/ -- SureCost today announced the publication of its third annual Smarter Purchasing Report. Current industry challenges, such as DIR fees, staffing and drug shortages, make it difficult for many independent pharmacies to remain in business. The report sheds light on smarter purchasing strategies that are designed to help pharmacies stay afloat.
"Managing your pharmacy's purchasing effectively is more critical than ever in order to achieve a profitable and successful business. The SureCost 2024 Smarter Purchasing Report illustrates five key areas where purchasing management software drives cost savings and efficiencies," says Calvin Hunsicker, Founder and Chief Product Officer at SureCost. "Drawing on anonymized aggregate data from our customers over the past year, the report offers real-world examples of maximizing savings while maintaining vendor compliance."
The SureCost Annual Smarter Purchasing Report is designed to be concise, informative and includes valuable insights to help pharmacies better understand how to leverage smarter purchasing practices to save time and money. The report analyzed 2023 anonymous SureCost customer data from over 200 pharmacies and provides evidence of savings or losses in five key areas of smarter purchasing.
The report covers key data points from the following pharmacy purchasing functions:
- Purchasing Beyond the Top 200
- Monitoring Vendor Substitutions
- Avoiding Sudden Vendor Reorders
- Adhering to GPO Pricing
- Accurate Value of Received Goods
Each data point in the report demonstrates the impact of implementing smarter purchasing strategies. For example, purchasing only within the Top 200 (medications that are typically high-demand, widely prescribed and have established market trends)may equal missed savings opportunities through secondary vendors. Being limited to the Top 200 also increases the risk of vendors running out of stock, and, due to the opaque design of the purchasing ecosystem, pharmacies restricted to the Top 200 may lose time and money searching for the best price.
The 2024 Smarter Purchasing Report data shows these pharmacies purchasing outside the Top 200 experience greater savings versus within it. SureCost customers experience a 10.9% average savings on cost of goods sold (COGS) by purchasing outside the Top 200 compared to a 9.1% average savings on COGS by purchasing within the Top 200.
The 2024 Smarter Purchasing Report provides an in-depth explanation and review of all five data points, offering pharmacies access to exclusive and accurate smarter purchasing data that can only be found in the report.
To read The SureCost 2024 Smarter Purchasing Report, click here.
About SureCost: SureCost Purchase ManagerTM eliminates price shopping and multiple purchase orders in various formats, cutting down hours spent on purchasing by centralizing all vendor catalogs. With SureCost, pharmacies easily explore purchasing options, including alternative item equivalents and gain visibility into market pricing, saving an average 2-5% on their annual spend.
With SureCost, pharmacies configure settings to align with their goals, including compliance, guiding their team to make informed purchasing decisions through item recommendations and ensuring financial accuracy with automated alerts for over-invoicing and vendor substitutions. With SureCost Inventory ManagerTM, pharmacies reduce excessive inventory by 10-20% by leveraging real-time insights into product availability, coupled with automated replenishment orders, to prevent backorders. Plus, with the SureCost Mobile App and DSCSA Compliance Package, pharmacies receive inventory from anywhere, while simultaneously capturing and storing DSCSA data. With SureCost, pharmacies save time and money, stay compliant and work smarter.
Media Contact
Rebecca McNeil, SureCost, 1 603-447-8564, [email protected], www.surecost.com
SOURCE SureCost
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