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Blog Post
Optimizing Inventory for Flu Season – PrimeRx Can Help!
Introduction
The Centers for Disease Control (CDC) lists December-February as peak flu season, with September-October the “ideal” time for preventative influenza vaccines. But pharmacists know that patients start to feel the dreaded aches and pains, coughs and fevers, long before then. This year, as always, pharmacists can expect increased demand for annual “rites of fall,” which include flu vaccines and related medications, OTC products, and supplies.
But at a time when every penny counts, how can a pharmacy know how much of these products to keep in stock? No pharmacy wants to risk running out of needed supplies, but neither does a pharmacist want to buy too much, and risk having unused medicines and vaccines expire on the shelf.
Consider flu vaccines. According to the CDC, flu shot administration rates have dropped significantly in recent years, with no signs of a turnaround. During the 2023-2024 flu season, fewer than half of all U.S. adults, 44.9%, received a vaccine. That figure marked a 2% decrease from the previous year and continues a steady decline that began after a brief uptick during the COVID-19 pandemic.
Vaccination rates among children (6 months – 17 years of age) are also on the decline. The 2023-2024 flu season saw 55.4% of U.S. children get flu vaccines, down sharply from the pre-pandemic 2019-2020 season when 63.7% were vaccinated.
The downward trend means fewer doses of flu vaccines will be administered across the United States. But does this mean a local pharmacy should assume less demand among its patients? And if so, by how much?
Whereas in the past pharmacists would basically have to guess at the answer, now they can rely on technology to provide data-based projections for not only flu vaccinations, but for just about everything sold in the pharmacy.
This can be done through technology-based “data driven forecasting.” As most pharmacists can attest, the typical pharmacy takes in reams of data every day on a wide variety of topics. So much data in fact, that most of it goes unused. A sophisticated technology system though, such as PrimeRx, allows the pharmacy to prioritize specific data points for purposes such as forecasting patient demand. Those data fields, or key performance indicators (KPIs), are isolated and analyzed within PrimeRx, with a report generated detailing the system’s findings.
With regard to inventory forecasting, the pharmacist can use KPIs including historical sales patterns, active and inactive prescriptions, number of immunization-eligible patients, pricing, expiration dates, and patient demographics, along with other factors that may affect sales activity such as weather and community events. Did the region experience a blizzard last year, for example, that prevented people from obtaining their vaccines? Or did some type of community festival take place nearby, that increased foot traffic?
How PrimeRx and MARKET Work Together to Simplify Inventory Management
PrimeRx combines quantitative and qualitative data elements, such as those listed above, to generate a user-friendly analysis that details a pharmacy’s inventory patterns, and projects future needs. Then, using the PrimeRx MARKET solution (which is discussed in greater detail below), pharmacies can directly access more than 40 suppliers to identify availability and pricing for vaccines, medications (including OTC products), and other pharmacy products. Orders can be submitted with multiple suppliers, directly within the PrimeRx workflow.
The results of the combined PrimeRx/PrimeRx MARKET approach to inventory management can be quite significant, with benefits that include:
- Accurate projections of inventory needs.
- Identification of drug availability and pricing options.
- Reduced risk of stockouts.
- Identification of product trends including fast sellers (and sales laggards)
- Real-time inventory tracking which allows the pharmacist to adjust inventory levels as needed.
- Ability to manage inventory forecasting, conduct price comparisons and place supplier orders within the PrimeRx workflow. No need to jump to another screen or access a separate system.
The PrimeRx Ecosystem: A Complete Suite for Smarter, Connected Pharmacy Management
In fact, technology has never been more proficient at projecting inventory demand, automating workflows, and optimizing patient experiences. The above example highlighted how two core PrimeRx systems – PrimeRx Enterprise and PrimeRx MARKET can work in tandem to help pharmacies gain control of their inventories and help manage costs. But that is only part of the story. The PrimeRx portfolio, in fact, offers much more.
The PrimeRx Ecosystem, in particular, can be an especially effective source of comprehensive pharmacy management. The Ecosystem encompasses five distinct PrimeRx solutions that complement each other in providing pharmacies with the highest levels of innovation and efficiency. The five solutions include:
PrimeRx Enterprise
This is the iconic PrimeRx operating system that has served the needs of the independent pharmacy community for more than 30 years. PrimeRx serves as the “nucleus” of the busy pharmacy, seamlessly managing core workflows including dispensing, refills, billing, patient records, and inventory. In addition, as discussed above, PrimeRx offers extensive capabilities for report generation on a broad range of topics that can detail everything from sales activity to dispensing rates to patient adherence patterns.
PrimeRx CLOUD
The next step in pharmacy technology. PrimeRx Cloud addresses pharmacists’ needs for flexibility and options. Pharmacists can access the system from any internet-enabled device with a browser installed. PrimeRx Cloud offers the same workflow capabilities as PrimeRx Enterprise, but with the additional flexibility inherent to a cloud-based solution.
PrimeRx MARKET
PrimeRx MARKET is the industry’s leading online prescription drug marketplace with direct access to more than 40 wholesalers and drug suppliers. A pharmacist can quickly conduct price comparisons for each medication, eliminating the need to manually look up each supplier’s pricing. Instead, the pharmacist simply types in a particular drug, and the system generates a list of pricing options.
PrimeRx MARKET fully integrates with the PrimeRx Enterprise and PrimeRx Cloud platforms, meaning pharmacists can conduct pricing comparisons and place supplier orders without having to log on to another system or leave a current workflow.
PrimeRx POS
PrimeRx POS is a cloud-based, highly intuitive solution that allows pharmacies to manage point-of-sale systems from any device with internet access. The tablet-based design allows pharmacy staff to move freely within the pharmacy and offer services including curbside pickup and on-demand delivery.
PrimeRx POS offers comprehensive functionality for pharmacy transactions including seamless payment processing and signature capture, with all records stored within PrimeRx. But the system goes beyond traditional POS functionality with a unique “suggestive selling” feature, that helps boost sales of OTC products. The suggestive selling function proactively recommends OTC products that complement a patient’s medication purchases. This could include, for example, a suggestion for tissues or throat lozenges for a patient purchasing cold and flu medications.
MyPrimeRx.com
The myPrimeRx.com platform enables high levels of pharmacy-patient communication. With myPrimeRx.com, patients are kept informed with real-time SMS delivery updates, notifications about scheduled refills, and personalized reminders about dosage requirements or immunization reminders. The system also enables two-way communication, which allows patients to respond to pharmacy queries. Two-way communication also facilitates compliance with auto-refill requirements and helps pharmacies promote medication adherence initiatives.
Smarter Flu Season Management Starts with the PrimeRx Ecosystem
When it comes to helping pharmacists manage the coming cold and flu season, the PrimeRx Ecosystem suite of solutions can be an invaluable help with key benefits that include:
Inventory Forecasting/Low-cost Pricing
As discussed above, the system analyzes quantitative and qualitative pharmacy data to help pharmacists determine inventory needs for flu vaccines and medications, as well as for OTC products and related consumer goods.
Once inventory needs are determined, pharmacies can turn to the PrimeRx MARKET online marketplace to identify suppliers and conduct price comparisons.
Increase Sales of OTCs and Consumer Goods.
The PrimeRx POS “suggestive selling” solution increases sales by recommending products that complement other purchases in a patient’s transaction. A patient picking up a prescription for Tamiflu, for example, might benefit from a suggestion for a thermometer, or maybe some NyQuil or Tylenol.
But PrimeRx can also help market the pharmacy to the broader community. The Pointy solution, offered by Google, allows a local pharmacy to appear as a buying option in consumer internet searches for specific consumer goods and OTC products. Consumers who might not have considered the pharmacy a viable option for certain products will have a new option to consider!
PrimeRx enables direct integration with this important solution, which links to the pharmacy’s POS system.
Enhanced Patient Communication.
Pharmacies can rely on PrimeRx to keep the lines of communication open during the busy cold and flu season. The system’s email and text capabilities can be used for a variety of purposes that include:
- Flu Shot Clinics. Blast emails can be sent to patients alerting them about the importance of receiving a flu vaccine and providing information about immunization opportunities. A pharmacy manager can select which subsets of patients to receive the reminders – i.e. senior citizens, “regular” flu shot recipients – or can generate an email/text blast to all patients. Emails/texts can be programmed to arrive on certain days and can be repeated on a customized schedule.
- Safety Reminders – and OTC Updates. Emails and texts can be sent reminding patients to wash their hands and take other precautions during cold and flu season. Messages can also remind patients that the pharmacy can be a good source of cold and flu supplies – everything from flu shots and Dayquil to tissues and ginger ale!
Immunization Management.
PrimeRx facilitates all immunization-related compliance requirements with capabilities that include:
- Patient Records: The system captures all required immunization-related information and seamlessly updates each patient’s record. Captured information includes:
- Date of administration.
- Vaccine manufacturer.
- Vaccine lot number.
- Name and title of person who administered vaccine.
- Vaccine information statement (VIS), confirming that patient was provided with educational information about the vaccine (Required for vaccines covered by the National Childhood Vaccine Injury Act).
- Immunization Reporting Requirements. In addition to maintaining patient records, pharmacies are required to report all immunization activity to applicable Immunization Information Systems (IISs). The system seamlessly transmits immunization information to the appropriate state and/or local reporting agency.
- Signature Capture. The system allows patients to sign for each immunization via a HIPAA-complaint signature capture tool. Signatures are added to each patient’s record, and easily accessible for any audit or payer request.
- Claims Processing. Immunization claims are seamlessly transmitted to the correct payer, with all accurate and relevant information automatically added. The system tracks each claim until a resolution is received.
While it’s too early to know just how severe this year’s flu season will be, there is absolute certainty that it will arrive right on time and bring with it increased demand for flu shots, OTC medications and consumer supplies. As pharmacists anticipate the coming months, they can look beyond their role in helping patients, to seize on the opportunity to boost sales. Consider, for example, that the U.S. flu vaccine market was valued at more than $4 billion during 2023, with 60-70% of all vaccines administered at a pharmacy. Or that American households spend about $340 on OTC products each year.
As pharmacists look to leverage these opportunities for revenue growth, innovative technology solutions can help. This includes the PrimeRx Ecosystem, which addresses the needs of today’s pharmacies and makes it easier to focus on patient needs, and pharmacy growth.