Many hospitals and pharmacies rely on an outside vendor to handle their reverse pharmaceutical distribution process to garner return credits. But how does that process really work? Pharma Logistics wants to improve visibility into that process by giving you the 5 things you need to know about the return credit process–and find out if you’re getting your funds quickly enough!
1. How Long Should it Take to Get Your Cash?
When your unsalable, returnable product reaches the reverse distributor’s warehouse, it is often sitting there indefinitely. With many vendors, by the time the inventory is indexed and sent back to the manufacturer, the pharmacy has waited anywhere from 6 to 12 months for their cash.
At Pharma Logistics, our Rapid Credit Program sends you cash funds within 14 days from the day your product arrives at our facility.
2. How Much Visibility Do You Have Into The Return Process?
Not every vendor gives you reports showing where your credit is in the return process, and how much you can expect to collect. It can be hard to make business decisions and review your expected return value without real-time insight into the process.
Pharma Logistics provides a dashboard highlighting each return job, manufacturer payouts, and where your credit is in the process.
3. Is Your Focus Leaving Your Patients to Handle Accounting?
Managing the credit and reconciliation process can be overwhelming for both hospital directors and pharmacy managers. While your focus should be on patients, customer service and the community, you may find yourself burdened with the paperwork of compliance and reverse distribution. But it doesn’t have to be that way with the right partner.
4. What Analytic Tools Are Available?
Likewise, not every vendor will show you how much you’re credited for each unsalable product to get the info you need to make an informed choice. If you check out our Client Portal web demo you can see your expected return value and how much you have been paid. And all of this data can be exported to support planning decisions and financial reporting. You’ll never waster time tracking return jobs again.
5. How Much of Your Inventory is Unreturnable?
Finding out why you are not earning credit is important to financial success. By looking at reports from each manufacturer in the return process, you are able to view deficiencies. As managers balance inventory shorts, IOUs and non-returnable inventory, the right information from their suppliers and reverse distributor can help them make informed decisions for their patients and improve their credit ROI.
Find out what Pharma Logistics can do to help customer service, patient care and your bottom line by viewing the Pharmacy Technician Handbook.