Many hospitals 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 hospital has waited anywhere from 6 to 12 months for their cash.
At Pharma Logistics, our Rapid Credit Program gets you credits within 14 days from the day your product arrives at our facility. This helps support hospital cash flow and reduces time spent on reconciliation.
2. How Much Visibility Do You Have into The Return Process?
Not every reverse distribution 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.
With Pharma Logistics, you get access to customizable and dynamic enterprise-wide reporting. Help to drive process improvements in your hospital’s pharmacy through efficient and effective data reporting tools to help you build business intelligence and make better decisions.
3. Are You Able to Focus On Patient Service?
Managing the credit and reconciliation process can be overwhelming for both hospital directors and pharmacy managers. While your focus should be on patient service 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.
Pharma Logistics helps simplify the return process—and the paperwork—with onsite, and box and ship services, to ensure your focus stays on your patients.
4. What Analytic Tools Are Available?
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. At Pharma Logistics, we provide you with real-time analytics (link to customer portal piece when complete) so you will always know exactly where your credit is in the return process and how much you can expect to collect. This includes:
- Dashboard showing status of all returns.
- Line-item reporting
- Data exports to support compliance and financial reporting.
- Credit reconciliation
- Monthly credit disbursement
- Estimated Return Value (ERV) calculation
And all this data can be exported to support planning decisions and financial reporting. You will never waste time tracking return jobs again.
5. How Much of Your Inventory is Unreturnable?
Finding out why you are not earning credit is important to your hospital’s financial success. By looking at reports from each manufacturer in the return process, you can 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 and improve their credit ROI.
To learn more about how Pharma Logistics can benefit your hospital, check out our Why Pharma for Hospital Reverse Distribution literature.