Datarithm’s automated system provides optimal management of your largest investment and biggest expense – Rx inventories. Typical results: 20%+ inventory reduction, 4x+ turn improvement, reduction in expired returns, stronger cash flow, and more money in the bank.
Founded in 2005 by a pharmacist, a software engineer, and a medical sales professional, Datarithm has maintained a persistent focus on the development of highly specialized systems and software applications that assist pharmacies by streamlining inventory tasks, reducing overall expense, emphasizing precise management techniques, reducing overstocked and dead inventories, recouping “frozen” inventory dollars via balancing, and increasing customer service levels. Datarithm’s solutions provide pharmacies of any size and scope precise consistent, centralized control over prescription drug inventories.
Datarithm pioneered store-to-store Rx inventory transfer (aka “balancing”) for pharmacy. In 2012, we launched our automated inventory demand forecasting and reorder point optimization features. We followed in 2013 with the release of our configurable cycle counting platform. Today, Forecasting, Balancing, Cycle Counting, and Advanced Analytics represent Datarithm’s four key pillars. These pillars, coupled with our customizable option settings, offer an Rx inventory control solution that is unmatched.
If your pharmacy is like most today, you are likely searching for cash-flow. Optimize the management of your biggest investment and largest expense to move cash off the shelf into your bank account.
There are many factors that impact the management of pharmacy inventory. New drugs continually enter the market; demand change is a constant; seasonality is a given; physicians change their scripting patterns; reimbursement rates fluctuate; generic drug changes are unpredictable as wholesalers often change the preferred item, etc. These factors leave inventory management to chance and a game of guesswork. That’s where Datarithm comes in. With precise, consistent, centralized control and management of Rx inventories, Datarithm puts a stop to guesswork, reduces staff workload and, effectively places management of inventory back into the hands of management all in one easy-to-use hub.
Features & Options
-Forecasting: Using proven and proprietary algorithms, every month Datarithm leverages historical dispensing history to predict expected usage for every item and generic group in a pharmacy’s formulary. The demand forecasts are then coupled with various system settings controlled by pharmacy management to arrive at reorder point positions and reorder quantities. Any adjustments to reorder points and quantities are automatically updated through bi-directional data interfaces with leading pharmacy management systems.
-Balancing: With monthly reorder point optimization completed, every morning, Datarithm pinpoints and attacks overstocked and dead inventory through wholesaler return recommendations and store-to-store transfers for multi-store operators. These inventory balancing functions are completed by pharmacy staff using a fast and easy workflow. In summary, Datarithm’s optimized reorder points coupled with intelligent balancing recommendations, will reduce inventory investment levels, associated carry costs, reduce the incidence of expired drug returns, improved cash flow, and elevate inventory turns.
-Cycle Counting: Using a dual-ranking approach, Datarithm’s intelligent Cycle Counting function helps to maintain on-hand precision throughout the year, not just after completion of a full physical count. This will reduce stock-outs and overstock situations, and drive COGS and profit/loss accuracy.
-Analytics: Through Intuitive Analytics (enterprise and store level); a robust flexible custom report-writer; numerous pre-built insightful reports and comprehensive info packed dashboards, Datarithm provides the analytical optics that pharmacy managers and owners need and rely on to make better decisions surrounding inventory management and track staff performance and task compliance.
“We have been with you all for 10 months, our inventory has gone down 26% or $175K between the three pharmacies. We just do the minimum with you all and know that we can do more to even decrease it more and will try harder in the new year. I just wanted to say thanks for your great product and support.” — Brian Kiefer, Owner – Uses Datarithm in Three Locations – Customer Since February 2019
“I consider Datarithm® one of the essential partners for my independent pharmacy business. Datarithm’s tools and capabilities make them the perfect partner for maintaining good inventory control. I am also extremely pleased with their tech support and response time. I recommend Datarithm® for all pharmacy owners.” — Teresa Stickler, Owner of Melrose Pharmacy
Key Business Partners
Bi-directional interface partners: Computer Rx, Kroll/Telus (Canada), Liberty, PioneerRx, Rx30, RxMaster, and ScriptPro with BestRx pending.
This post is related to:Inventory Management