Pharmacy Benefits Management Software is a system used by pharmacies to track, organize and manage prescriptions. The software keeps track of what prescriptions are covered under each insurance plan and makes sure that patients are getting the most affordable drugs possible.
In this guide, we review the aspects of Pharmacy Benefits Management Software, how to create pharmacy management system, pharmacy management system project, and pharmacy software.
Pharmacy Benefits Management Software
Pharmacy Benefits Management Software is a system used by pharmacies to track, organize and manage prescriptions. The software is designed to help pharmacists identify health insurance benefits for patients and ensure that they are getting the most affordable drugs possible.
Enhanced Medication Adherence
The patient experience is improved because pharmacists and nurses can access information about a medication’s safety and effectiveness. This allows them to make better decisions about what medications to prescribe that will work best for the patient. Clinicians can also spend more time on patients who need it most, rather than those who are taking their prescriptions as directed.
Enhanced medication adherence improves clinical outcomes by ensuring that each patient receives appropriate care, whether in an outpatient setting or inpatient hospitalization setting. It also reduces costs associated with long-term care for chronic conditions like diabetes, hypertension, HIV/AIDS and heart disease which account for over 60% of healthcare costs today
Optimized Prior Authorization
A prior authorization is a process that requires a healthcare provider to get approval from an insurance company before they can prescribe a certain medication. Prior authorization helps ensure that patients receive the most appropriate medication for their condition, and it also helps control costs by limiting expensive treatments.
But how does this work in practice? Let’s say you have diabetes, and your doctor wants to prescribe insulin. In order to obtain the meds through your pharmacy benefit manager (PBM), he or she needs to first send over paperwork detailing why they think you need the drug—along with supporting evidence like blood test results—to support their case. Once the PBM approves it, they’ll send back an electronic file with instructions on how much of each type of insulin you should take and when.
Increased Generic Dispensing
- Increased generic dispensing is a way to help improve patients’ care and lower costs. Generic drugs are as effective as brand-name drugs, but they cost less. Therefore, if you can increase the use of generics in your pharmacy, you will see positive results in your budget and patient satisfaction.
- When you set up your PBMs software, it’s important to make sure that it has the features necessary for increased generic dispensing. For example:
- Make sure that any clinical alerts or warnings about a drug are also flagged as “generic” alerts so that pharmacists know what type of drug is being prescribed for their patients (this feature can save time when ordering medication). This will help ensure that pharmacists get access to an array of information about each patient’s prescription needs — whether they’re taking generics or brand-name medications — so they can provide better care overall!
Reorganized Formulary Management
As you begin to create your formulary and establish your business processes, it is important to consider how you will classify your medications. While there are many ways in which medications can be classified, there are four main factors that should be considered when choosing a classification scheme for your pharmacy benefits management software:
- Therapeutic class
- Patient need (eg, chronic vs acute)
- Drug class (eg, antidiabetic agents)
“Pharmacy Benefits Management Software” is a computer program that can help your pharmacy. It will help you get reimbursed by insurance companies faster, and it can help your pharmacy save money on the amount of prescription drugs that are paid out of pocket.
If you have a prescription drug plan, then this software will be able to automatically submit claims to insurance companies electronically so they can be processed quickly. This will also make sure that there is no delay in reimbursements due to missing information or incorrect coding for each claim submission (which happens more often than most people think).
A large percentage of pharmacies use some sort of benefit management software because it improves their efficiency when dealing with insurance companies on behalf of their customers who need medications from them regularly at times when they may not be able to afford them otherwise.
how to create pharmacy management system
The pharmacy business is booming worldwide, and in the United States in particular. The U.S. pharmaceutical market is accountable for 40+ percent of global prescription medical drug sales. It’s the largest pharma market in the world and exists to support the ever-growing needs of U.S. medicine.
What are the numbers behind such massive economic activity?
Financial flows in the pharma industry are huge. In 2015, the U.S. pharma sector produced $1.3+ trillion in economic output (about 4% of total U.S. output). Biopharmaceutical businesses generated around $558 billion in revenue, and $659 billion came from suppliers/worker expenditures.
It seems that pharmacists are doing just fine…are there any opportunities to fulfill?
At TATEEDA GLOBAL, we have helped several U.S.-based pharma industry players develop pharmacy management systems, so we see great potential in many areas, including:
Pharmaceutical businesses can benefit tremendously from business-process facilitation. According to pharmacist surveys, non-value-added tasks and activities consume about half of their work time, which otherwise could have been spent in a more productive manner.
At TATEEDA GLOBAL, we are certain that developing pharmacy management software (tailored to address the exact challenges of your individual pharmaceutical business) is the best way to streamline pharmacy operations and improve the efficiency of:
How Pharmacy Management Software Helps Optimize Expenses in the Pharma Business
Positive financial effects can be achieved via automation and optimization of core pharmaceutical business processes.
Those pharmacy business processes usually include, but are not limited to:
So, how does pharmacy automation affect financial outcomes?
Let’s go through the benefits so you can see for yourself…
Cost-efficiency Benefits of Pharmacy Management Software
Since TATEEDA GLOBAL has vast experience in health and biotech projects with American clients, we’d like to emphasize the following statement as a rule of thumb…
The efficient time of a human worker always costs more than software maintenance, so their time should be spent wisely and not wasted on routine tasks that are easily automatable. This is true for the pharma sector, as well…
Although the development of a custom pharmacy management system requires investments, the benefits generated by the final product are so powerful that they will quickly cover all costs associated with building the system.
Less effort required for routine pharmacy tasks
Remember the classic filling, licking, and sticking activity that pharmacists do daily: picking and packaging prescription medication in containers and labeling them with the information required by healthcare laws & regulations.
Those routine activities can be automated and reduced to varying degrees, from partial automation to a fully robotic process.
Automation of dispensed prescriptions with the help of a pharmacy management system (in optional combination with an automated dispensing device) generates the following benefits:
Reduced interactions with customers/patients when personal counseling is not required
When a patient comes in for a refill of their medication or has a prescription from their physician, personal engagement with the pharmacist is unnecessary.
The pharmacy management system may offer an e-prescription module coupled with a front-end patient portal that allows users access to:
All of these points contribute to saving expensive work hours for pharmacists, increasing value-added tasks, and your pharmacy business’s capacity to serve a greater number of patients/customers in less time. Learn more: ➡️ Medication Tracker App Development: Guidelines, Features, and Costs
Better control over pharmacy stock and inventory
When all pharmacy stock data is digitized and entered into a pharmacy management system featuring ERM capabilities, it’s easier to manage pharmacy stock:
Using this type of functionality in a straightforward manner affects the profitability of pharmaceutical companies. Learn more: ➡️ How to Build a Lab Information Management System (LIMS)
A better approach to patient safety
With pharmacy management software, it’s easy to check each patient’s medical record and identify any potentially unsafe drug interaction.
An alert can be automatically triggered once a patient receives a new medication or refill prescription. The pharmacist can get involved in a personal intervention to correct medication dosage and provide alternatives or any other suggestions.
In this way, customer satisfaction and other important business metrics are enhanced and profitability is improved.
Nope! We’ve listed just a small number of all potential benefits that can come with successful implementation of a pharmacy management solution. A lot of potentially beneficial opportunities rely on the specifics of your pharmacy business.
If you want to create a feature-rich pharmacy management system but don’t know where to start, contact TATEEDA GLOBAL for a free consultation.
Pharmacy Management Software Market Trends
As for pharma market projections and associated IT services, even the estimates given in pre-COVID times suggested essential growth of the U.S. pharmaceutical industry, with a compound annual growth rate of about 14 percent in the period of 2020-2027.
However, with the beginning of the COVID-19 pandemic, enormous investments from governments, healthcare organizations, and private funds came to the vaccine sector, promising multi-billion-dollar incomes to the pharma corporation capable of delivering an effective anti-coronavirus vaccine.
When talking about the development of custom pharmacy management software, it’s important to identify the tech trends and updated requirements for these systems:
Emphasis on Online and Mobile Access
The COVID-19 pandemic triggered a global shift in the number of businesses in operation, replacing retail stores and outlets with home deliveries or curbside service. Pharmacy businesses were among the first to comply with the new reality.
This means that pharmacy management system features should include a convenient web-based portal or mobile applications, which allow patients the options of self-service, online medication orders, and delivery tracking. It also refers to wider implementation of e-prescription services to ensure legal compliance and patient safety.
Do you need help building a web-based pharma solution?
TATEEDA GLOBAL has vast experience in front-end and UI/UX development, including integration of custom pharmacy web portals with e-commerce, shipping, and delivery tracking systems. These solutions can include cloud-based integrations and custom .Net development.
If you’re looking for custom pharmacy software development services but don’t know where to start, contact TATEEDA GLOBAL for a free consultation.
Drone Deliveries and Connected Device Systems
Unmanned delivery vehicles are among the newer technologies with the greatest potential.
More and more of these services are coming to the forefront: for example, drone companies are considering drones for delivery of coronavirus vaccines to remote areas in the U.S.
Custom pharmacy management systems can be configured to support a variety of software-device integrations, including drone management and delivery tracking systems/modules for medication packages.
Moreover, a range of device integrations can be used in all types of pharmacy workflows, both in-house and customer-facing. In terms of pharmaceutical warehousing and manufacturing, there are plenty of potential automated solutions that can be developed under the technological domain of biotech/health tech Internet of Things.
Interested in an IoT system for your pharmaceutical company?
TATEEDA GLOBAL can help you build a custom IoT solution for your pharmaceutical business. If you have ideas about deploying a connected solution in your pharmaceutical facility, get in touch with us! We know how to create a pharmacy management system with the inclusion of different technologies like cloud data storage and connected devices. Please learn more about our services:
Custom Healthcare Solutions
See how we can engineer healthcare software, validate your ideas, and manage project costs for you.
Keeping your pharmacy’s customers well-informed is a critically important advantage these days.
However, you don’t want to bother your patient base with spam-like bulk emails/messages or feed them random marketing offers.
Your pharmacy management system should be equipped with notification features (email, SMS, mobile push, etc.). Helpful messages should be generated based upon current user preference: order delivery tracking/status, medication refill reminders, and other highly personalized communications to keep patients satisfied and returning to your pharmacy.
Interested in building personalized relationships with your customers?
We’re sure you are! TATEEDA GLOBAL can help you create a custom pharmacy management system equipped with smart notifications that rely on individualized algorithms. Discuss your ideas with us!
Features of Custom Pharmacy Management Software
Once you decide to develop pharmacy management software, you’ll need to select the specific system configuration, features, and modules.
Most modern pharmacy management software solutions combine the functionality of the following systems:
Let’s check some of the features and modules that are optional to your pharmacy management software…
Pharmaceutical Inventory Management
Inventory management is among the most tedious and resource-intensive processes for pharmacists. Moreover, it cannot tolerate human error or negligence.
In pharma companies that still use some kind of hybrid paper/electronic inventory management, pharmacists usually spend about 20 percent of their workday on tasks related to inventory management.
For pharmacists, median pay comes in at around about $62 per hour, as reported by the U.S. Bureau of Labor Statistics. Wasting pharmacists’ precious time, of course, has nothing to do with business efficiency.
Pharmacies that use fully automated inventory management software are now empowered to deliver much better outcomes, thanks to enhanced time-saving and accuracy factors (in contrast to paper-based processes, which are time-consuming and prone to human error.)
A software-aided pharmacy inventory-management process delivers the following:
Automated inventory management is already a widely accepted business practice among U.S. pharmaceutical businesses, but not all software solutions can satisfy current needs.
If you are considering a legacy pharmacy system re-engineering or wondering if a streamlined pharmacy management solution can be developed to replace your current inefficient one, discuss your ideas with TATEEDA GLOBAL!
Pharmacy Document/Data Management
Normal pharmacy activity generates a great deal of data and stacks of documents (of course, nowadays, these are predominantly electronic.)
When you develop an online pharmacy management system, you have the chance to reconsider and optimize the ways documents come into and leave your pharmaceutical organization.
A renewed document digitization/management solution can be added to facilitate each of your document workflows.
Pharmaceutical document circulation can be facilitated in the following ways:
If you want to revamp the current document management practice in your pharma business, TATEEDA GLOBAL can help by building custom pharmacy workflow management software. This includes mobile, desktop, and device-connected solutions.
End-to-end Management of the Medical Dispensation Process
Any customer visit to a pharmacy outlet can be completely digitized and/or facilitated with the help of IT solutions.
Often, the need for personal presence can also be eliminated. Unfortunately, touchless transactions are in high demand in these times of the COVID-19 pandemic.
Here’s how the process of pharmaceutical dispensation can be facilitated with software and connected-device integration:
Your custom pharmacy management system can be designed to implement the automated medical drug dispensation workflow, reducing manual operations to nearly zero. Learn more: ➡️ How to Build Custom Medical Device Software: The Complete Guide
Additional Pharmacy Management Features/Integrations
Interested in developing and implementing new features?
If you want to build a system that combines the most important pharmaceutical processes, including inventory management, document management, and dispensation workflow with a range of additional features, please contact us at TATEEDA GLOBAL for a free consultation.
pharmacy management system project
With the rapid growth of the healthcare sector and an ever-increasing number of medical providers, there are two quick conclusions we can come to. First, there will be more opportunities for taking care of one’s health. Second, we’ll see plenty of new pharmacies that will need an effective management system to help the pharmacists on-site and enable online management. And doing it manually isn’t an option anymore as there is more information to deal with, more clients to serve, and less time to do it effectively. Today, we’ll review what a pharmacy management system is, how it works, how to develop a pharmacy management software, and what benefits it will have for the pharmacy business.
Pharmacy Management Software Development 101: What It Is and How It Works
Pharmaceutical software solutions is an online usually cloud-based tool that enables swift pharmacy functionality regarding record creation and keeping, stock monitoring, sales, inventory, and company management. With the rapid growth of medical IoT and new technologies, doing things online without compromising their safety and security is a must to keep up with the development of the digitalization of healthcare in general. Add to that pandemic and ‘living online’, and you get the answer to why it’s needed in 2021 and onward.
Luckily, the market shows trends that scream ‘You won’t lose if you direct efforts to pharmacy preceptor development’. Here are a few stats why.
Add to that favorable market adoption factors like legal compliance standards, cost-reduction strategies from the major market players, and increased ROI, and you get a clearer picture that it will become a must-have tool. But except for making the pharmacists’ routine easier and standing out of the competition regarding the service quality, what are other reasons to develop a software FOR pharmacy management?
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Why Bother With Pharmacy Management System Development?
Of course, it’s not the complete list of advantages, and since every hospital or pharmacy has its requests and requirements, the full potential will depend on each establishment. Let’s review the common e-prescription software features one needs to pay attention to when developing pharmacy management software.
Must-have Pharmacy Management System Features
Before creating a pharmacy management software, it’s important to answer a few questions to make sure you’ll receive the enhancement you wanted and needed.
Answering these questions won’t only provide the clue to what features should be included, but also will help to define the scope of work for the software vendor and estimated cost, which we’ll talk about further. Now, let’s focus on the features and modules that you can stuff the software with.
Easy inventory management
Spending one-fifth of the working day managing the inventory is too much of a luxury for a pharmacist but that’s exactly how much time it takes to do it manually. Having it automated in the pharmacy management software not only will free some hours for the store workers but will safeguard against human-related errors, enable fast audits, and make it easy to track.
Typical features to think about:
Another thing to ease the workflow is to make prescription management fast and error-free. Pharmaceutical software solutions make the preparation, pick-up, and refill process a matter of minutes. The result? Less incoming calls, fewer queues, and more happy customers.
Pharmacists aren’t just the people giving us the prescribed medicine — some of them can prescribe them for us depending on the situation. Moreover, they have to review all the medical conditions, drug information and recommended dosage, compare it with previously prescribed or currently taken medication to avert side effects. And, as a study showed, double-checking the doctor’s prescription is necessary to eliminate the errors when discharging medication. Pharmacy management software development is a step to make this process faster and safer.
Analytics and reporting
Quality analytics helps the pharmacy to cope with running the business and plan for the future. It shows that some medication is prescribed more often and needs to be supplied respectively, while others show less demand. With a pharmacy management system, you have an opportunity to generate any kind of report within a click. Think of audits or tax filing you need to do regularly and you’ll understand the worth of getting the reports automatically.
Billing is another pain point of the pharma business as it involves three parties: consumer, pharmacy, supplier. Automating the billing procedures is a necessity and the business better invest in it to avoid mistakes.
Ordering medication online is what every patient will prefer to do, especially during the time of COVID-19. And it’s possible to do it. E-pharmacy is a great solution to expand the retail business and add value. The website and e-commerce suite aren’t enough since you may work with prescription-only drugs, where you’ll need to have a copy of the original receipt to discharge a medication.
Notifications and alerts
It’s always great to know when to restock or remind the patient to renew a prescription if necessary, and notification and alerts will do it the best. Depending on what you want to be reminded of, you can tailor the pharmacy management software to notify you about the need to restock, check the expiration dates, run security and software checks, detect at-risk patients, and more.
Development of pharmacy management program may and should include integration option. Why? Because a systemic approach is always better, faster, and easier to track. Consider these options.
These features will allow for seeing a bigger picture, detect potential incompatibility, evaluate risk/benefits, and provide overall better care.
Nice-to-haves of the pharmacy management system may include:
As we’ve covered the features of the system, what are the technologies that can make it happen?
Pharmacy Management System: What Technology Stack to Use?
Having solid experience with pharma app development services, the Empeek team came up with the tech stack which will be the best fit functionality-, scalability-, and safety-wise. When you develop an online pharmacy management system, consider these as your go-to solutions.
But what if you’re the business that doesn’t want to dive into the nuances of the technologies but wants to get a reliable and safe solution instead? We have the answer.
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