Are Expiring Drugs Costing Your Practice? The Importance of Expiration Tracking

Expiration tracking is a critical issue for many medical practices, since medications are some of the biggest expenses they incur. Not only are drugs expensive, but they are also crucial to the operation of your practice. This usually results in keeping too much inventory at any given time, opening you up to cash flow issues and possibly having to throw away expired products. Take a minute this week to examine your inventory. Are any products expired? How much money did they cost?

On your personalized ArbiMed dashboard, you can see a list of items which are expired and about to expire, and also their quantities and value

If your practice is similar to others, it’s probably difficult to determine exactly how much inventory you have, and whether any items need to be reordered. The question then is finding a tool that can effectively track all this information and provide you timely guidance on managing your supplies.

Expiration Tracking: An Effective Solution

In today’s world we have software and apps for just about every aspect of our lives. They provide us with crucial information, help us get organized, and simplify the processes we go through every day. What about your office? Do you have a system for tracking your inventory? Maybe it’s time to use technology in your business life, just like you do in your personal life.

For instance, ArbiMed provides expiration tracking that can alert you to expiring products. Alerts can be sent by email or text message, and can keep you from throwing away costly inventory. In combination with PAR Levels, our system can monitor supply levels and ensure that you don’t overstock any products. Instead of relying on pen and paper or spreadsheets, you can use ArbiMed to monitor thousands of items and help you effectively manage your supply spending.

Inventory management is crucial to any medical practice. An advanced software tool like ArbiMed can make the process simple and help you save money while maintaining adequate supplies.