HangRx™ Measurable Return on Investment:

A 2003 Thomsen Group Report states on average, pharmacies have 12 misplaced scripts per day that result in a 9.6 minute search, and that work-flow software solutions reduce this number by 2/3. HangRx bin management with bar-coding is an intricate part of workflow that reduces lost/misplaced prescriptions.  A reduction of 2/3 amounts to 8 prescriptions and 76.8 minutes per day.  Assuming 50% search time is pharmacist and 50% of search time is technician equals $31.00hr.   (HangRx accounting for a conservative 50% of savings)

Source: http://www.thethomsengroup.com/TTGI Pages/Articles Studies & Presentations/20050205 OSPA.pdf#search=’thomsen%20report%2016.3%25%20retrieval’

A Return to Stock Prescription is very costly.  There is lost time and money associated with filling the prescription and now you must spend more time and money to reverse the billing and return the prescription to stock.  It has been reported that a simple reminder call to the patient decreases return to stock by up to 70%. HangRx bin management automatically sends a reminder "Text Message" or voice message to your customers the second the prescription is scanned into the will-call system. It also will automatically send a "Reminder" call when a prescription has not been picked up after a number of days that you specify. HangRx bin management also reports "Aged" prescriptions so that you can simply call down a list, giving your customers a warm, personal, and friendly reminder that their prescription is ready, turning that potential "return to stock" into a sale!

• The average cost of a return to stock is $4.27 initial labor plus an additional $1.20 labor to return it.  Add to this the cost of a T.P. reversal and wasted bottle and label and you will spend on average $5.62 for each return to stock..
• Average cost to return 10 prescriptions a week is $56.20.
• Assuming a 70% reduction is a savings of $39.34.

No pharmacy wants to have to return a prescription to stock.  But because of the skyrocketing cost of drugs, a prescription that is not going to be picked-up is extremely important to get back into inventory. The return-to-stock process has been very daunting, often requiring a technician to look at every prescription in the will-call. This is time consuming and generally prescriptions are overlooked and left unusable for months. On average, an inefficient return-to-stock process will result in the following:

• Insurance Audits. (Not enough reversals resulting in audits)
• Unnecessary Inventory
• Over-stressed Will-Call area -often causing longer retrieval times and misplaced prescriptions.

A pharmacy performing a return-to-stock every ten days or older will result in a Will-Call that has prescriptions up to 19 days old.  Calculating 1 prescription per day for every day OVER 10 days and you have 9 prescriptions at any given time that could be in usable inventory.

Using HangRx bin management, your return-to-stock will reduce your total inventory, thus lowering your daily expense by the average cost of a prescription of $4.70 (X 10 prescriptions).