Pharmacy Success Story: $50K Cash Flow Boost in 30 Days
<img src="https://static.wixstatic.com/media/092d21_4751854747ff444391b1145da31cda83~mv2.png/v1/fill/w_1000,h_983,al_c,q_90,usm_0.66_1.00_0.01/092d21_4751854747ff444391b1145da31cda83~mv2.png" alt="Pharmacy Success Story: $50K Cash Flow Boost in 30 Days" style="max-width: 100%; height: auto; margin-bottom: 20px;" />
by Dr. Alex Toth<br/>
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Dr. Alex Toth is the Owner of Plumsted Pharmacy in New Jersey and Co-Founder of InStockRx.<br/>
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If you are a Community Pharmacy Owner or Pharmacist in Charge looking for new strategies to improve your cash flow, this is for you.<br/>
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As a marketplace platform that serves independent pharmacies, we love it when we see our customers win. Today, we want to highlight a customer that has experienced tangible results after implementing InStockRx in their pharmacy.<br/>
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About Colts Neck Pharmacy<br/>
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Colts Neck Pharmacy is a small family owned and operated full-service pharmacy in the heart of Colts Neck, New Jersey. They strive for excellent service so that every customer leaves feeling like a part of their family. In fact, their motto is, “Come in as a customer, leave as a friend!” They have been proudly serving their local community for nearly 40 years.<br/>
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The Challenge<br/>
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Colts Neck Pharmacy was acquired and struggling with their overstock pharmacy inventory. Roughly 32% of their total drug inventory had been identified as overstock. The pharmacy’s objective was to offload as much of their overstock inventory as possible, either through wholesaler returns, inventory rebalancing, or sales to other pharmacies.<br/>
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The Solution<br/>
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The Pharmacy Manager began by implementing InStockRx’s inventory marketplace platform into Colts Neck Pharmacy’s ERP system, and immediately identified and targeted the overstock pharmacy inventory. The Manager gained access to reporting, inventory and historical sales data from their Pharmacy Management System (PMS) and wholesaler invoices. InStockRx was able to generate insights and reports that were provided to Pharmacy technicians to take action. Inventory was returned, adjusted, and listed on the InStockRx marketplace to rebalance their inventory levels.<br/>
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The Results<br/>
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Colts Neck successfully achieved the following: <br/>
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Improved cash flow to the tune of $50K in the first 30 days, and $110K in the first 90 days.<br/>
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Increased gross profit margins by 18%.<br/>
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Improved inventory turns from 11 to 15 in 90 days.<br/>
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From an operational perspective, this has created a real-time, shared inventory hub between Colts Neck and other community pharmacies to reduce waste and better serve their patients. WIN-WIN.<br/>
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Success leaves clues, and this is a great example of the power of the marketplace for pharmacies like yours. <br/>
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Get Started with InStockRx Today<br/>
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Ready to turn your overstock, deadstock or expiring stock into cash flow? Click here to get started with InStockRx. There is no cost to join the platform and it is easy to get started. <br/>
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by Dr. Alex Toth<br/>
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Dr. Alex Toth is the Owner of Plumsted Pharmacy in New Jersey and Co-Founder of InStockRx.