INVENTORY

PREFACE:

This information describes the important area of inventory procedures, explains the normal standards, and shows how we have pioneered higher standards of performance.

HOW TO CHOOSE A FULL SERVICE 
INVENTORY COMPANY:

Evaluate the following:

• Equipment
• Pricing methods
• Available reports
• Quality Control
• Database

EQUIPMENT
“You are only as good as the equipment you use.”

The best inventory method available in the past was the tape recorder. At that time, it was the most accurate way of reporting the hospitals inventory. This involved voice recording the entire inventory, which resulted in a lengthy transcribing process and slow report turnaround. 

Technology improved, providing a hand held unit in which NDC numbers and quantities could be entered which eliminated the transcribing process and reduced the report turnaround time. This data collection system has many benefits for the Inventory Company, but it has inherent problems that may compromise accuracy.

These are problems with other hand held units:

1. No visual verification of correct package quantity

• 536387401 100/TAB Hydroxyzine (correct item)
• 536387410 1000/TAB Hydroxyzine (reported item)

2. Human error due to interpretation of packing

• Since there is no visual display, does the NDC number represent 1 vial or a box of 25?

ADDITIONAL ADVANTAGE OF OUR 
HAND HELD SYSTEM

1. We guarantee reports within 2 weeks or you receive a 20% discount.
2. Turnaround time of 1-2 weeks providing
   - Contracts sent two months in advance
   - Unit Dose bins marked with NDC numbers
3. Results on CD or diskette the day of inventory . (optional)
4. Displays various prices of item (your price, another group contract, wholesalers cost)
5. Hand held can also be used as a calculator
6. Alpha/Numeric codes for items without NDC number. (injections)
7. Signal if count is over 100
8. Signals if dollar extension is over $1000.00

PRICING METHODS:

Pricing is an important part of the inventory process. An inventory service that does not individualize the pricing procedure will compromise accuracy. With IMC inventory’s experience and price verification policy, we have created an EXACT PRICING SYSTEM.

Pricing Process:

1. If we do not have your contracts on file we request that you either mail or email your contracts two months prior to inventory
2. We manually enter your contract prices
3. We double-check each contract price against three other contracts for price verification.
4. We enter your buying information:
   - Contracts plus fee
   - Previous years contracts plus fee
   - Individual contracts (outside group)
   - Direct accounts (if any)
   - Wholesaler’s cost plus fee

REPORTS:

IMC has a variety of basic optional reports. All of our reports include NDC numbers, complete descriptions, control drug numbers and unit prices with extensions. Reports are broken down by section to aid in inventory control.

BASIC REPORTS

• Brand name /with Generic equivalent
• Control Drug
• Manufacturer’s recap by dollar
• Section report by brand or Generic.
• All reports can be alpha by name of alpha by vendor