The State of LTC
Pharmacy Software Report
This report examines the current landscape of long-term care (LTC) pharmacy software, presenting key findings from a survey of nearly 100 LTC pharmacy professionals, highlighting trends, challenges, and opportunities for improvement.
Introduction to the State of LTC Pharmacy Software
There’s no question about it: Pharmacy management software is helping long-term care (LTC) pharmacies improve accuracy and efficiency. To learn more about the latest software trends and best practices, we recently surveyed nearly 100 LTC pharmacy employees, including everyone from pharmacy owners and directors to pharmacists and technicians. The primary goal was to hear directly from pharmacies about what’s working, what’s not, and how LTC pharmacy software can be improved for optimal use and customer satisfaction. Keep reading to see what we learned in The State of LTC Pharmacy Software Report.
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State of LTC Pharmacy Software Report: Key Findings
We identified four key findings from our LTC pharmacy software survey results:
Document management tools are the most widely used by LTC pharmacies (89 percent), followed by medication regimen review tools (63 percent).
Inventory management is the biggest opportunity for process improvement, with 64 percent of LTC pharmacies rating efficiency at 6 or lower on a scale of 10.
Insurance reimbursements and medication order management are the top operational challenges for LTC pharmacies.
System integration is where most LTC pharmacies would like more support from vendors, closely followed by inventory management and reporting.
Deep Dive: The Top 4 LTC Pharmacy Software Trends
Let’s take a closer look at each of our four key findings and what they mean about the current state of LTC pharmacy software.
1. Document management tools are currently the most widely used.
Effective document management, or content management, is essential for LTC pharmacies. With a constant flow of orders and information coming in and going out, it’s challenging to stay organized. Plus, traditional paper-based document management processes are both error-prone and inefficient, requiring countless repetitive, tedious manual tasks to be completed at any given time. Let’s take a closer look at each of our four key findings and what they mean about the current state of LTC pharmacy software.
That’s why nearly all LTC pharmacies use a document management solution of some kind to automate, customize, organize, and centralize their content. Using document and electronic content management tools with robust search features, LTC pharmacists and technicians can easily access all orders, secure messages, and important information from almost any source in one convenient, centralized location.
Document management solutions can also be used to automate manual workflows and create “smart” content that automatically pulls in relevant data from LTC pharmacy management software. LTC pharmacies can even configure document management tools to mirror their daily operations, allowing for powerful workflow automation without the need to change the way they work.
89% of LTC pharmacies use document management tools to eliminate manual tasks and improve accuracy, efficiency, and collaboration.
2. Inventory management processes need an efficiency overhaul.
It’s no secret that inventory management can be a headache for pharmacies or that it has a significant impact on a pharmacy’s cash flow. In fact, research shows that every 1 percent change in a pharmacy’s costs of goods can shift profits by 20 percent.
Our survey results revealed that LTC pharmacies feel their inventory management processes are most in need of an efficiency overhaul, with numerous challenges hindering their efforts. What LTC pharmacies require is an easy and efficient way to quantify and qualify their on-hand inventory.
Inventory management solutions allow pharmacies to implement perpetual inventory, a system where inventory quantity and availability are continuously updated in real time. Perpetual inventory not only maximizes efficiency and increases cash flow, but it also reduces waste and saves money—that’s a win-win-win-win!
64% of LTC pharmacies rated their inventory management process efficiency at 6 or lower on a scale of 10.
3. Insurance reimbursement is the biggest operational challenge.
Insurance reimbursement is the biggest operational challenge that LTC pharmacies face today. Getting paid on time and in full is equally challenging and critical for pharmacies, but prescription billing for longterm care is inherently complex.
From various billing models and payer types to complicated Medicare guidelines, LTC pharmacies must navigate numerous nuances to ensure they’re properly reimbursed. LTC patients often utilize a variety of payment plans, including Medicare Part A, Medicare Part B, Medicare Part D, commercial insurance, hospice, and/or private pay. Many LTC patients use multiple billing models during their stay.
That’s why LTC pharmacies need pharmacy management solutions that offer sophisticated billing features such as the ability to:
Support a variety of billing models
Prepare billing cycles in advance
Separate filling and billing functions
Bypass particular payment plans when not appropriate for specific medications
60% of LTC pharmacies rated their billing process efficiency at 6 or lower on a scale of 10.
3. Integration, inventory, and reporting tools require the most support.
Working with supportive technology vendors is a must for LTC pharmacies looking to optimize workflows, minimize inefficiencies, and maximize profitability. The best pharmacy technology companies are more than just software vendors—they’re strategic partners for the pharmacies they serve.
What separates the average technology vendor from a strategic technology partner? Customer support. With the average LTC pharmacy using approximately six different platforms for daily operations, dedicated and timely customer support is a must-have to ensure accuracy and efficiency.
In our State of LTC Pharmacy Software survey, LTC pharmacies cited integration, inventory management, and reporting as areas where they need more support from their technology partners. Integration support— the area with the most opportunity for improvement—is especially essential for ensuring interoperability.
20% of LTC pharmacies said they are currently using 10 or more technology platforms to support their business.
Resources
Understanding How to Accurately Dispense and Report Vaccinations Read More
How Electronic Content Management is More than Just Document Tracking Read More
5 Real-World Use Cases of a Robust LTC Pharmacy Workflow Read More
LTC Pharmacy Software and Fax Solutions: Key Integration Benefits Read More
Choosing the Right Long-Term Care Pharmacy Software
The current state of LTC pharmacy software provides invaluable insights into what’s working, what’s lacking, and where enhancement opportunities exist. At SoftWriters, we’re committed to providing the best possible software, services, and support for our long-term care pharmacy customers.
Our flagship pharmacy management software, FrameworkLTC, serves as the base software for our full integrated solution set. Our full suite of solutions includes:
FrameworkECM for Electronic Content Management
FrameworkVision for a Facility Web Portal
FrameworkBI for Business Intelligence
FrameworkFlow for Handheld Barcode Scanning Choosing the Right Long-Term Care Pharmacy Software
FrameworkPOD for Delivery Management
FrameworkRxP for Medication Regimen Review
FrameworkHL7 for Interfacing Requests
To help LTC pharmacies grow efficiently, improve facility partnerships, and compete as effectively as possible, we offer a Concierge Onboarding Experience, complete with thorough implementation services, custom configuration, robust training, and unmatched customer support.
Ready to start growing your pharmacy business?
Transform your operations with FrameworkLTC, industry-leading pharmacy management software specifically designed to support the unique needs of long-term care by optimizing workflows and streamlining pharmacy operations.