7 Must-Have Features in a Pharmacy Management Software

Adding too many features to pharmacy management software may make it seem appealing initially, but it doesn't guarantee more profits in the long run. It could also be a costly investment for pharmacies, including features they may not need.

Therefore, it's crucial to balance features and cost when developing pharmacy management software. Here are essential features that buyers seek and are willing to pay for: 

1. Inventory Management

In a competitive market, not tracking medicine stock accurately hurts the bottom line of pharmacies and, more importantly, it puts patients' health at risk. That's why inventory management is not just a nice-to-have for pharmacy software, it's a must-have feature.

What does it do? It tracks medicine stock in real-time, keeps records of expiration dates, and automatically reorders the stocks whenever they go down the level. The inventory management feature is extremely beneficial for the pharmacy chain with multiple storefronts. So, if they are the target audience, this is a must-have feature to add.

2. Prescription and Patient Records

Managing patient and prescription information manually is not just outdated but risky too. It leads to errors like dispensing wrong medicine to patients, wasting time on filling prescriptions, and failure to meet compliance. 

To solve this challenge, it is important that pharmacy management software is integrated with e-prescription (eRx) systems. This integration lets them easily store and manage all the records without any manual errors and compliance issues. It also ensures that right medicine reach to the right patients. 

3. Drug Interaction Alerts

New meds can clash with the old ones, putting patients at risk. But keeping track of all the drug and medicine interactions is a huge challenge. A Pharmacy Management Software with built-in drug interaction alerts will greatly benefit doctors and pharmacists to mitigate this risk.

Just add a new prescription, and the software scans the patient's existing meds. It taps into a vast database, checking for potential side effects and their severity. If something could harm the patient, the software flags it instantly for the pharmacist.

4. Billing and Invoicing

Pharmacy management software transforms billing and invoicing from a chaotic paper chase to a streamlined, efficient process. With its automated features, accurate calculations, and insightful reporting, it helps pharmacies to:

• Reduce administrative burden and free up staff for patient care.
• Improve cash flow by automating payments and reconciliation.
• Enhance accuracy and eliminate errors in billing and claims processing.
• Gain valuable insights into financial performance and optimize operations.

5. Multi-store Support

Managing sales, inventory, and data across multiple storefronts for large hospitals and pharmacy chains is the biggest challenge. A pharmacy management software solves this by centralizing the management of each store. 

It facilitates the easy exchange of data on stocks, sales, and revenue of multiple stores in real time. It also gives a bird-eye view of the entire pharmacy network with valuable insights into their financial and operational performance. All from a single platform.

6. Third-Party Integrations

For maximum efficiency and better patient care, pharmacy management software should work in harmony with other systems and software used within a hospital or pharmacy. Important ones are electronic health record systems, point of sale systems, customer relationship management systems, e-prescribing software, medical insurance verification software, and DHL.

However, these systems should be securely and properly interconnected for the easy exchange of data and to work within healthcare regulations.

7. Regulatory and Compliance

Software and systems that lead to non-adherence with industry-specific regulations are a deal breaker for any industry, including pharmaceutical. So, don’t only focus on adding features to simplify their operations but also ensure it meets the compliance requirements.

These are just a few essentials of developing a custom pharmacy management software that truly attracts buyers.

Read More About Top Features Your Health Insurance App Needs.

Key Factors Influencing the Cost of Your Pharmacy Software

Developing pharmacy software isn't just about features. A few factors rule the budget. Knowing those factors and working upon them can cut the unnecessary expense of pharmacy management software development. These three are the most important ones. 

• Target Buyers: Who is your target audience? Are you building for a single pharmacy or for large pharmacies? Each one has different need and budget, so decide accordingly. 

• Development Approach: Building from scratch is expensive especially if this is your first time. Instead follow a hybrid approach or hire experienced developers to save your money.

• Team Size and Expertise: The size of your development team also rules the budget. Small team means more development time and slow release of product. On the other hand, a large team of pros can speed up the process and release the software faster in the market.

Talking about overall cost of pharmacy management software development, it is somewhere between $50,000 to $150,000, plus maintenance and support. However, hiring professionals ensure that the solution is within your budget and yield high ROI.  

Get a Custom Pharmacy Management Software

Softude has been developing custom solutions for the healthcare industry for more than 18 years. Our knowledge of industry-specific regulations such as HIPAA makes us a trusted partner in this field. If you want software that solves your targeted audience’s needs without breaking your bank, we are happy to assist you. 

Connect with us for custom pharmacy management software development!