Now is the time.
The end of 2023 is drawing near, and as pharmacy professionals, it’s the perfect time to evaluate how to best maximize business efforts. Pharmacy automation provides an avenue to not only grow the business, but also to allow pharmacists more quality time with their patients. Whether you already possess pharmacy automation equipment or are considering pulling the trigger on the investment, it’s crucial to understand the significant benefits it offers and ways to reduce the costs associated with implementing new robots.
Take Advantage of the IRS Section 179 Tax Deduction
The IRS Section 179 tax deduction serves as a beacon for pharmacies, permitting them to deduct the full purchase price of qualifying equipment acquired within the tax year. This means substantial immediate savings, streamlining cash flow management. To harness this incentive, you should familiarize yourself with the eligible equipment and ensure purchases align with the tax year’s timing. While this can provide a robust financial framework for your pharmacy’s growth, always consult with an accountant to get insights tailored to your unique situation.
Consider Financing and Lease-to-Own Options
The initial investment in automation technology may give pharmacy owners sticker shock, but the rewards, both immediate and long-term, justify the upfront expense. For many pharmacies, financing or lease-to-own agreements offer a means to distribute the cost over time. This aids in managing cash flow, which will be crucial considering the changes coming to DIR fees in 2024.
It’s imperative to understand the differences between financing and leasing and to evaluate options based on factors like ease of underwriting, simplicity of documentation, and competitive cost of funds. Instead of navigating lengthy bank approval processes, consider providers that offer expedited decisions and favorable terms.
Keep an Eye Out for Pharmacy Automation Promotions
Optimizing your pharmacy automation investment can also mean seizing promotional deals from pharmacy automation vendors. Regularly scouting for such offers, particularly at trade shows or other industry events, can lead to substantial savings. Purchasing group organizations like Managed Health Care Associates (MHA) and GeriMed, or pharmacy management software vendors like PioneerRx, will often offer their clients discounts on pharmacy automation systems as well. Ensure that any promotional or discounted deal aligns with your pharmacy’s needs and goals, and always evaluate the long-term value of your investment.
The Investment in Pharmacy Automation is Worth the Initial Costs
Beyond financial strategies, it’s essential to understand the wide-ranging advantages of pharmacy automation:
- Improved Accuracy: Eliminate errors stemming from incorrect doses or substitutions. Automated systems ensure precise dispensing and can alert staff about potential drug unavailability or substitutes.
- Better Inventory Management: Go beyond manual logs and embrace real-time tracking of drug inventory. This not only reduces medication wastage but also aids in understanding purchasing patterns.
- Enhanced Workflow: The rising demand for prescription drugs necessitates streamlining operations. Automation scales up processes, enhancing staff productivity, and ensuring patients get timely service.
- Improved Patient Experience: With automation taking care of routine tasks, pharmacists can spend more quality time counseling and guiding patients. Patients and pharmacists alike can also benefit from reduced vulnerability to medication shortages, lowered medication costs, and increased patient safety.
- Reduced Labor Costs: Pharmacy automation translates to savings in staffing costs, minimized human-induced errors, diminished waste, and a reduction in medication outsourcing.
As 2023 comes to a close, now is the time for pharmacies to embrace change and tap into the myriad advantages automation offers. By ensuring good financial decisions and understanding the broad spectrum of benefits, pharmacies can revolutionize their operations, drive growth, and offer an unparalleled patient experience.
Download our free Buyer’s Guide to Choosing the Right Pharmacy Automation Vendor, which includes a list of questions to ask when evaluating new pharmacy automation equipment.