Medication theft, though overlooked, remains a serious concern. The immediate consequence, loss of medication, seems minor, given you can get another prescription. However, the hidden costs for pharmacies are more than the financial effects. Here is an in-depth look at the hidden costs of medication and how a pharmacy safe can help.
The Hidden Cost of Medication Theft for Pharmacies
Stolen medication disrupts patient treatment. These interruptions could compromise patients’ recovery and increase the chances of their condition worsening or causing complications. The situation gets worse for patients with chronic conditions, as it could result in hospitalization (an extra cost to the patient) or fatalities.
Having your medication stolen also means you will incur additional financial expenses to replace the stolen drugs. To remain profitable, you might need to pass the additional financial costs on to patients by charging more for medication. Yes, insurance might help, but with frequent cases of theft, insurance premiums are likely to increase, which could reduce your profit margin. You will also spend a lot of time on administrative tasks- filing police reports, recording statements, internal investigations and following the insurance claims process.
Stolen medication presents a challenge to the public as it could encourage illegal drug markets. The thieves could sell the drugs cheaply on the streets, raising addiction and crime rates. The ripple effect will burden families, the healthcare system, and law enforcement. Theft could also damage your pharmacy’s reputation. Patients operate on trust, and they trust that you will keep their medication safe. A theft incident could erode their trust and encourage negative word-of-mouth talks that could hurt your customer numbers.
There is more to protecting medication in your pharmacy than avoiding losing revenue. It shows you prioritize the well-being of your patient. A pharmacy safe will make it impossible to access these drugs, encouraging patient health and a healthier community.
Won’t Insurance Handle the Reimbursements?
Insurance companies monitor pharmacies to assess risk factors. If your pharmacy has a history of medical theft, it becomes a concern for them. They will thoroughly scrutinize your pharmacy, and if they suspect foul play, you might be reported to the authorities.
The consequence will be your insurer reducing the reimbursement rate. At worst, they could decline coverage due to fear of fraudulent claims and higher payouts. Insurers tend to be more swift in reimbursing pharmacies with additional security measures. After a case of theft, most require the pharmacy to add several layers of security before renewing their policy.
How a Pharmacy Safe Will Help
A pharmacy safe is designed to store medication in the best conditions. Having one will reduce the direct costs of medication theft. It will eliminate the need to incur replacement costs as it securely stores high-value medication and controlled substances. A pharmacy safe demonstrates compliance with regulatory bodies. In Australia, pharmacies require secure storage of controlled substances, saving you the expense of legal penalties.
Besides protecting inventory, a pharmacy safe will also uphold your pharmacy’s reputation. Your business will show a commitment to security. It will make customers and insurers trust you and your service. You also stand a better chance to negotiate insurance benefits with a pharmacy safe, as the insurer will consider it an additional measure to reduce theft. Therefore, they won’t have to consider your business as prone to theft, and you get to enjoy broader coverage for lower premiums.
Invest In The Financial Health and Security of Your Pharmacy
A pharmacy safe is a long-term investment that will keep the financial health of your pharmacy in check. Demonstrate your commitment to the well-being of your patients and their medication by ordering a pharmacy safe from Safes Australia.
