When it comes to controlled substances management, having instant access to accurate perpetual inventory data isn’t just helpful, it’s critical. It supports regulatory compliance, deters diversion, and safeguards the communities pharmacists serve. In this post, we’ll walk through the fundamentals of perpetual inventory systems, the benefits for pharmacy operations, the common struggles pharmacists face, and how C2 Keep can help overcome them. Every real-time transaction you log brings you closer to seamless compliance and lasting peace of mind.
Understanding the Perpetual Inventory System
A perpetual inventory system is designed to “track all purchases, production, sales, and movements of inventory items in real time,” as defined by Eric Bank, MBA. In the context of controlled substances management, this involves monitoring every step in the process, from the wholesaler to the end user, to ensure accurate and up-to-date records.
While the concept may seem straightforward, execution often isn’t. Manual processes such as paper logbooks or binders tend to be disconnected from pharmacy workflows and require multiple touchpoints, increasing the risk of human error. These systems not only slow down operations but also heighten the chance of compliance issues.
Consequences of Delayed Inventory
When it comes to controlled substances management, manual entry processes are notorious for being error-prone and susceptible to manipulation. In pharmacies, these shortcomings can lead to discrepancies, missed red flags, and even diversion. These mistakes are especially prevalent during peak hours, where human error is more likely to occur.
For instance, if a prescription is filled using two different NDCs, the intention might be to log it later, but details often get lost in the daily rush. What feels like a small oversight can quickly spiral into serious consequences.
Missing or unaccounted-for controlled substances are more than operational hiccups, they’re regulatory red flags. Investigations drain resources, damage morale, and can lead to audits, fines, or even license suspensions. As of February 2024, fines for Controlled Substances Act violations can reach $18,759 per incident, with some prescription-related violations climbing to $80,850.
These risks may sound daunting, but with the right tools, managing perpetual inventory can become accurate, streamlined, and even effortless.
The Power of Real-Time Data
An effective real-time perpetual inventory system provides significant advantages when it comes to controlled substances management. These benefits are even more amplified in states such as California, Massachusetts, and Minnesota who impose stricter compliance requirements for controlled substances inventories. Below is a list of some of the many benefits that pharmacies can experience with real-time data:
- Improved Accuracy: Logging activity in real time reduces reliance on memory and minimizes errors by recording data immediately.
- Greater Transparency and Accountability: Each transaction (dispenses, returns, and adjustments) can be time-stamped and user-tracked, building a transparent and auditable trail.
- Straightforward Reconciliations: Real-time inventory insights provide a clear picture of stock levels, helping you identify and resolve discrepancies faster.
- Easier Reporting: Generate accurate reports with ease using up-to-date inventory data.
It is essential to remember that even with a strong commitment to maintaining a perpetual inventory, discrepancies can still accumulate over time from factors like damaged, missing, or spoiled inventory. When complications arise, outdated methods such as logbooks, binders, and excel sheets become increasingly unreliable for controlled substances management. This is why having the right tools in place to support accurate, real-time controlled substances management is vital for quickly identifying and addressing issues.
How C2 Keep Helps You With Controlled Substances Management
C2 Keep is a fully integrated cloud-based solution designed to empower pharmacies with efficient and effective controlled substances management. By syncing with pharmacy management systems and wholesalers, it provides real-time visibility across the full lifecycle of each medication from ordering to disposal.
C2 Keep automates perpetual inventory management, simplifies investigations, and supports CSA-compliant records through built-in tools and workflows. Features like barcode scanning make it easy to record transactions at the point of activity, saving time and reducing risk.
Here are some of the ways C2 Keep supports various transaction types:
- Dispensing: Track all dispensing activity, even when using multiple NDCs for the same prescription.
- Lost/Stolen: Easily record lost or stolen medication transactions, deducting them from your inventory.
- Damaged/Expired: Designate and relocate expired or damaged inventory for proper tracking.
- Sales: Document sales to providers or reverse distributors, including invoice and DEA 222/CSOS details.
- Returns: Manage returns to wholesalers with full documentation and visibility into past orders.
- Waste/Destroy: Log destruction of substances with required witness verification and method/location details.
- Amended Transactions: Edit previously logged transactions with documented reasons and optional witness approval.
- Compounded Transactions: Record custom compounds, including ingredients, dosing, waste tracking, and more.
By providing structured organization and automating processes, C2 Keep allows you to manage your inventory more effectively and feel better prepared for inspections.
Experience C2 Keep for Yourself
Accurate, real-time transaction tracking isn’t just a regulatory checkbox, it’s a foundation for safer, more streamlined controlled substances management. By staying current, pharmacies can protect patients, prevent diversion, and stay ahead of audits and penalties.
Don’t wait for a compliance issue to force change. Let C2 Keep help you stay compliant, confident, and focused on what matters most: your patients.
Ready to experience the difference? Schedule a demo today and see how C2 Keep can transform your pharmacy operations.
