All businesses face certain risks. Understanding how to manage probable risks is critical for avoiding legal problems, and huge losses, among other unfavorable occurrences.
Corporate Investigation Consulting offers pharmacy risk management consulting services that encompass all elements of risk management in regards to pharmacies in the U.S.
Common Risks Faced by Pharmacies
Risks can’t be eliminated completely. However, they can be managed. While every pharmacy is unique in its own way, pharmacies share common risks. Understanding common risks is an important part of risk management. The most common risks faced by pharmacies include:
Pharmacy Consulting Team Lead – Timothy E. Allen | Former Special Agent (U.S. Secret Service & DOJ-OIG)
Dispensing Errors
Pharmacies are prone to dispensing errors. While hiring the most qualified pharmacist can help to reduce dispensing risks, such risks are inevitable. An experienced pharmacist may be exhausted at work and dispense the wrong medication. Medication can also be mixed badly or dosed inaccurately. Pharmacists can also dispense the right medication to the wrong patient resulting in catastrophic consequences like severe reactions and even death. Such occurrences are followed by legal problems that can destroy a pharmacy’s reputation and even result in closure of operations.
Dispensing errors can be reduced by having the right internal controls in your pharmacy that include well thought out internal policies and procedures. Proper training is also crucial.
Corporate Investigation Consulting has pharmacy risk management consulting experts that check every aspect of a pharmacy’s operations and propose measures to ensure dispensing errors never occur.
Serious Side Effects Risks
Pharmacies are also faced with serious side effects risks associated with dispensed medication. Negative side effects that have a direct link to the medication bought can expose pharmacies to legal problems. This is particularly true if the medication causes side effects that go beyond anticipated effects. Such effects may bring concerns on where drugs are sourced, how they are sourced, how they are stored, among other aspects that can expose a pharmacy to compliance problems.
Staff Risks
Working in a pharmacy comes with certain risks ranging from conflicts with customers and colleagues to exposure to controlled substances and communicable diseases. Pharmacies must have internal controls that ensure staff are protected. Staff who get communicable diseases or get injured while working may have grounds for legal action if it is proven that the pharmacy lacked in internal controls, or procedures to prevent such risks.
Financial Risks
Internal and external audits can expose pharmacies to hefty fines if a pharmacy is discovered to be non-compliant. Insurance disputes that result in unpaid invoices can also expose a pharmacy to cash flow problems. Pharmacy owners must understand every contract they get into. Client expenses that aren’t warranted can create disputes with insurance companies. Bad contracts with drug companies can also expose pharmacies to financial risks.
Our work is to ensure pharmacy owners are aware of the risks they face and protected if such eventualities happen.
Put our highly experienced team on your side
Roger Bach
Former Special Agent (OIG)
Timothy E. Allen
Former Senior Special Agent U.S. Secret Service
Chris J. Quick
Former Special Agent (FBI & IRS-CI)
Maura Kelley
Former Special Agent (FBI)
Ray Yuen
Former Supervisory Special Agent (FBI)
Michael S. Koslow
Former Supervisory Special Agent (DOD-OIG)
Marquis D. Pickett
Special Agent U.S. Secret Service (ret.)
Risk Management Strategies for Pharmacies
Staff Training and Education
Pharmacy owners must purpose to employ qualified and trained staff only. It’s also important to verify credentials and constantly engage staff in professional development through training on industry best practices, new compliance guidelines, etc. Proper staff training and education can eliminate common problems like dispensing errors.
Documenting Errors
Since it’s impossible to eliminate risk, it is advisable to document eventualities. Documenting errors offers clear insight on where risk management efforts need to be concentrated. For instance, if your pharmacy is prone to dispensing errors, you can focus on the policies and procedures surrounding dispensing medication to identify the root cause of such errors.
Regulatory Compliance
Regulatory compliance is crucial for a pharmacy to succeed. In fact, Corporate Investigation Consulting focuses keenly on regulatory compliance as part of the major risk management measures. We guide pharmacy owners through ever-changing state and federal laws and keep them compliant regardless of their jurisdiction in the U.S.
Corporate Investigation Consulting addresses a variety of risk management aspects in pharmacy regulatory compliance, directly and indirectly. The most notable include improving safety and quality of care, identifying medication issues, reviewing quality measure, providing survey support, development and implementation of risk management procedures and policies, and facilitating staff training through clinical programs.
Automation
While automation comes with cybersecurity risks, it is better to automate pharmacy operations than operate manually. Our risk management consulting services extend to sourcing automated systems that address common risks faced by pharmacies. We have helped pharmacies get high-tech security systems to reduce dispensing errors and avoid other pharmacy staff-related risks.
Our Process
Corporate Investigation Consulting doesn’t offer basic risk management consulting services to pharmacies. We design strategies to reduce risk as well as operationalize those strategies. We will identify both internal and external risk giving the entire risk perspective needed to make informed tactical and strategic decisions that will move your pharmacy operations forward.
We use advanced tech strategies like data science to measure risk accurately and its impact on your operations, then harmonize variable and structural risk to offer an accurate perspective.
Risk Assessment
We start with risk assessment that involves assessing compliance to existing pharmacy regulations with the goal of identifying gaps and existing variable and structural risks. We also pay attention to standards of care and future risks such as supply chain disruptions, cybersecurity attacks, natural disasters, economic factors, and more.
Risk Indexing and Scoring
Our risk assessments focus on risk profile and compliance. Risk indexing and scoring will help your pharmacy monitor risk continuously. Our expert risk management consultants use predictor tools to create security protocols and cohesive procedures. We also avail reports and prioritize knowledge-based decision making. Our risk indexes utilize statistical methodologies known for accurate predictions.
The risks that face pharmacies are interconnected. Our risk management approach is data-driven and supported by strong and positive correlations between different risks. Choose risk management consulting experts like us who take unique approaches and utilize machine learning algorithms, numerous variable and holistic approaches to managing risk.
Call Corporate Investigation Consulting now at 866-352-9324, or reach out online, for a free-non-obligatory consultation. We can tackle any risk management consulting issues you may with your pharmacy.