BenchmaRx TM: Benchmarking data that identifies purchasing trends, utilization opportunities and tracks savings for pharmacies.
Expenditures on medications are an important component of overall healthcare expenditures. Prescription medications represent 5-15% of total healthcare costs and are projected to continue to rise faster than overall health spending. Total spending on U.S. medicines in 2015 reached $310 billion, up 8.5% from the previous year. Specialty drug spending continues to be the highest growth segment of pharmacy purchases,
Finally, a source of benchmarking data that identifies purchasing and utilization opportunities and tracks savings. Developed by a team of pharmacists and exclusive to PCI, BenchmaRx TM provides hospital and pharmacy leadership with information that is readily turned into reports and presentations.
Why BenchmaRx TM: It saves you money.
BenchmaRx TM reports rapidly identify opportunities for improvement and monitor the success of programs to reduce costs and improve quality.
BenchmaRx TM key performance indicators provide Chief Financial Officers, Pharmacy Directors, Clinical Coordinators and Pharmacy Purchasing Staff with the information they need to make timely decisions.
PCI works with hospitals and health systems of all sizes. We can help you.
- Reports and Dashboards
- Standard and custom reports
- Excellent for hospital leadership and budget preparation
- Individualized reports track and document your success
- Implementation Support
- A team of pharmacists available to facilitate implementation of initiatives or programs identified using BenchmaRx TM
- Pharmacists who understand the challenges of health system pharmacy
- Focus is on achieving rapid and sustainable results
- New Drugs and Shortages
- Monthly updates document market trends as new agents are introduced and generics become available
- Documents price changes due to shortages within the supply chain
Innovation & Technology
BenchmaRx TM cost and utilization feature provides users with current trending data that supports timely decision making in the rapidly changing healthcare environment. The rapid data submission and report cycle identifies clinical and market changes as they are occurring. By comparing results over time and with other organizations, hospital and pharmacy leaders are able to focus their efforts on areas of greatest impact.
The BenchmaRx TM operations and outcomes feature goes beyond traditional workload measurement programs. Pharmacy departments are profiled by staff numbers, technology, model of care and other key features and correlated with financial and quality outcomes.
- Separate inpatient, outpatient and 340B purchases
- Purchases across varios classes of trade
- Independent from suppliers
- Data from all major distributors and GPO’s
Provides Interactive & Dynamic Reporting
Data Visualization that enables the user to identify the greatest opportunities quickly and efficiently.
Custom views at IDN, facility, account and class of trade. Develop custom peer groups for each client.
Drill down reports provide a roadmap to realize savings transforming data into actionable results.
Longitudinal graphics easily show patterns in pricing, purchasing and drug utilization.
BenchmaRx TM Pricing & Purchasing
- Price parity ensures that all facilities within an IDN pay the same price for identical products
- Purchasing opportunities are identified as items purchased by peers within an IDN for similar multisource products
- External pricing compares unit prices paid by subscribers to the 25th and 50th percentiles of other organizations
- Predictive modeling
BenchmaRx TM Pricing validates when you are receiving competitive pricing on pharmaceutical purchases.
We identify opportunities for additional savings improved pricing or product selection.
Price comparisons are conducted at NDC and GPI levels to identify opportunities for savings on multisource products.
The BenchmaRx TM Pricing Tool confirms consistent pricing and purchasing patterns for all facilities in an IDN.
BenchmaRx TM data security and encryption ensures that confidential price data for each client and 340B prices remain confidential.
BenchmaRx TM Utilization
- Optimal utilization of pharmaceutical products is the hallmark of top performing organizations. BenchmaRx TM Utilization program identifies target areas for savings opportunities.
- Our data enables pharmacy directors to compare their performance by therapeutic class and therapy type with other facilities of similar size and patient acuity.
- DRG and procedure normalized comparisons are available for target therapies.
- Purchases by generic drug and therapeutic class are adjusted for volume and patient acuity and compared to purchases within an IDN and external groups
- New opportunities for savings are identified and quantified by comparing with purchases from other organizations
- Longitudinal trending highlights utilization patterns and minimizes data noise
BenchmaRx TM Initiative Training
- C-Suite reports document success of cost savings initiatives and can be used to demonstrate the impact of clinically focused programs
- Dashboards monitor progress towards achieving targets and/or delays enabling organizations to acknowledge high performing groups or individuals and use results to provide identify unplanned implementation challenges
- Reports for Pharmacy and Therapeutics Committees
BenchmaRx TM Ambulatory Margin Analysis
- Identify items with a negative margin based upon CMS reimbursement
- Estimate gross margin from ambulatory infusion drugs
- Compare current and historical costs to market and ASP
BenchmaRx TM Consulting Services
The BenchmaRx TM team of experienced professionals is able to support clients with using BenchmaRx TM results and implement programs to improve performance.
For more information on how Benchmarx TM technology can help you, please submit the contact us form or call us at 321-622-8448.