Drug Cost, Utilization and Revenue
Mitigating the impact of drug costs is a high priority for healthcare organizations throughout the U.S. and around the world. Three primary strategies for effective financial management of pharmaceuticals are:
- Effectively managing acquisition cost, purchasing processes, and pharmaceutical contracts
- Optimizing drug utilization and clinical services
- Maximizing revenue opportunities
Pharmacy Consulting International’s (PCI) uses a proprietary, comprehensive approach to health system pharmacy assessments. PCI incorporates benchmark data using the proprietary tool BenchmaRx™, literature evidence, and proven implementation experience in organizations with varying levels of infrastructure and staffing levels.
Elements of an assessment may include:
- Review of relevant data and documents (e.g., purchase data, price catalogs, policies and procedures, pharmacy charge data, pharmacy contracts, and hospital profile)
- Analysis of purchase data using BenchmaRx™
- Interviews with key stakeholders
- Assessment of capability to implement recommended strategies (e.g., operations, clinical model, P&T committee structure, medical staff support)
- Identification of opportunities and recommended implementation strategies
PCI offers implementation support for all recommendations. Clients can choose as much, or as little support based on their existing infrastructure. Using focused support, most clients begin to realize savings within one to two months.
Implementation support includes:
- Developing client-specific and feasible implementation work plans with priorities, timelines and realization schedules
- Ongoing monitoring of performance compared to plan
- Obtaining buy-in by working directly with stakeholders within pharmacy, medical staff, nursing health system leadership, and other departments throughout the implementation process
- Focusing on results providing sustainable financial benefits with equal or better patient outcomes
With decades of experience with implementation, PCI recognizes that every organization is unique and every implementation requires a customized and collaborative approach.