Medication expenses are an important component of overall healthcare expenditures. Understanding your pharmaceutical spend and being able to make real-time purchasing decisions using your data is imperative.
BenchmaRx™ is Pharmacy Consulting International’s (PCI) propriety analytics tool that identifies purchasing trends, utilization opportunities and tracks savings for pharmacies.
Developed by a team of pharmacists and exclusive to PCI, BenchmaRx™ provides hospital and pharmacy leadership with information that is readily turned into reports and presentations.
Why BenchmaRx™: It saves you time and money
- BenchmaRx™ reports rapidly identify opportunities for improvement and monitors the success of programs to reduce costs and improve quality.
- BenchmaRx™ key performance indicators provide chief financial officers, pharmacy directors, clinical coordinators and pharmacy purchasing staff with the information they need to make timely decisions.
- Reports and dashboards
- Standard and custom reports
- Budget preparation assistance
- Individualized reports that track and document your success
- Monthly updates document market trends as new agents are introduced and generics become available
- Documents price changes due to shortages within the supply chain
- Separates purchases by inpatient, outpatient and across various classes of trade
- Factors in numerous supply channels
A team of pharmacists is available to facilitate implementation of initiatives or programs identified using BenchmaRx™. PCI pharmacists understand the challenges of health system pharmacy and focus on achieving rapid and sustainable results.
BenchmaRx™ Pricing and Purchasing
- Opportunities for savings are based on improved product selection or pricing
- 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
- Price comparisons are conducted at the brand and multisource generic product level to identify opportunities in brand contracting and generic product selection
- Price comparisons are performed monthly by class of trade
- Invoice to catalog price variance reports validates that wholesaler is charging appropriately
- Optimal utilization of pharmaceutical products is the hallmark of top performing organizations. BenchmaRx™ utilization program identifies target areas for savings opportunities
- BenchmaRx™ enables pharmacy directors to compare their performance by therapeutic class and therapy type with other facilities of similar size and patient acuity
- 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™ Initiative Tracking
- 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 identify unplanned implementation challenges
- The P&T committee may use dashboards to view overall pharmacy spend down to the drug level and monitoring reports to track initiatives
BenchmaRx™ Ambulatory Margin Analysis
- Reports estimate gross margin from ambulatory infusion drugs based on CMS reimbursement
- Historic ASP and cost details show directional trends
- Analysis utilizes the latest information in 340B regulations and pass thorugh status to optimize margins for biosimilars
BenchmaRx™ Implementation Support
The BenchmaRx™ team of experienced professionals is able to support clients using BenchmaRx™ to interpret results, develop strategies, and implement programs to improve performance.