Technology

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

  • BenchmaRxreports 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.

Available Features

  • 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. 

Solutions

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

BenchmaRx™ Utilization

  • 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

BenchmaRxInitiative 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

BenchmaRxAmbulatory 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

BenchmaRxImplementation 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.

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Services

Controlled Substances Management

Pharmacy Strategy for Integrated Delivery Networks

Specialty, Retail and Ambulatory Pharmacy Programs

Drug Cost, Utilization and Revenue

Sterile Products Regulatory Compliance (USP <797>, <800>)

Pharmacy Operations

Legal and Litigation Support

Compliance

Pharmacy Technology

Infusion and Cancer Centers