Reduce drug spending while you expand clinical availability for patient care
Georgia Regents Medical Center realizes drug spend savings of $1.8 million
Pharmacy leaders at Georgia Regents Medical Center consistently drive efficient operations with an eye on preparation for the future of healthcare. However, despite solid pharmacy operations and comprehensive clinical programs, the pharmacy continued to be challenged with the need to do more with less.
As the healthcare landscape evolves, we’re looking at ways to evolve with it. Bottom-line savings of more than $1.8M helps us focus our finances on medication safety and better patient-care outcomes.
— Tad A. Gomez, RPh, MS, FASHP, Vice President, Professional Services
Facing uncertainties of the Affordable Care Act and its impact on reimbursements and hospital budget cuts, they sought to focus on their overall bottom-line drug spend. Additionally, they wanted to find more efficient methods to evaluate drug spend and quantify savings from clinical initiatives, as well as save time on critical pharmacy-practice development.
Working side-by-side with McKesson Pharmacy Optimization® team members, Tad Gomez, vice president of professional services, and Christy Norman, administrative director of pharmacy, reviewed and evaluated their current situation and what resources were available to them. After considering their options, they determined that a combination of McKesson proprietary tools would provide the value and visibility they were seeking. Leveraging McKesson’s Drug Spend Intelligence, they reviewed trends and variations in spend and quickly identified opportunities for clinical programs that could help their bottom line.
Tad and his team documented and quantified $1.8 million in total drug spend savings, which was 9.7% of their total inpatient drug spend. This was achieved by implementing nine pharmacy-driven initiatives, which were tracked over the course of one year using the Drug Spend Trend Report. Tad’s team implemented an initiative around appropriate IVIG use that documented $163,043 in savings in just six months. Purchases of IVIG made directly from the manufacturer were incorporated into the Drug Spend Trend Report, giving them visibility to their entire IVIG spend.
- Industry News