The Science of Money Management
In the physical universe every action has an equal and opposite reaction.
Financially speaking, that means everything comes at a cost.
Our financial services help hospital pharmacies maximize revenue cycles and contain costs. We augment:
- Purchasing power
- Purchasing programs
- Clinical protocols
- Inventory control
- Pharmacy staff stability
CompleteRx saves clients money in numerous ways, starting with a comprehensive assessment of potential cost savings opportunities available to the facility.
When evaluating savings opportunities we take into consideration the client’s GPO contracts, patient populations served, resources available on site required to implement the programs, and the level of physician collaboration needed to pull through the initiative.
Using this information and benchmarks from our proprietary databases we develop a plan outlining realistic savings targets. Once finalized, we prioritize programs for implementation and provide our clients with supplemental tools, templates, and subject matter expertise to implement each initiative identified.
Savings achieved are tracked monthly. Updates on actions taken, results achieved and roadblocks encountered are presented to senior hospital leadership at regularly scheduled business reviews.
In other instances, a new drug product may provide a patient benefit but will generate additional cost to the hospital. In these circumstances we can help quantify the economic impact on the hospital’s budget weighing reimbursement against cost. We also provide support to implement best practice prescribing guidelines to ensure appropriate utilization.
Drug shortages continue to have a major impact on drug costs. We help minimize the cost impact of drug shortages through our CompleteRx buying programs and collaboration among our facilities.
Government reimbursement programs, like 340B, can dramatically reduce a hospital’s drug spend. CompleteRx helps clients determine whether they qualify, and if so, assists with implementation and ongoing compliance.