Reduce Risk, Eliminate Errors, Save Money
Reap the operational rewards from audits and evaluations, gap analysis and clinical protocols, all while saving money immediately.
Pharmacy Risk Management: Profitable For The Whole Hospital
In a complex environment like your hospital, even the simplest of breakdowns in one area can have a ripple effect on the large body in the form of patient safety, compliance issues, medication waste, and more.
But through our Medication Safety Assessment and other annual and quarterly audits, 340B program monitoring and management, plus ongoing training, CompleteRx dramatically reduces risk, increases safety and protects the hospital operationally and financially all year round.
Examples of procedural pharmacy issues we address:
Evaluations and audits CompleteRx performs:
Examples of clinical protocols CompleteRx establishes:
Maintaining 340B Compliance
If a hospital in the 340B program is found to be non-compliant – and unfortunately, it’s easy to slip – the penalties can be expensive. Not only does CompleteRx help prevent that, we make it hassle-free.
We Make 340B a Turnkey Program.
When one of our facilities qualifies for the 340B program, we work with their information department to set up the necessary data feeds. We review the accuracy of the data feeds, making sure they are captured in the software appropriately.
We train their purchasing agent or buyer on how to participate in the 340B program. Then we monitor the program at the start to make sure that the accumulators are all filling into the correct buckets.
In addition, we conduct an annual audit of the program’s components. We provide a written report, including any issues to address, as well as cost information so the client knows what they are saving from the program.
Medication Safety Assessment
Perhaps the most significant risk management tool we have is the CompleteRx Medication Safety Assessment (MSA). The MSA is the product of best practices identified both through our own experience as well as through third parties like the Institute for Healthcare Improvement. It’s updated quarterly.
Each one of our facilities gets an MSA. We identify trouble spots and develop a plan to address each one. Often we employ Six Sigma tools. For example, for one client hospital, we did the MSA and identified safety issues with the total parental nutrition (TPN) process. We conducted a Failure Mode and Effects Analysis to determine the break points in their TPN procedures. We incorporated the findings in an action plan for the client.
Typically a One-Week Process
The time it takes to conduct a Medication Safety Assessment depends on the size and scope and complexity of the organization. It’s usually within a one-week time frame. We’re on site 2-3 days for discovery. Then we put together an action plan, based on opportunities we find. We meet with an interdisciplinary team (medical staff, nursing, pharmacy) and select which projects the organization would like to pursue.
The MSA is beneficial in a number of ways. Accreditation compliance requires us to assess the medication management system. That is precisely what our MSA does
How Reducing Risk Pays Off Now
Risk management is critical for any hospital at any time. But with CompleteRx that can come with a healthy financial incentive that puts money in your pocket on day one.