Cost Savings
As a leading cost center for LTC facilities, drug costs represent an opportunity for significant savings and improvement when managed properly. SRX automation provides unparalleled insight into your pharmacy bill, tools for controlling costs, and advisory services that help operators achieve lowest net cost on pharmacy spend.
To date, we have audited more than $700 million in pharmacy spend, and identified an average of 11% cost savings on those invoices. That’s over $77 million in cost savings opportunities for our customers. Learn more below.
Cutting Pharmacy Costs for Long-Term Care
To date, we have audited more than $700 million in pharmacy spend, and identified an average of 11% cost savings on those invoices. That’s over $77 million in cost savings opportunities for our customers. Learn more below.
Cutting Pharmacy Costs
1Price Reconciliation
Fluctuating drug prices and human error can result in significant price discrepancies for LTC facilities. We offer both front-end, point-of-sale adjudication and back-end reconciliation reporting to ensure that facilities are able to enforce contract rules and pricing, regardless of the ability of their pharmacy to adjudicate claims.
2Reporting
Our reporting tools allow operators to cut costs and ensure accountability. SRX integrates all aspects of the complex data that impact monthly bills including EHRs/EMRs, drug pricing, pharmacy contract terms, formulary criteria, etc. Automated analysis then generates monthly/quarterly reports that identify opportunities for credits and returns or cost savings.
Simplified Reporting
- Total Spend
- Price Reconciliation
- Split Billing
- Returns Eligible
- Refill Too Soon
- Filled After Discharge
- Waste
- Over-the-Counter (OTC)
- Formulary Management
3Drug Utilization Improvement
SRX works with facilities to establish care-driven, cost-effective formularies. Automated checks and balances prevent unnecessary costs, increase transparency, ensure compliance, and put post-acute care facilities in charge of their pharmacy relationships. SRX formulary management services result in significant savings and additional rebates. As rebates and drug pricing are always in flux, SRX offers ongoing advisory services to maintain lowest net cost for operators.
Advisory service includes:
- Hold P&T meetings with C-suite executives to determine facility formulary based on lowest net cost.
- Implement Therapeutic Interchanges
- Adjudication (when possible)
- Identify clinical personnel who drive Part A orders
- Track MDs needed to approve facility formulary
- Live meetings & customized educational webinars
- Monthly compliance evaluations/reporting
- Annual formulary management evaluations