Pharmacy Business Transformation
The average hospital or health system’s pharmacy department budget is comparable to that of a mid-sized business in the U.S. today. Yet within health systems it is often treated as no more than an ancillary department. This significant but often untapped resource offers several expense reduction and revenue generation opportunities that health systems can leverage as part of an overall strategy to improve financial and clinical outcomes. FTI Consulting is a leading-edge provider of Pharmacy Business Transformation services focused on identifying these opportunities and supporting our clients in leveraging their pharmacy operations, processes, staff and strategies. Our Pharmacy Business Transformation Services include:
- Inpatient Expense Reduction – In-depth analytics of medication utilization, clinical formulary and supply chain data to identify areas of expense reduction and implement leading practice operational approaches designed to reduce inpatient pharmacy costs.
- Retail and Specialty Pharmacy Business Development – A comprehensive assessment of the financial and value-based factors involved in operating a high performing retail or specialty pharmacy, identification of opportunities to improve cost containment and revenue generation, and review of clinical outcomes such as patient adherence to medications.
- 340B Audit, Compliance and Strategic Optimization – A full-service approach to managing the 340B drug pricing program through an audit-readiness assessment, and compliance review. This includes identification of strategic opportunities to improve contract pharmacy relationships and provider-based qualifications for program optimization.
- Drug Diversion Risk Assessment – Targeted, predictive analytics to identify areas of potential risk as part of the opioid crisis and support of inpatient pharmacy drug diversion monitoring programs to mitigate these risks surrounding providers, patients and employees.
- Other Services Include:
- Compliance-related guidance and best practices surrounding The Joint Commission, DEA, HRSA, CMS, FDA and State Boards of Pharmacy.
- Revenue Integrity analyses focused on outpatient medication billing, providing management with clear insight into medication specific revenues and uncovered charges that may go unnoticed by finance.