Pharmacy Business Transformation Service Sheet
Expertise in Leveraging Pharmacy as a Strategy for Your Organization's Clinical and Financial Success
December 19, 2018
Comprehensive and Patient‐focused Approach
The Healthcare marketplace has seen significant hospital merger and acquisition activity driven by a shared services cost‐savings opportunities and a need to provide a comprehensive set of services to a health system’s regional population. With pharmacy services having significant financial and clinical outcomes implications, health systems are incorporating pharmacy as a major component of their patient focused strategy.
Inpatient Pharmacy Cost Reduction
Medications can account for nearly one‐third of a hospital’s supply chain purchases. Inventory holding costs and medication waste are operational challenges that further impact health systems’ financial performance. FTI Consulting provides analytics and operational approaches designed to reduce inpatient pharmacy costs:
- Medication utilization and clinical formulary management assessment
- Strengthening supply chain and GPO opportunities
- Inventory management, inventory turns and medication waste evaluation
Outpatient Pharmacy Business Strategy
Outpatient pharmacy services are often overlooked as an income‐neutral department. The FTI Consulting approach is more comprehensive, looking at financial and value-based implications to operating a high performing outpatient pharmacy that improves upon cost containment, revenue generation and patient adherence of medications. FTI Consulting can help your organization:
- Reduce prescription leakage to ensure medication adherence and improve patient access.
- Design communication to providers for critical medication starts such as oral oncolytics.
- Employ an employee prescription and health plan strategy to promote the use of generic alternatives.
- Design a specialty medication strategy for health system patients and employees, providing significant revenue capture opportunity.