Lunch with FTI: Decreasing IV Acetaminophen Costs in Health Systems
A Joint Presentation with Boston Medical Center and Milford Regional Medical Center on Managing Physician Preference Medications
Date: Wednesday, January 16, 2019
Length: 30 minutes
Managing physician preferences is key to reducing hospital medication costs, which are rising six to ten percent annually. Reliance on expensive medications such as IV acetaminophen has contributed to the problem.
This joint presentation by two hospitals which have successfully reduced IV acetaminophen costs by as much as 80 percent and the FTI Consulting PharmD experts who guided the initiatives at Milford Regional Medical Center will give you valuable insights. Boston Medical Center and Milford Regional Medical Center had different budgets but the same problem: How to curtail use of this costly medication while maintaining a patient outcomes focus.
Analyzing clinical data, the team leveraged Pharmacy and Therapeutic committee governance and informatics to modify protocols such as an earlier shift from IV to oral medications.
Effective clinical and operational strategies to reduce medication spend. Engaging physician leadership and P&T governance structure to address over-prescribing of costly medications. Hear from Boston Medical Center and Milford Regional Medical Center about how their teams reduced IV acetaminophen use.
Who Should Watch?
- Hospital C-Suite Executives Interested in Reducing Medication Expenses
- Directors and VPs of Pharmacy
- Chief Medical Officers
- Chief Executive Officers / Presidents
FTI Consulting Health Solutions
Jigar Thakkar is a Managing Director at FTI Consulting. He is part of the Health Solutions segment within the Healthcare Operations practice, where he specializes in Pharmacy. Jigar’s experience in Pharmacy includes strategic planning, design, operations, compliance, and improvement of an organization’s medication management system. He has experience in implementing best practice pharmacy models and has expertise in pharmacy supply chain management, pharmacy productivity, and pharmacy related regulatory and accreditation compliance such as the 340B Drug Pricing Program. Jigar has a broad range of pharmacy experience in addition to the hospital segment that includes Retail, Specialty, Infusion, Hematology/Oncology, Long Term Care, Capital Equity directed projects of due diligence of mergers and acquisitions of large retail and specialty pharmacy chains. Jigar has also completed several projects of large health system mergers as they relate to pharmacy integration and implementation of resulting synergies.
Clinical Pharmacy Lead
Boston Medical Center
Dr. Vincent is the Clinical Pharmacy Lead-Surgery at Boston Medical Center (BMC). He practices in a 28-bed adult surgical ICU and is a preceptor for pharmacy students and PGY1 and PGY2 specialty residents. Will received his Doctor of Pharmacy degree from the Ernest Mario School of Pharmacy at Rutgers, The State University of New Jersey. He went on to complete a PGY1 residency and PGY2 critical care residency at the University of Kentucky Chandler Medical Center in Lexington, KY, and held an academic position at Long Island University prior to joining BMC in 2012. Board certifications include pharmacotherapy and critical care. Dr. Vincent is passionate the use of improvement science to advance acute and critical care surgery pharmacy services.
Former Director of Pharmacy
Milford Regional Medical Center
Susan Otocki has served as the Director of Pharmacy at Milford Regional Medical Center for 21 years. Prior to that, she worked for Coram Healthcare as a quality improvement manager. In addition, she currently serves on the Pharmacy Council for Intalere and as the Chairperson of the Board for the Intalere Northeast Alliance. Susan received her Bachelor’s degree in Pharmacy from the University of Rhode Island.