Helping Members Drill Down to Savings
Facility-wide cost containment is more important than ever. An easy-to-use Pharmacy Analytics tool from inSight can help hospital pharmacy departments identify savings opportunities and maximize the HealthTrust portfolio.
Pharmacy professionals know the challenges of drilling down into mounds of data to identify changes in facility expenses. Through a web-based analytical tool developed by inSight, Pharmacy Analytics migrates those data sources to one portal that can quickly and intuitively manage pharmacy spend, identify contract conversion opportunities, and track performance against GPO initiatives through pre-defined dashboards and reports.
Savings Opportunities Are Front and Center
“The tool doesn’t add yet another task to a busy pharmacist’s list,” says Patrick Lowry, business intelligence director at HealthTrust. “It’s pre-populated with members’ existing data so they can get on board right away. And savings reports are clearly and concisely presented. You aren’t forced to mine data to look for opportunities; they’re right in front of you.”
Lowry says the tool is also helpful with contract optimization and compliance. “It not only tracks how effective a member is at maximizing the HealthTrust contract portfolio, but it also can identify if there is an equivalent item contracted at a lower price, alerting a member to contract conversion opportunities,” he says.
Some of the tool’s features:
1. Uses a member’s existing data. The facility isn’t required to provide any data to get started.
2. Enables real-time decision making with daily refreshed data, including new purchases and contract changes.
3. Provides high-level dashboards and the ability to drill down to line-item detail.
4. Assists in forecasting pharmacy budgets more accurately.
5. Quickly identifies the most cost-effective
options so you can change purchase patterns and realize savings opportunities.
6. Simplifies cumbersome spend details into easy-to-digest reports to aid in decision making.
7. Provides up-to-date reports detailing price verification auditing and failure-to-supply penalties recovered by HealthTrust on a member’s behalf.
No data is needed to get started, making implementation easy. In fact, system access can happen in a matter of days.
“Using the tool is pretty intuitive,” Lowry says, “but HealthTrust also provides training, whether on-site or through webinars.”
There are roles available for both power and standard users. Standard users have the ability to access all dashboards and predefined reports. Enhanced capabilities for power users include ad-hoc reporting and a scheduling feature to generate and distribute reports on an automated schedule.
Developed with Member Input
Member feedback has driven the entire design of the tool, Lowry says. Thirty beta users have already gotten started and given feedback, and their suggestions have made it even more flexible and user-friendly, especially when it comes to reporting. “You can build custom reports that you can reuse, saving a lot of time,” Lowry explains. “You can build, schedule and automate the running of certain reports so you never have to think about them again.”
“It’s refreshing to know that throughout the planning and developing of its Pharmacy Analytics tool, HealthTrust actually solicited input from its member end-users,” says David Ipsaro, data management analyst, Supply Chain, Catholic Health Initiatives, Erlanger, Ky. “A diverse group of individuals in different positions from multiple member organizations was assembled so a wide array of user perspectives and requirements could be incorporated. The collaborative effort resulted in an intuitive design and enhanced navigation, reporting functionality and data elements.”
Desmond Waters, pharmacy director, Mercy Medical Center, is another enthusiastic early user of the tool. “In just a short time using this program, I have been able to effectively monitor my contract compliance, plan proactively for upcoming price changes and view both high-level metrics, as well as drill-down information within the tool,” he says. “These Pharmacy Analytics will be powerful in helping to manage spend within our pharmacy.”
How It Works
The tool has four functional areas:
1. Total Spend. This area helps your pharmacy team identify change in spend and rebate volume over time. It not only identifies the change, but explains what caused it, such as price increases or decreases or the addition of new items.
2. Contract Optimization. This area tracks compliance metrics and lost savings metrics, identifying therapeutic areas and specific items that have conversion or savings opportunities.
3. Initiative Compliance. This area tracks all GPO market share agreements, offering date range flexibility and alert reporting for non-compliant purchases. Market share can be tracked at a much more efficient level and low-performing facilities are clearly identified, even if the IDN is meeting the target.
4. Audit and Control. This area alerts the user to important changes key to their role, such as upcoming price increases so that a member can do a buy-in.Share Email