Visit us at Health Connect Partners Fall in TBA

Pharmacy Automation Budget


August 2020 - Vol.17 No. 8 - Page #10

While pharmacy automation spending increased this year and was particularly vigorous in facilities with 101-200 and 400+ beds, there are strong indications that this trend may be impacted by the pressures brought to bear in responding to the COVID-19 crisis. The number of facilities that are already facing budget reductions increased by 46% this year and more facilities are projecting budget decreases for next year. This underscores the importance of ensuring that your future automation investments deliver strong value to your institution and improved efficiency to your department.

For more information, visit pppmag.com/automation and click on Revenue Cycle Management Software.


Historically, pharmacy budget reductions impacted a small number of pharmacies in any given year. With this year being unlike any other, there is a notable increase in the number of pharmacy departments facing budget reductions. It is highly likely that this upward trend will encompass additional pharmacies in the coming months.


Projections of budget increases were the norm last year. Now, 37% of facilities expect next year will be marked by budget decreases, a significant change from the 17% of facilities last year that forecast budget decreases for the coming year.

A slim majority (59%) of pharmacies are confident that their budgets will increase over the next 3-5 years; a notable decline from last year when 7 out of 10 pharmacies projected budget increases over the long-term. On a positive note, more pharmacies expect their long-term budgets to remain flat than to be cut.


Pharmacies often rely on features within their EHR to ensure financial integrity, although there is a variety of standalone software products available.

Click here to view a larger version of this Chart


 

Facility size accounts for the wide variance in pharmacy automation budgets.

Click here to view a larger version of this Chart


Login

Like what you've read? Please log in or create a free account to enjoy more of what www.pppmag.com has to offer.

Current Issue

Enter our Sweepstakes now for your chance to win the following prizes:

Just answer the following quick question for your chance to win:

To continue, you must either login or register: