Just as standardized practices and measurable results are the cornerstones of successful pharmacy clinical programs, the same calculations can be applied to pharmacy’s business operations. As you look at opportunities to improve pharmacy’s bottom line, consider the potential returns from supporting these efforts with dedicated staff members. Like clinical and operation staff, additional business staff in the pharmacy allows for a renewed focus on business operations in general, and revenue cycle management in particular.
It is quite evident that opportunities for financial optimization abound within the biosimilar marketplace, yet the process to deliver on this opportunity is exceedingly complex and requires a skill set that encompasses reimbursement process expertise, an understanding of both inpatient and outpatient operations, the ability to execute multifactorial evaluations, and more. This complexity alone is a strong argument for adding business staff to the pharmacy department, but, arguably, it will be the demonstrable return on investment for such a position that will ultimately serve to support this expansion.
Likewise, contracting positions can deliver significant, measurable results. Having dedicated individuals focused on ROI while also building relationships with wholesalers and manufacturers can generate additional negotiation opportunities. When this expertise is applied to specialty drugs, for example, in conjunction with an effective prior authorization process, the result can lead to significant improvements to the bottom line.
A focus on business operations and ROI for pharmacy efforts is key to building a strong department. Our goal at PP&P is to support you in this and all improvement endeavors within the pharmacy.
All the best,
R. Mitchell Halvorsen
It is with heavy hearts that PP&P acknowledges the passing of Annette Braverman, co-founder of MediDose/EPS, on April 21st of this year. In addition to her support for health-system pharmacies and the ASHP exhibitions for many years, she was among PP&P’s earliest and most ardent advertising supporters. Together with her work at MediDose/EPS, Annette leaves a legacy of community involvement as she supported fundraising for the American Cancer Society, LiveStrong, the Multiple Sclerosis Society, the American Heart Association, and AIDS Walk Philly, among others.
The staff at PP&P wish to extend our deepest condolences to the Braverman family and friends.