Managing Pharmacy Costs and Revenue
In this HFMA Newsletter Self-Study Lesson, participants will read a case study from HFMA's Healthcare Cost Containment newsletter and discover how Trinity Regional Health System saved $1.9 million in pharmacy costs, or 14 percent of its pharmacy budget. The article addresses how Trinity leveraged benchmarking information, managed change, and laid the groundwork for future pharmacy savings initiatives.
Participants also will read a case study on Billings Clinic's pharmacy revenue integrity initiative. This case study describes a collaborative effort between finance and pharmacy and compliance specialists that reduced fluctuations in medication charges, aligned charges between the organization's hospital and clinics, and created the ongoing potential to enhance revenue integrity and patient satisfaction.
After This Self-Study Lesson, You'll Be Able To:
- Identify at least three strategies that have been successfully used to achieve significant hospital pharmacy savings.
- Define benchmarking and apply it to pharmacy medication utilization initiatives.
- Identify strategies for gaining physician buy-in for pharmacy cost savings initiatives.
- Recognize reasons for pharmacy price misalignment among care settings.
- Identify ways to enhance pharmacy revenue integrity.
Newsletter subscribers: Free
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Self-Study Lesson Information
- CPE credits: N/A; HFMA newsletter self-study lessons are not eligible for CPE credits.
- Designed for: Healthcare finance leaders interested in financial management of pharmacy and other ancillary departments
- Level: Intermediate
- Prerequisite knowledge: Basic understanding of hospital operations, pharmacy services, and coding
- Instructional method: Self-study
- NASBA field of study: Management Advisory Services
- Course availability: This newsletter self-study lesson is available for purchase through Oct. 31, 2015. Once purchased, you'll have one year to finish your lesson.