Pharmacy is a vital function of healthcare organizations, and the demand is only continuing to grow as the median age of the population increases, and with it, the number of individuals who require medication to treat health issues. Pharmacy operations represent approximately 13-15% of a hospital’s total non-labor spend.
Pharmacy encompasses a large scope of services across several different mediums. As pharmacy operations continue to grow, it becomes increasingly more difficult to standardize practices across a system and navigate the complexities of the healthcare and pharmacy supply chain. Given the vast size of pharmacy industry, inconsistencies come at a large cost to the organization, however, change can be difficult, especially when bandwidth is limited among team members. This results in healthcare organizations accepting the disorganized state of operation instead of optimizing workflow to maximize benefits.
Pathstone Partners leverages subject matter experts to provide new insights that complement our customers’ existing strategies and makes it easier to drive financial improvement within your Pharmacy operations. Our pharmacy consulting experts ensure our clients have the most cost effective and efficient pharmacy operations – the right billing practices, optimized contract costs, effective biosimilar strategies, and a comprehensive drug wholesaler approach. Our work typically saves hospitals, on average, 5%-13% of pharmacy spend addressed.
