The IDN pharmacy supply chain plays a vital role in patient outcomes and hospital pharmacy executives continue to look for innovative methods of improving quality while keeping costs low. The problems facing the pharmacy segment of healthcare are complex. Issues concerning compliance, changing regulations, pricing discrepancies, and product shortages are among the many topics that will be discussed.
1:00 pm – 2:15 pm Strategies to Optimize 340B Opportunities
National Ballroom A
Is your hospital making the most of 340B savings and maximizing the revenue potential available from the program? As the dynamics of this program have changed since its inception to include more facilities than before, a growing number of health systems are looking to take advantage of the increased potential for savings, new revenue opportunities and better access to critical medications for patients who need them.
The presenter will give an overview of the status of 340B compliance legislation as it stands and the potential for changes from Congress in the future. Real-life case studies will be used to help understand and simplify the complexity of the 340 B program. Learn strategies to optimize compliance and maximize the opportunities available for eligible health systems. Focus will also be placed on the increasing number of contract pharmacy networks in hospitals and satellite locations.
- Define methods for effectively managing 340B requirements.
- Analyze the potential for savings, revenue and prescription access that 340B provides.
- Identify strategies for implementing 340B without increased administrative burdens.
2:30 pm – 3:45 pm Healthcare Pharmacy Services Trends
National Ballroom A
Hospital pharmacy operations are feeling pressure from a number of recent developments, including the growth of specialty drugs and the movement towards hospital systems looking to their pharmacy operations as a source of revenue growth. As a result, hospital pharmacies are increasing their efforts to find new initiatives that can increase revenue while maintaining the utmost patient safety and optimal outcomes.
Part 1 of this session will focus on the pharmacy cost-savings opportunities being realized through the implementation of consolidated services centers. A number of health systems are finding theses centers to be an effective way to decrease medicine inventory and overhead. In addition, they serve as an avenue for managing drug shortages and improving processes through automation, script-mailing, compounding and unit dosing. Hospitals are able to better control the movement of medication through inventory accuracy, resulting in decreased costs and reduced waste.
Another area that offers potential for improving margins is in performance tracking in medication management. Discussion will include using Key Performance Indicators (KPIs) to measure performance from financial, operational, clinical and professional development perspectives. Ensuring that these indicators are objective and measurable is important as well. Methods to enhance accountability and ensure that KPIs are in line with the organization’s mission will also be covered.
- Explain the dynamics of Consolidated Services Centers in the Hospital Pharmacy setting.
- Describe three characteristics of effective Key Performance Indicators.
- Identify opportunities for improvement in methods of medication management.
4:00 pm – 5:15 pm Optimizing Operations in the Hospital Pharmacy Setting
National Ballroom A
With the advent of a new normal in healthcare, IDNs are exploring new methods of cutting costs and improving services. Hospital pharmacy services have grown significantly over the last several years and, as a result, pharmacies are one of the first areas that systems look to when implementing such changes.
Value Based Purchasing has become increasingly appealing to payers and The Centers for Medicare and Medicaid Services (CMS) Hospital Value-Based Purchasing (VBP) program has implemented a value system that offers financial incentives (or penalties) from hospitals based on a number of quality performance measures. Pharmacy Value-Based Purchasing is gaining traction as hospitals increase their efforts to manage medications for their patients, particularly those who fall into the high-risk category and require long-term regimens involving expensive pharmaceuticals. Learn how pharmacists can best manage their involvement with these and other patients across the care continuum as well as how to implement value-based drug contracts.
Another area for improved processes in hospital pharmacies is through contract and procurement controls in hospital pharmacy operations. Modernizing inventory management and procurement processes can optimize purchasing and inventory management processes to free up pharmacist time, reduce costs, and increase capital availability for future needs. The result is a more efficient system that can produce significant savings for the hospital while providing pharmacy staff with more time to focus on patient care and safety.
- Analyze and identify the factors contributing to the changes in the hospital pharmacy setting.
- Outline the potential benefits of implementing value-based purchasing.
- Identify new methods of contract and procurement controls in hospital pharmacy operations.