Edison, NJ (PRWEB) February 25, 2013
It’s no secret that prescription drug prices in the US are the highest in the world and a major expense for the nation’s more than 52,000 board and care facilities and 16,000 nursing homes where many residents depend on one or more medications for their well-being.
With pharmacy bills for long-term care facilities climbing, insurance companies must respond by charging increasingly higher premiums, said Saul Greenberger, president and CEO of long-term care pharmacy PharmScript.
In light of recent news of significant rate hikes to long-term care insurance, Greenberger offers 9 proactive and cost-saving strategies long-term care facilities can employ to save time and money on their pharmacy bills.
1. Excel…to Accelerate Billing
Insist on receiving bills in Excel format to easily sort and analyze information. Paper bills just don’t offer that kind of flexibility.
2. Pre Admission Screening
If you aren't pricing out meds during the admissions review period, odds are you're accepting some very expensive residents. Make informed decisions about the acuity level you’re comfortable with.
3. Automatic Stop on Pricey Meds
Have your pharmacy contact you before filling any order that exceeds a limit you set. Stay on top of it in real time and don’t just find out at month end.
4. Formulary Interchange Program
A well arranged Therapeutic Substitution Program can result in incredible savings. Your long term care pharmacy provider should be the primary gatekeeper of such a program.
5. CPOE (Computerized Physician Order Entry)
Having your nursing staff entering orders to a pharmacy computer platform brings with it many benefits. Aside from enforcing the formulary program, this will help streamline the order process, reduce transcription errors and save valuable nursing time.
6. PDP Management
If your residents are not in the right prescription drug plan, you're paying for meds that you don’t have to be. Your pharmacy should regularly and aggressively review and advise.
7. Compare and Negotiate
Pricing has become very competitive so be sure you're at the lowest available price for your region.
8. Short Fills
Have your pharmacy accommodate by filling less than a 30-day supply on all nonreturnable part A meds. This can add up to some nice savings.
9. Reports, Reports, Reports:
Utilize reports available, such as Top 25 Expensive Residents, Drug Utilization etc. to keep track of and monitor costs. Your pharmacy should be able to email them to you in real time and not just at month end when damage is already done.
To read more helpful tips on how to maximize the pharmacy experience, visit PharmScript’s learning center at http://www.pharmscript.com/learning.html.
The unique principles upon which PharmScript was founded were based on years of invaluable experience in the long-term care industry. Comprised of a reputable and experienced management team, PharmScript is geared toward providing the ultimate pharmacy experience utilizing cutting-edge technology, impeccable customer service, and assisting facilities in saving on pharmacy costs. Pharmscript currently services New York, New Jersey, Pennsylvania, Delaware, Washington DC, Maryland, Florida and Texas.