Over 20,000 pharmacy healthcare professionals attended the 2023 ASHP Midyear Clinical Meeting & Exhibition to discuss the critical challenges facing today’s healthcare sector. Top of mind for healthcare organizations are the pressures of shifting reimbursement models, the increasing need for value-based care, and the growing demand for accessible healthcare services. In the face of rising drug prices and evolving legislative landscapes, pharmacy management stands at the forefront of navigating these complexities. This environment calls for strategic agility and innovative approaches in pharmacy to help ensure sustainable, high-quality patient care.
Strategies for Pharmacy Leaders
Entity-Owned Pharmacies
Entity-owned pharmacies represent high-return opportunities and are critical to any ambulatory pharmacy strategy. These establishments are pivotal in delivering high-quality patient care and serving as significant revenue sources. For those in the 340B Drug Pricing Program, entity-owned programs provide protection from manufacturer restrictions and increasing administrative fees from contract pharmacies and third-party administrators. In addition, they offer convenient prescription filling services for patients and employees. As organizations grow, expanding into mail order and specialty pharmacy services presents opportunities for improved patient care.
Pharmacists in Transitions of Care
Incorporating pharmacists in the management of patient transitions between healthcare settings is emerging as an important strategy. This approach goes beyond improving patient care; it represents a potential for cost savings and a source of revenue. Pharmacists are key in minimizing gaps in care and reducing adverse events, thereby enhancing overall health outcomes.
Managing Diverse Sites of Care
Strategic management of various healthcare sites, e.g., hospital outpatient departments, physician offices, ambulatory infusion centers, and home infusion, is increasingly critical. Developing centralized referral systems or embedding pharmacists in clinics are potential methods to prevent site of care leakage and maximize revenue. Effective site management requires adapting to unique payor relationships, reimbursement requirements, and contract nuances of each site.
Integrating Broader Health Issues
Aligning pharmacy objectives with broader organizational goals is essential for cohesive healthcare delivery. This alignment also involves considering wider public health concerns such as mental health, care equity, and emerging disease treatments. Adapting pharmacy management strategies to these broader issues helps ensure a comprehensive approach to healthcare.
The dynamic healthcare sector requires informed and adaptable leadership for pharmacy management. Embracing innovative strategies and aligning with broader healthcare goals is critical for navigating today's healthcare challenges and opportunities.
The professionals at FORVIS can help you understand how these strategies fit into your organization's strategy. If you have any questions or need assistance, please reach out to one of our professionals.