Reduce pharmacy costs without reducing patient satisfaction or quality of care (Guide Inside!)
Hart Healthcare Solutions
We help post-acute organizations reduce labor costs and minimize the negative outcomes of regulatory non-compliance.
Reduce pharmacy costs without reducing patient satisfaction or quality of care
As highlighted in this recent article by Hospice News, medication costs are the highest direct expenses a Hospice has after labor. While we wait on the lawmakers and advocate for lower medication costs, there are significant opportunities for improved education and processes that providers can implement in the meantime.
It’s also one of the most challenging areas to manage because many clinicians aren’t aware of the importance, rationale, or effective ways to approach cost containment. Nurses may see cost containment as cutting corners.
After being in a national utilization management role for one of the largest hospices in the country, from a budget and cost containment standpoint, I learned an immense amount about how important it is to be good stewards of every aspect of our business. So no matter the size there is an opportunity to improve our care by being good stewards of our resources.
It is important that field clinicians and agency leaders understand that in order to provide the best care, we cannot fail to address areas of overspending. If we don’t, it can impact outcomes in other situations where we needed to spend more, like when we have a patient who is high-acuity, complex, ability to accept a patient with no payer source or has a specific wish at the end of life that involves high-cost medications and treatment to achieve their end-of-life goal. Things like a daughter’s wedding, making it home for one more Christmas, or living 3 more days to see her son's face one more time as he travels from another state, are the really important things that are the reason we work in hospice.
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To reduce pharmacy costs without compromising patient satisfaction or quality of care, consider some of the following strategies:
By consistently implementing these intentional actions and processes, hospices can reduce pharmacy costs while remaining committed to delivering excellent care and addressing the unique needs of their patients.
More specific suggestions on the above strategies and others are found in our Best Practices Guide for Hospice Providers: Pharmacy Utilization and Stewardship DOWNLOAD IT HERE.
If this is an area of concern for your hospice, please schedule a call for reviewing pharmacy cost opportunities or creating staff education and training here: https://harthealthcarescheduling.as.me/discovery.