Most CEOs agree that the complexities of running a hospital have increased particularly as it relates to their pharmacy department. So, how well do you know your pharmacy?
By harnessing the power of analytics, healthcare leaders can gain valuable insight and leverage their pharmacy department as a strategic asset that contributes to the overall mission and strategic direction. But how does a CEO distinguish between what data is important and when things become just a bit, too, granular?
Here is our list of the three key data points C-Suite should know about their pharmacies.
1. Financial Data
It is important to know your pharmacy’s financial performance. You want a firm understanding of pharmacy costs and revenues particularly if you have an infusion center and/or retail pharmacy. This means meeting with your pharmacy team on a monthly basis to review financial metrics and dashboards that are both usable and meaningful. When it comes to financial data, it is vital to have comparative benchmarks. “During our monthly reviews with clients, we communicate our pharmacies’ efficiency based on internal benchmarks, as well as, industry standards,” says Mark Brown, VP of Sales for CompleteRx. Brown says that you have to know what good looks like to understand whether or not your pharmacy is operating productively.
2. Compliance Improvement Data
The repercussions of falling out of compliance can be costly and lasting. We strongly suggest pharmacy specific annual audits for accreditation, ISMP, and 340B to identify noncompliance and areas for performance improvement. Next, meet with pharmacy leadership on a monthly basis to discuss process improvement data. “Your pharmacy team should be tracking whether they are getting better or worse. If they are improving, these meetings validate the action plan. However, if they are falling short, pharmacy should work with hospital leadership to develop and deploy a new plan of action,” says Brown.
3. Quality and Service Outcomes
Every department in your hospital directly impacts patient satisfaction, the pharmacy is no exception. Issues with patient satisfaction are, typically, followed by a drop in HCAHPS scores resulting in consumer perception issues and reimbursement concerns for hospital leaders. It is important to meet with your pharmacy team to discuss the appropriate programs and steps they are putting in to place to help improve HCAHPS scores, readmission rates, hospital-acquired infections and nursing satisfaction. “With the right medication management programs in place, you can improve on patient satisfaction and readmission rates. But don’t forget about the vital relationship pharmacy has with nursing and the impact that can have on patient satisfaction, if it is a volatile one,” says Brown.
Leveraging data analytics helps reduce costs, allows for more accurate forecasting and tracking, and drives quality of patient care. With a key set of meaningful operating metrics and a monthly pharmacy meeting set in place, the environment shifts to one where the pharmacy team holds itself accountable feels more valued. When people challenge, debate and problem solve with a focus on what’s most important for the organization great things happen.
***This blog is a part of the CompleteRx educational series, 3 in 5. The 3 in 5 series covers hospital pharmacy news, trends, and more and is delivered via videos, blog posts and podcasts. CompleteRx will be publishing new 3 in 5 content via our blog and sharing to our social networks, monthly. Follow us on LinkedIn, Twitter, YouTube, and Facebook to keep up with new content. If you are a healthcare or pharmacy subject matter expert and are interested in participating in our 3 in 5 series, please contact us with your name, organization, and a topic you are passionate about and we will review your inquiry.
