Maximizing Reimbursement: A Guide for Hospital Pharmacies

Financial, Uncategorized / By Rachel Rahm

Hospital pharmacies play a crucial role not only in patient care but also in financial performance. Their role in maximizing reimbursement is often overlooked, but when pharmacies implement important initiatives and optimize basic processes, it can have a significant impact that can be extremely fruitful for the entire health system. As the reimbursement system becomes […]

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Filling out a prescription for medication that is to be given by pharmacy

Optimizing the Hospital Pharmacy: How to Cut Costs and Grow Revenue

Financial / By Rachel Rahm

As health systems wrestle with the cost of healthcare, innovative hospital executives are taking a closer look at their pharmacies – historically considered a high-cost center. With a bit of creativity and some savvy choices, administrators are finding ways to reduce costs and grow pharmacy revenue. Cut Costs by Optimizing Your Pharmacy’s Business Operations Increasing

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A pharmacist with 340B services and pharmacy solutions

Pharmacy Employee Unlocks New 340B Savings Potential Through Referral Prescriptions

Financial, Pharmacy Operations / By Rachel Rahm

October 18 – 24 is National Pharmacy Week. Throughout the week, CompleteRx celebrates frontline teams and individuals who go above and beyond in a series of blog posts. For Victoria Nosowicz, CphT, pharmacy informatics and 340B manager for Upper Allegheny Health System, the pharmacy profession is in her blood. She began her first pharmacy job

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340B Drug Pricing Program Threats: Implications for Your Hospital

Financial / By Rachel Rahm

Recently announced proposed drug payment cuts to 340B hospitals have many safety net facilities and industry associations concerned about the long-term consequences for vulnerable patients. Last month, the Centers for Medicare & Medicaid Services (CMS) announced new cuts to the 340B Drug Pricing Program as part of the 2021 Medicare Hospital Outpatient Prospective Payment System.

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Piggy bank next to coins and prescription bottle

Hospitals Executives: Three Tips to Shift your Pharmacy towards Sustainable Cost Control

Financial, Leadership, Pharmacy Operations / By Rachel Rahm

For the past three years, C-suite executives have consistently rated margin management as their top strategic priority. In the wake of Humana’s recent study revealing $1 in every $4 is wasted annually in U.S. Healthcare, hospital executives continue to elevate sustainable cost control as a top priority in 2020. With Pharmacy playing a major role

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Man looking at price with magnifying glass

Three Steps to Prepare for Price Transparency

Uncategorized, Financial, Regulatory and Compliance / By Rachel Rahm

In the wake of new price transparency regulations proposed by The Centers for Medicare and Medicare Services (CMS), hospitals are left to figure out how to comply with regulations while ensuring their services are priced competitively without sacrificing quality of care. According to the CMS, the prospective rule proposes price transparency requirements that will increase

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Hospital pharmacy impacts revenue growth and cost control

Hospital Revenue Growth Becoming as Vital as Cost-Cutting

Financial, Leadership / By Rachel Rahm

Hospital executives are coming to the realization that you cannot cut your way to prosperity. We are now seeing many signs that CEOs are beginning to focus equally on improving revenue growth while keeping costs in check. The hospital pharmacy can play an important role in both areas: revenue growth and cost control. A recent

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Hospital and healthcare workers working together to analyze data.

Accounting changes raise lease vs. buy questions for hospitals

Financial / By Rachel Rahm

One long-overdue update from the Financial Accounting Standards Board (FASB) may have a profound impact on hospital balance sheets. Known as ASU 2016-02 (Topic 842), the new ruling means leases must be recognized differently on an organization’s balance sheet than before. The last time lease guidance underwent such a significant change was 1976. For hospital

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Pharmacists and healthcare workers working together to analyze data.

Detailed Pharmacy Benchmarks Help Improve Patient Care and Profitability

Financial, Pharmacy Operations / By Rachel Rahm

Efficient operation of a hospital’s pharmacy department can contribute significantly to improved patient care and a hospital’s overall profitability. But, are you using the right benchmarks to judge your pharmacy’s performance? Pharmacy financial performance is often assessed year-over-year, which is a good place to start. Much can be learned by tracking and judging total existing

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Orange Prescription Bottle with Three One Hundred Dollar Bills Inside

Rising Drug Costs Eating Into Hospital Staffing Budgets

Financial / By Rachel Rahm

Between 2015 and 2017, 25% of all U.S. hospitals cut staff to cope with budget shortfalls caused by rapidly rising drug costs, reports a recent study. Hospital drug spending increased 18.5% during those two years. The Key Findings About Rising Hospital Drug Costs The study, prepared by the research group NORC at the University of

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