By Jake Thompson, VP of Pharmacy Solutions and Strategy, SpendMend Pharmacy
I’ve been fortunate to witness firsthand the transformative journey of Trulla. Founded in 2018 and acquired by SpendMend in 2022, the overall goal of the software has been to simplify pharmacy purchasing while at the same time significantly lowering costs.
The hard work of the Trulla team supported heavily by a rapidly growing client base has led to a noteworthy milestone. In the past month we’ve passed the $250 million threshold for delivered cost savings in pharmacy spend. This achievement highlights Trulla’s pivotal role in helping healthcare providers manage their pharmacy expenses more efficiently.
Today, I will discuss the impact of this milestone, as well as other key numbers, and the future potential of Trulla as we extend our innovative solutions to even more healthcare institutions.
· The $250 Million Milestone
Reaching a milestone of $250 million in savings is no small feat. It reflects our unwavering commitment to delivering value to our clients. Trulla, with its proprietary AI algorithms, has revolutionized how hospitals and health systems manage their pharmacy spend. By uncovering financial leakages and dark data, we’ve enabled our clients to reclaim significant savings that otherwise would have been lost.
· Averaging 1.6% Annual Savings
In the fiscal year 2023, our clients experienced an average annual savings of 1.6% of their pharmacy spend. While this percentage might seem modest at first glance, it translates into substantial financial relief for healthcare providers, enabling them to allocate resources more effectively and focus on delivering superior patient care.
· $12,000 Daily Cost Savings Per Client
Perhaps one of the most striking figures is the average daily cost savings of over $12,000 per client. This daily savings showcases the continuous impact of Trulla on our clients’ bottom line. It’s a clear indicator of how even marginal percentage savings can accumulate into significant financial benefits over time.
Looking Ahead: Expansion and Expectations
As we continue to grow and evolve our software solution, Trulla is committed to pushing the boundaries of what’s possible in healthcare cost management. Our roadmap includes significant enhancements, incorporating more advanced AI and machine learning algorithms to deepen our analytics and insights. We’re also focused on continuously improving the user experience, ensuring that our software is not only powerful but is also intuitive and easy to use for all our clients.
With these enhancements and our focus on expansion, we expect to more than double our $250 million savings milestone in the next three years. This ambitious goal underscores our confidence in the value of our solution and our commitment to making a meaningful impact in the healthcare industry.
At Trulla, we’re not just developing software; we’re creating a movement towards a more efficient and effective way pharmacies procure lifesaving medications.