Written By: Michelle Regnier, Business Development Manager, Pharmacy Services
As a pharmacist, you’re asked to expand your area of expertise from time to time to negotiate pricing and terms with wholesalers and group purchasing organizations. You do your best to secure the best prices, the most favorable terms, fair contracts, and strong relationships.
After the contracts are established, your real work begins. You are now tasked with managing a team, filling medications, distributing vaccines, maintaining inventory, reporting to management, upholding safety guidelines and so much more. You simply don’t have the time to go back and review every transaction in detail.
Despite your best efforts to establish strong contracts and controls, you are constantly at risk of suffering financial leakage due to the continuous changes facing your pharmacy and your wholesalers. You are also facing ongoing complexity with the various pricing schedules and contractual terms, and are fighting to stay compliant with looming regulations and statutes. These unavoidable pressure points lead to the accumulation of Dark Data in your records and can cost your pharmacy millions of dollars – and even force you to fall out of compliance with key regulations.
SpendMend Pharmacy leverages the expertise of Turnkey Pharmacy Solutions (A SpendMend Company) to offer Price Validation to help you better manage your drug spend, validate contract prices to wholesaler invoices, ensure receipt quantities, confirm volume discounts and so much more. From our experience, more than a thousand engagements, we’re confident we can help your pharmacy better manage your time and resources while saving an average of 3% on your annual spend.
To get started, you only need to provide our team access to your wholesaler data using our wholesaler support extraction tools. We perform all work offsite, taking care to limit time and resources required of you and your staff. The best part of it all, your hospital will never be invoiced until you actually realize the savings from our solution.