By Jake Thompson, VP of Pharmacy Services, Optimization and Growth
The rising costs of healthcare and prescription drugs continue to be a major concern for individuals, healthcare providers, and insurers alike. As projections indicate that healthcare costs are expected to increase by 7% in 2024, with the potential for double-digit increases in drug prices, it becomes imperative to explore innovative solutions to address these challenges and reduce costs.
In this article, we will discuss the financial benefits of using Trulla by SpendMend, a unique and highly regarded solution that simplifies the pharmacy purchasing process, reduces costs, and improves operational efficiency.
What the Experts are forecasting
The PricewaterhouseCoopers’ Health Research Institute has forecast a 7% rise in healthcare costs in 2024, with drug price increases potentially reaching double digits. These projections are driven by providers’ expense growth, subsequent rate increases, and the introduction of expensive pharmaceuticals such as gene and cell therapies. The rising costs of medications, coupled with drug shortages and the slow adoption of more affordable biosimilars, highlight the urgent need for effective solutions to mitigate the impact of these factors on healthcare expenses.
How can Trulla Help?
Trulla is an innovative cloud-based application developed by pharmacists at SpendMend Pharmacy to simplify and streamline the pharmacy purchasing process. It is the healthcare industry’s only solution that provides a comprehensive and secure platform for managing pharmacy ordering across all locations within a health system.
One of the primary challenges pharmacy buyers face is the complexity of selecting the right National Drug Code (NDC) from extensive formularies and lists and remembering which vendor to procure that NDC. This often leads to elevated costs, missed discounts, inefficient operations, and compromised patient care. Trulla addresses these challenges by offering a user-friendly interface that enables buyers to easily procure the correct NDC from the correct vendor every time, saving valuable time and effort.
Trulla’s multi-tenant portal empowers healthcare systems to manage all their pharmacy ordering within a single system. It facilitates compliance with contracts, preferred NDCs, and preferred suppliers, streamlining the entire procurement process. Trulla helps organizations optimize their pharmacy spend and leverage potential cost-saving opportunities by centralizing purchasing and ensuring adherence to contracts.
Benefits of Trulla:
- Simplified Ordering: Trulla eliminates the need for buyers to navigate convoluted lists and formularies, ensuring the selection of the most preferred NDC every time.
- Vendor Routing: Trulla not only supports traditional wholesale ordering, but also routes orders to vendors where medications are not available via wholesale channel.
- Cost Reduction: By streamlining operations and maximizing contract compliance, Trulla helps organizations significantly reduce costs associated with pharmacy purchasing.
- Increased Efficiency: With a single ordering portal, buyers no longer need to log in to multiple portals or place medication orders via telephone, fax, or email.
- Klas Research Recognition: Trulla has received a prestigious “Straight A” report card from Klas Research, an independent authority in the healthcare space, highlighting its effectiveness and reliability.
As healthcare costs and prescription drug prices continue to rise, it is crucial for healthcare systems to adopt innovative solutions that address these challenges. Trulla by SpendMend offers a comprehensive, cloud-based platform that simplifies the pharmacy purchasing process, reduces costs, enhances compliance, and improves operational efficiency. By leveraging this solution, healthcare organizations can navigate the complex landscape of pharmacy procurement, ultimately driving down costs and providing better patient care.