REDUCE FORMULARY VARIANCE FOR MAJOR SAVINGS

High-Cost Meds

Problem

Formulary variance and inconsistent prescribing can lead to excess costs. The pharmacy is often the number two cost center behind labor and many health systems are focused on finding opportunities to reduce pharmacy spend.

Solution

LogicStream Health’s Formulary Variance functionality gives pharmacy teams everything they need to evaluate prescribing patterns and establish and maintain best practices. Teams can reduce costs and maintain a high-level of care delivery .

Our Solution

LogicStream Health’s Formulary Variance functionality helps health systems quickly identify opportunities for major cost savings. Pharmacy teams are driving adoption of best-practices related to the hospital formulary to exponentially increase efficiency and improve patient outcomes. Pharmacists are equipped with self-service access to all clinical data required to move from an anecdotal to data-driven approach to identify, prioritize, and realize cost-containment efforts. Many Pharmacy & Therapeutics committees use the information to drive decisions on how to modify the hospital formulary, understand and compare usage of targeted medications for patient safety, determine alternatives to reduce drug spend, and support medication use evaluations and drug utilization reviews. The easy access to all the information to drive these projects takes the timelines from years to weeks to experience these cost savings. With its ability to save restrictions and create customized projects, LogicStream Health customers are able to ensure the policies and initiatives they put in place are maintained long-term, versus having the pull all the reports and information manually to monitor progress.

The LogicStream Health Formulary Variance functionality provides the ability to:

  • Manage end-to-end ordering processes to align with high-cost medication best practices
  • Rapidly identify and eliminate unnecessary use of targeted medications
  • Measure and monitor ordering patterns and utilization by hospital, department, prescriber, and patient population
  • Consistently manage drug costs

Learn more about how reducing formulary variance can help manage high-cost medications by downloading our case study. It outlines how one LogicStream Health customer used the functionality to achieve its goal of improved pharmacy stewardship and was able to save nearly $4M annually.

The high-cost medications story is not unique. Click on the other solutions below to learn more about how health systems are driving standardization and quality care with Clinical Process Improvement.

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