Will you be ready for 2021?
The number of approved FDA medications is in decline while questions about future regulatory issues, care models, and cost continue to be raised.
At the center of it all is IT.
Today, more than ever, technology is expected to optimize specialty pharmacy operations while significantly cutting costs. In reality, organizations struggle to find solution-ready IT resources; those with process and operational insight who can make an immediate (and lasting) impact.
High turnover plagues the industry as vendors have not adapted to meet the needs of customers. 82% of healthcare IT departments have signed new outsourcing contracts since Q3 2016, or are in the process of vendor selection. In addition, 77% of CMIOs are most frustrated when having to manage a vendor with limited experience in healthcare operations.
Traditional outsourcing models do not respond fast enough within the current healthcare environment. Many IT companies employ armies of people to do specific technology work, often referred to as the “heads-on-sticks” approach. This method of outsourcing only focuses on technology, not business implications, not operations, and not solutions.
The vendor’s new role is connected to the whole enterprise; responsiveness, data management, change management, and business and operational process competence are what matters.
Specialty pharmacy organizations face challenges in market consolidation, regulatory compliance, operational agility, and financial and revenue management. Under pressure from the federal government to cap price increases, and taking into account rebates and discounts, spending on prescription medication is projected to hold at 2 to 5 percent through 2021.
The mad dash for modernization has many organizations making decisions faster than their IT resources (in house, but especially outsourced) can keep up with.
The Role of IT in Pharmacy
To learn about IT’s role in specialty pharmacy and PBM management going forward, 4th Source has created a project portfolio detailing over thirteen years of healthcare and pharmacy operational experience, adaptation, and depicts how a trusted partner can help any pharmacy IT department rein in costs while accelerating their IT agenda.
The project portfolio covers a wide variety of digital transformation services:
- Specialty Pharmacy & PBM Process Improvement
- Data Management & Predictive Analytics
- Post M&A System Integration
- Finance & Revenue Management Cycles (RCM)
- Regulatory Compliance
- Managed Services & Persistent Team™
Download the free infographic to learn more about accelerating the IT agenda in specialty pharmacy.
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