The Not-so-Secret Ingredients of a Successful Pharmacy Transformation

1.28.20 By Kat Walsh

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"We've got to be digital; we've got to be transformational.” It’s the mantra and mandate of the digital age, but there still seems to be confusion about what that really means and how to get there. 86% of all companies are stuck in digitization and nearly half of pharmacies (42%) admit they’ve had to revise their transformation strategy in the past year.

Executives’ understanding of what transformation entails also varies. In a 2018 Gartner poll, 66% of CIOs said they are transforming their businesses, but based on those respondents’ descriptions of their digital initiatives, the number is really closer to 10%.

However, many healthcare digital transformation efforts are succeeding. And the most effective have three things in common. They are able to:

  1. Create alignment between operations and IT on business requirements
  2. Prioritize projects that will drive transformation and deliver on key business initiatives
  3. Measure outcomes back to a clear set of ROI-based criteria

Approach transformation with confidence

Leveraging 16+ years of pharmacy IT and operational experience, we developed a program that takes the guesswork out of picking the right digital projects and eliminates the bottlenecks caused by business and IT misalignment. RxIgnite is designed to help pharmacy leaders incorporate the elements of a successful transformation into their digital agendas and articulate the path to an adaptive IT environment.

Key activities in this 5-week program include:

  • Business outcomes workshop
  • Technology gap and efficiency review
  • Improvement and automation opportunity roundtable
  • Comprehensive project roadmap design
  • Change management workshops
  • Project planning and prioritization

 

 

To ensure that transformation scales, every project we recommend must meet specific ROI criteria:

ROI-table-1ROI-table-2

ROI-table-3ROI-table-4

 

Upon program completion, pharmacies are better positioned to respond and adapt to future conditions.

Adaptability is key – an adaptable digital environment quickly responds to today’s market demands, is responsive to future opportunities, and, perhaps most importantly, scales your digital efforts without disrupting operations.

“With the RxIgnite program, pharmacies can explore every part of their IT structure, analyze processes, and look for improvement opportunities in their systems, with their users, costs and even performance.”

Rodrigo Cuesta, Director of Client Services, AgileThought

 

Real-World Results for Pharmacies

In the following examples, the customer never had to figure out what to focus on to drive costs out their system. The program took care of it from discovery to implementation, and measured cost savings with data. RxIgnite also helped map a path toward a more adaptive IT environment so that when it comes time to modernize, the transition becomes seamless.

Specialty Pharmacy

Our team gathered over 450 high-level requirements in reviewing this specialty pharmacy’s system and hub processes. Discovering improvement opportunities in functionality, stability, efficiency, and reporting, our team recommended creating a new application to handle the customer’s entire pharmacy and hub operation within one platform. This seamlessly integrated solution provides:

      • Cost savings and faster turnaround times due to automation
      • Better access to data for reporting and KPIs
      • Customized, flexible interface for improved patient and user experiences
      • Shorter delivery timelines due to efficient, logical workflows

Fortune 20 PBM

An initial digital assessment of the world’s largest PBM uncovered sixty improvement opportunities and ranked the five most impactful projects (where the lowest investment met the fastest return.) Program complete, our team was given the green light to execute those projects. The results:

      • Shipping optimization solution saved millions of dollars annually
      • System automation increased to 50% across the business
      • Order process solution reduced call times by 10%
      • Zero impact to operations and patient services
      • Three-month average project turnaround 

Pharmacy

A process and system analysis identified gaps in a world-leading pharmacy’s legacy RCM processes - payment option variances were causing billing errors and revenue losses. The recommendation - a seamless and integrated ECS solution. Project execution included data restructuring, updating processes, automation, machine learning and new platform technology. Post-implementation, this solution:

      • Eliminated revenue variances, accelerated reimbursement and reduced financial risks
      • Detects potential bad debt scenarios before they occur
      • Continues to drive tens of millions of dollars of cost benefits

 

Accelerate Your Pharmacy’s Digital Agenda in 5 Weeks with RxIgnite

Through the RxIgnite program, your pharmacy will be able to pick and prioritize the digital projects that drive growth and on the path to an adaptive IT environment that has the potential to solve today’s biggest challenges - consolidation, margin compression, regulatory compliance, and customer experience. Ready to learn more?

 

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