82% of healthcare organizations replaced an IT vendor in the past year. Here's why...
Most healthcare IT vendors simply can't execute from a broader operations perspective. What happens when specialty pharmacy operations and IT unite - where IT empowers specialty pharmacies to become more responsive providers and lower the cost of care?
Less than a month from today, we'll find out at NASP19. Now in its seventh year, the NASP conference has become one of the most effective ways for specialty pharmacy stakeholders to stay abreast of rapid developments, market dynamics, and trends in the industry.
One of this year’s major topics is digital modernization – and for good reason. Digital modernization has the potential to solve many of the pressing challenges facing specialty pharmacy organizations today.
IT + Operations = Opportunity
In a recent blog post, Specialty Pharmacy Automation – Opportunities and BPI, we explored how automating aspects of specialty pharmacy operations can have a transformative impact on the patient experience, operating costs, and future business prospects.
By making light work of most routine tasks and improving reliability and transparency, BPI automation frees and empowers specialty pharmacies to become more responsive providers and lowers the cost of care. As an added benefit - pharmacy teams are able to manage patient relationships at scale without draining resources or sacrificing service levels.
So if you’re wondering where to begin with automation, Business Process Improvement is a pretty good place to start. Why? Because BPI is where gains from automation are most fundamentally impacted.
The B in BPI
Let’s talk for a minute about the “business” aspect of BPI. It stands to reason that to most effectively improve processes, it’s imperative to understand the business itself.
“I've seen different approaches people take to supporting customers. My approach, and what I have always taught my own team, is to understand the customer's business and operations as much as possible. This approach is what has resulted in millions of dollars of project benefits for our specialty pharmacy customers, and why we tend to stay within an account for many years as their vendor of choice.”
4th Source EVP, General Manager
15 years of experience has taught us to approach every project from a wider, operations perspective. We often train other IT vendors in pharmacy operations, and have disovered that, as margins continue to thin, and the cost of drug development rises, there are six core areas in which the most lucrative opportunities lie:
Patient Experience: Create tools and functions to improve the patient experience and remain competitive with system and process enhancements.
Efficiency: Leverage automation, machine learning, and continual process improvements to drive down costs and increase productivity.
Data Analytics & Reporting: Improve operational and manufacturer reporting, and align line-of-business operations with core IT functions. Track and measure your most critical processes.
Performance Reliability: Reduce technology issues that impact your ability to enhance the patient journey and meet prescriber commitments.
Application Implementation & Integration: Identify gaps in current systems, implement packaged applications, and integrate existing platforms without impacting operations.
Regulatory Compliance: Remain current with government regulations and compliance guidelines. Know with confidence that your PHI is safe and secure.
The 4th Source team includes dozens of Specialty Pharmacy Subject Matter Experts and hundreds of problem solvers with industry experience - there to help you figure out "what's next," so you never have to ask, "what now?"
Join Us at the 4th Source NASP19 Happy Hour
4th Source specialty pharmacy IT subject matter experts Deb Ferber and Doug Miller would be happy to discuss next-gen digital transformation from an operations perspective. Join us at NASP.
Tuesday, September 10th starting at 8:30 PM | The Lobby, Marriott Wardman Park
Free drinks and appetizers | RSVP for a chance to win an Apple Watch
The National Association of Specialty Pharmacy (NASP) represents all stakeholders in the specialty pharmacy industry. NASP members include the nation’s leading independent specialty pharmacies, pharmaceutical and biotechnology manufacturers, group purchasing organizations, patient advocacy groups, integrated delivery systems and health plans, technology and data management vendors, wholesalers/distributors and practicing pharmacists. With over 100 corporate members and 1,200 individual members, NASP is the unified voice of specialty pharmacy in the United States.