ASHP 2011 MIDYEAR CLINICAL MEETING - McKesson Corporation , a Fortune 15 healthcare-services and information technology company, today announced McKesson Ambulatory Pharmacy Solutions, a portfolio of solutions to help hospitals capture new revenue, improve workflow efficiency and extend the continuum of care for improved clinical outcomes.
Outpatient pharmacies exist in nearly all hospitals to fulfill the needs of clinic-based dispensing, but only some hospitals have taken advantage of the opportunity to operate ambulatory pharmacies. By providing an access point of care, the ambulatory pharmacy can positively impact patient outcomes while generating profitable revenue. According to a 2010 nonprofit hospital survey conducted by Citi 1 , outpatient initiatives are cited as one of the best new-business opportunities for hospitals.
"Health systems across the U.S. are turning to McKesson to meet their primary goals associated with ambulatory pharmacies: profitable operations and improving medication-related outcomes," said Mark Eastham, senior vice president, McKesson Pharmacy Optimization ® . "Continuing healthcare reforms are highlighting the relevance of an ambulatory pharmacy to a hospital's bottom line, and it is important for health systems to adjust their pharmacy strategy to coincide with these sweeping changes. McKesson's unmatched experience in retail and hospital pharmacy enables health systems to identify and leverage the right solutions for their ambulatory pharmacy strategy."
"Our network of 12 outpatient pharmacies is critical to our ability to positively affect patient outcomes, contribute to financial performance and improve the patient experience," said Steve Rough, Director of Pharmacy at University of Wisconsin Hospital and Clinics. "Many hospitals struggle to break even or earn a small profit. Every extra dollar we generate from our outpatient pharmacies gets reinvested in new technology, in additional nursing and professional staff and in other things within the hospital such as our capital infrastructure, all of which affect patient welfare."
Rough said the University of Wisconsin Hospital's outpatient pharmacy network, which it first started to develop in the 1970s, is integral to its mission and role and the community. "We believe outpatient and ambulatory pharmacies play a crucial role in caring for patients and driving financial performance today, and this will increase with new regulations and declining hospital reimbursements."
Increasing Revenue at a Time of Increasing Financial Pressure
Key market dynamics such as the growth of the specialty segment, scope of the federal 340B drug-pricing program and outcome-based payments may significantly impact a hospital's viability. A hospital-affiliated pharmacy can generate significant revenue and income from prescription sales by capturing even a portion of the pharmaceutical prescriptions generated in and around the facility. In addition, for pharmacies eligible for the 340B federal program, additional savings on cost of goods for eligible patients fall directly to the bottom line, resulting in significantly greater gains and the ability to extend care.
"Outpatient pharmacies are playing a larger role in the continuum of care for health systems," said Coray Tate, clinical research director, KLAS. "Health-system executives are also looking at these facilities as a way to increase revenue at a moment when they are being financially challenged."
Healthcare Reform Emphasizes the Continuum of Care
According to the Agency for Healthcare Research and Quality, more than 4.4 million preventable readmissions happen each year, totaling more than $30 billion in annual unnecessary health costs. To address these health costs, healthcare reforms will continue to place financial pressures on hospitals related to patient outcomes, even after the point of discharge.
Filling prescriptions within an ambulatory pharmacy will provide hospitals with a window into compliance. An ambulatory pharmacy can help hospitals identify high-risk patients (i.e., those most likely to be readmitted for failed drug therapy), so hospitals can use that valuable information to develop programs and support services to help their patients remain compliant.
"Avoiding the penalties that will come with high rates of preventable readmissions is just one of the financial incentives prompting hospitals to open ambulatory pharmacies," said Tom Thielke, retired vice president of professional and support services, and director of pharmacy, University of Wisconsin Hospital and Clinics. "A key driver for establishing our outpatient pharmacy network was to create a continuum of care for our patients, ultimately impacting patient outcomes."
Customized Ambulatory Solutions and Services
McKesson's Ambulatory Pharmacy Solutions enable hospitals to identify and leverage the best services and solutions to meet their needs, and include:
- Purchasing and inventory solutions
- Retail solutions
- Claims-reimbursement and reconciliation services
- Labor efficiency and medication-safety solutions
- Consulting services
McKesson at the American Society of Health System Pharmacists 2011 Midyear Meeting and Exhibition
McKesson is showcasing its Ambulatory Pharmacy Solutions at the 2011 Midyear Meeting at Booth #713.
To arrange for a tour, please contact Sue Ellen Schaming at 415.722.8583.
Meet BoP SM . McKesson's Business of Pharmacy SM .
Currently helping more than 2,000 hospital pharmacies nationwide, the Business of Pharmacy (BoP) is McKesson's evidence-based approach to optimizing the financial, operational and clinical performance of hospital pharmacies. Harnessing McKesson's superior distribution, BoP extends across the entire business of hospital-pharmacy operations and provides the services and solutions to transform the pharmacy into a center of operational excellence that supports optimal patient care. For more information, please visit McKessonbop.com/.
About McKesson
McKesson Corporation, currently ranked 15th on the FORTUNE 500, is a healthcare services and information technology company dedicated to making the business of healthcare run better. We partner with payers, hospitals, physician offices, pharmacies, pharmaceutical companies and others across the spectrum of care to build healthier organizations that deliver better care to patients in every setting. McKesson helps its customers improve their financial, operational, and clinical performance with solutions that include pharmaceutical and medical-surgical supply management, healthcare information technology, and business and clinical services. For more information, visit http://www.McKesson.com .
1) Citi Investment Research and Analysis Annual Nonprofit Hospital Survey, January 20, 2010
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