Vizient Publishes White Paper on Maximizing Pharmacy Performance

IRVING, Texas--(BUSINESS WIRE)--Pharmacy leaders and their health systems are at a crossroads. Moving forward, they can continue traditional approaches to pharmacy operations or adopt emerging perspectives that improve performance. To help drive informed decision making, Vizient has published, “Maximizing pharmacy performance; Unleashing the power of optimal medication management to transform care”, a new white paper that can be used to improve operations and elevate the role of pharmacy to a strategic level.

“Hospitals must find opportunities to improve their pharmacy operations. Our new white paper offers insight and strategies into the main drivers of operational performance--stabilizing pharmacy spend, improving clinical pharmacy care, creating new, incremental revenue and leveraging pharmacy leader expertise,” said Dan Kistner, senior vice president, pharmacy solutions at Vizient.

The white paper focuses on four emerging perspectives that improve pharmacy operations performance:

• To improve quality of care and stabilize spend, health system pharmacies should transition to value-based purchasing. Strategies include reviewing and maximizing opportunities through national group purchasing organizations (GPOs); broadening savings opportunities through aggregated contracting; and using data analytics to manage costs and realize value.
• To strengthen medication management and improve clinical pharmacy care, health systems are maximizing the effectiveness of pharmacy and therapeutics (P&T) committees in drug therapy management, reducing provider variation to achieve utilization-based savings and integrating pharmacy professionals into clinical care teams.
• In every area of potential pharmacy expansion to create incremental revenue — retail, ambulatory care and specialty — health systems need to understand and build on their clinical strengths, leverage existing capacity and expertise, and identify the need for partners that can provide resources and expertise.
• As pharmacy transitions from cost center to strategic asset and revenue source, progressive health systems are taking steps to leverage pharmacy leader expertise into the broadest strategic thinking of their operations.

Click here to download the white paper.

About Vizient, Inc.
Vizient, Inc., the largest member-driven health care performance improvement company in the country, provides innovative data-driven solutions, expertise and collaborative opportunities that lead to improved patient outcomes and lower costs. Vizient’s diverse membership base includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and nonacute health care providers and represents more than $100 billion in annual purchasing volume. The Vizient brand identity represents the integration of VHA Inc., University HealthSystem Consortium and Novation, which combined in 2015, as well as MedAssets’ Spend and Clinical Resource Management (SCM) segment, including Sg2, which was acquired in 2016. In 2017, Vizient again received a World’s Most Ethical Company designation from the Ethisphere Institute. Vizient’s headquarters are in Irving, Texas, with locations in Chicago and other cities across the United States. Please visit www.vizientinc.com as well as our newsroom, blog, Twitter, LinkedIn and YouTube pages for more information about the company.