8. Focus on multifaceted planning
Adopt several cost management options that help in different ways.
David Chen, RPh, MBA, senior director of the section of pharmacy practice managers at ASHP says tactics should include:
- Reviewing and renegotiating supply contracts;
- Investigating the rise in acuity at hospitals;
- Investigating how clinical and service line decisions are made;
- Investigating what impact new medication developments have on the market; and
- Conducting in-depth analysis of medication use and the supply chain within the hospital system.
Hospital systems must also engage in usage reviews and financial planning and medication budgeting with participation from clinical teams, system leaders, and pharmacy staff, according to ASHP.