Cost Optimization in Medical & Pharmacy with Expense Reduction Analysts
In healthcare facilities, medical supplies, pharmaceuticals, and related-services are essential in providing patients with the care they need.
From doctor’s offices to hospitals to long-term care locations, facilities depend on medical supplies, devices, medical equipment and pharmaceuticals to offer optimal services in maintaining patients’ health.
With many suppliers serving the marketplace, selecting providers to meet a company’s needs in this area can be overwhelming.
As such, ERA works closely with each client to review company expenses to see if additional reductions in medical supply costs are achievable.
A tongue depressor, a medical records form, needles and syringes — these are all medical supplies. This category incorporates a wide variety of medical equipment and supplies needed by hospitals, physician offices and clinics, and even company business offices.
Medical office supplies include items such as folders and forms, while other supplies range from gloves to walkers. Medical device companies provide hospital medical supplies such as patient monitors, ventilators, and pacemakers.
With many medical suppliers in the marketplace, including medical equipment companies, selecting providers to meet a company’s needs in this non-core expense area can be overwhelming.
This is why businesses rely on ERA as a trusted advisor. Working closely with each client, experienced ERA consultants review company expenses to see if additional reductions in medical supply costs are achievable. Improving cash flow is the objective.
All organisations involved in the care of people or animals purchase a range of consumable items and equipment to use in the delivery of that care. Similarly organisations involved in supporting the provision of care through charities, manufacturing or retail etc. for the sector may purchase products and services that can be reviewed. We utilise front line healthcare experience and clinical expertise to uncover opportunities for reduced costs whilst ensuring standards of care and patient safety will not be compromised.
We work predominantly in the private care home sector and focus on delivering savings on generic and specialised medical products without compromising care. We use more than twenty years of clinical experience to assess and understand Clients’ individual needs and then provide solutions that are easy for staff to implement whilst creating best value with robust clinical governance for the organisation.
In addition we also provide consultancy services to review clinical service design, clinical risk management and staff training and support issues. These areas can be addressed alongside a cost review or as a separate exercise.
In the area of medical services, rising pharmacy prices present a real hardship for many consumers and employers. With the increasing cost of medications, along with escalating costs for pharmacy equipment and supplies, organizations continue to search for solutions to reduce pharmacy expenses. Some companies have turned to pharmacy benefit management (PBM) providers to help them control drug spending and utilization.
Pharmacy benefit management providers oversee a company’s prescription drug program by serving as an intermediary between health plans, pharmacy companies, retail pharmacies, and patients to control drug spending and utilization. They encourage the use of generics and other lower-cost medications. Yet whether or not a company is using a PBM supplier to help them manage costs, additional cost-savings opportunities may exist.
Is the incumbent PBM offering the best services at the lowest possible cost? What about expenses for other pharmacy products or pharmacy equipment? ERA consultants work with businesses nationwide to maximize cash flow, reviewing expenses to evaluate cost-savings opportunities.