Pharmacy budgets are often second only to salary and benefits in US hospitals and healthcare systems. Some estimates place pharmacy spend between 20-40% of a hospital’s budget. While pharmacy leaders often know their costs, there is limited, if any, visibility into reimbursement for medications. Without a holistic picture of cost, reimbursement, and margin, it can become difficult to make strategic decisions around staffing, adding high-dollar drugs, new service lines, site of care, payor negotiations, and many others that drive not only the business aspect of pharmacy, but also value based, patient-centered care.
To assist pharmacy leaders in enhancing pharmacy performance, Craneware created Trisus Pharmacy – a modular solution set designed to solve pharmacy business problems. Hospitals are overwhelmed with disparate data sets, coming from internal systems, external systems, and regulatory bodies. Craneware is committed to delivering applications that help pharmacy leaders navigate and prioritize data as needed, with a focus on enhancing financial and operational outcomes.
Trisus Pharmacy Financial Management assesses purchase, billing, and remittance data sets to provide visibility into margins, at the medication level, giving pharmacy leaders the insights needed to make informed business decisions on a multitude of pharmacy-related areas.
With Financial Management providing a full financial picture, pharmacies can:
- Make medication-related decisions around site of care, payor, therapy, and infusion lines
- Improve margins for medications
- Compare margins across payors
- Quickly identify unexpected reimbursement variances
- Decide if and where new infusions centers should open
- Expand and grow specific service lines
- Address issues with workflow, policy, and payor agreements
- Focus on specific medications and payors to maximize financial impact of claim audits
- Save hours each month of staff time on curating data and reports
As hospitals continue to recover from financial losses from the pandemic, a focus on margin management can help improve pharmacy financial performance. Trisus Pharmacy Financial Management helps the pharmacy leaders of today take a more robust, analytic approach to business decisions and strategy.