IRVING, Texas--(BUSINESS WIRE)--With pharmaceuticals comprising up to 40 percent of a hospital’s supply spend, and drug price projections predicting a 5-percent increase in 2019 alone, hospital pharmacy teams need analytics to help them better manage spend and identify cost-savings opportunities across their health system. To address this need, Vizient announces it has added a pharmacy module to its Savings Actualyzer platform.
“The new analytics module fully equips members to make cost-effective purchasing decisions for pharmacy products,” said Dan Kistner, senior vice president, pharmacy solutions at Vizient. “It also creates a holistic pharmacy program offering which includes the largest pharmacy portfolio in the industry, programmatic offerings like our proprietary Novaplus private label and advisory expertise.”
The new pharmacy module provides:
- Spend overview – summary of spend review rolled up to manufacturer, category or facility, plus drill-down abilities
- Price quantity mix – overview of pharmacy spend changes over customizable time periods due to price, quantity or purchasing changes
- Market share – analysis of total number of manufacturers within a certain drug category and overall spend within that category
- Price benchmarking – overview of industry pricing levels alongside a realistic view of pricing by drug, therapeutic class, etc.
- Price leveling – visibility of annual dollar value of savings that could be achieved by paying the lowest level price across the company
- Peer compare – summary of annual pharmacy spend and comparison of price performance to other organizations
Users can also customize dashboards through drag-and-drop functionality to view advanced spend analysis and other detailed data. They may also opt to access additional support from Vizient’s dedicated product advisor team to help them make the most of this new technology. View a demonstration of the module here.
“The new price benchmarking functionality allows health systems to confidently monitor and manage pricing across their entire pharmacy system – down to the drug level,” said Rob Alford, senior vice president, product strategy and management at Vizient. “And with access to more than 12,000 products and services through our pharmacy portfolio, members can get a better grasp of their pharmacy supply chain spend and maximize their contract portfolio.”
Vizient will host a webinar about its new pharmacy analytics module on Tuesday, Dec. 11 at 2 p.m. CST. Register to attend the webinar here.
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 non-acute health care providers and represents approximately $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 2018, 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.