CPS was approached by the CEO of a large health system comprising over a dozen acute care hospitals. The CEO tasked CPS with analyzing their hospital pharmacy data with the goal of revealing as many opportunities for cost savings as possible.
CPS prioritized building relationships with hospital leaders and staff across multiple locations to gain an understanding of their current situation. They began by interviewing pharmacy team members to explore opportunities and risks while probing for potential cost savings and clinical process improvements across all sites.
CPS teams started by addressing physician alignment, balance of competing priorities, and cultural resistance to change. By utilizing a consistent change management approach, the team identified the following opportunities:
Cost savings and utilization
Continued opioid program implementation
Systemization/standardization of drug formularies and policies/procedures
Maximizing purchasing power
Mitigating drug shortages
Further assessment of 340B contract pharmacy opportunities
Various CPS tools were utilized to identify and implement Focused Initiatives of Cost Savings (FICSSM)
Controlled Substances
Sterile Compounding (USP <797> and <800>)
Formulary Management
Clinical Intervention
Opioid Stewardship
Regulatory and Compliance
Antimicrobial Stewardship
Staffing Demands
340B
CPS teams delivered the following results:
Financial
System integration and formulary alignment resulting in $18.9 million in savings through March 2021
Cancer Institute Biosimilar and Formulary Optimization resulting in $4.9 million in savings through March 2021
CPS recommended system-wide staffing adjustments resulting in $2.23 million in savings through March 2021
Quality
Survey readiness assessments completed at all 12 locations
Successful TJC surveys at two locations
Process improvements implemented in procedural areas
Clinical
Established one system formulary