Achieving Lowest Net Cost on LTC Pharmacy Drug Spend

With our automated technology, SRX helps long-term care operators identify significant cost savings opportunities on their pharmacy spend, and realize maximum drug manufacturer rebates.

Pharmacy spend represents one of the largest costs outside labor for long-term care operators. Realizing savings in this area can add up to hundreds of thousands, if not millions, of dollars that can be put to use in improving patient care, quality outcomes and the bottom line. The complexity involved in managing pharmacy spend, however, is virtually impossible without technology and automation. SRX has developed a powerful technology solution that manages and automates all aspects of the pharmacy spend process, providing crucial analytics and reporting, as well as ensuring the submission of all eligible rebates.

The cost savings achieved by our customers are unparalleled, and average 11% of total pharmacy spend. For one customer—a 21 facility, multi-regional operator—we were able to help them identify 18% in cost management opportunities through a combination of drug utilization management, credit opportunities, and cost savings opportunities. That 18% represents $1.9 million in potential cost savings for this operator.

Other areas of improvement included:

  • Rebates increasing 2x to more than $600k after contracting with SRX
  • Successfully helping client negotiate better terms on their pharmacy contracts
  • Developing custom, automated, real-time reporting & analytics

If you would like to see what SRX could be saving you on your pharmacy spend, we offer a free rebate calculator to estimate the rebates you can expect through our solution. You can also schedule a demo or call one of our experts at 833.633.6833.