As costs for many supplies have risen amid the pandemic, identifying cost savings opportunities has become necessary for operators and facilities in remaining profitable.
One key area for operators to save money is on their pharmacy bills. Pharmacy drug spend is the second largest cost center for most operators and can amount to tens of millions of dollars, depending on the size of the operator.
One of the easiest ways to impact the bottom line for facilities is to make sure they are properly submitting manufacturer rebates and auditing invoices. SRX technology is specifically designed to simplify this process and automate the auditing and review of pharmacy invoices to identify discrepancies, opportunities for savings, and submit all eligible drug manufacturer rebates.
On average, SRX technology identifies cost savings of 11%. In a recent case study for one 21-facility operator, SRX identified over 18% in cost savings opportunities on pharmacy bills through automation and drug utilization recommendations. Additionally, SRX was able to more than double their drug manufacturer rebates. That's money that ends up directly back in LTC facilities to help with staffing, patient care, and profits.
How does it work?
- SRX technology automates the line-by-line audit of every pharmacy claim
- Discrepancies, credits, and returns are identified and addressed with pharmacy partners
- Powerful reporting and analytics identifies opportunities for waste reduction and cost savings
- All eligible rebates are identified, submitted, and guaranteed to be paid quarterly
Best of all, there are no out-of-pocket costs.
“Pharmacy contracts have been something that have been confusing and hard to understand for the entire time I've been in this business, and with SRX's help and their assistance, we have a better handle, better understanding, and direction on where we're going with pharmacy and pharmacy spend." —Eddie Bangerter, CEO of Rocky Mountain Care
Schedule a demo today to see how much SRX can save your facilities and help you receive in rebates.
Schedule Demo
SRX helps LTC operators realize the lowest net cost on pharmacy spend. We help our customers improve drug utilization, manage pharmacy relationships, reduce costs and waste, and maximize rebates. We are committed to transparency and accountability and guarantee our quarterly rebates are paid on time, every time. Contact us at 833 633 6833.
Srx-tech.com