specialty pharmacy cost management strategies

Cost Control and Reduction Strategies in Specialty Pharmacy

Critical Issues Affecting Today’s Specialty Pharmacies

Part Four: Specialty Pharmacy Cost Management Strategies

When it comes to cost control for specialty pharmacies, there are three key areas that need to be addressed:

  • Uncontrolled shipping spend

Specialty pharmacies are often using generic shipping software or providers that require them to ship with one specific carrier or courier. Unfortunately, this results in costs that are neither transparent nor competitive.

specialty pharmacy cost management strategies

  • Manual invoicing

The process of manual invoicing is incredibly time-consuming with way too much room for error. Additionally, invoicing shippers manually is costly in terms of both manpower and mistakes.

specialty pharmacy cost management strategies

  • Avoidable rescue

If pharmacies don’t have the technology to track packages after shipment, the cost to rescue them can quickly add up. For instance, every year, specialty pharmacies spend millions rescuing critical packages that are lost or couldn’t be delivered on time. Furthermore, when those packages contain climate-controlled, life-critical meds, there’s also the cost that comes with patient suffering.

specialty pharmacy cost management strategies

Clearly, getting a handle on package monitoring, patient communication, automated invoicing, package rerouting and rescue, and choice of carrier can add up to greater savings and improved specialty pharmacy cost management strategies. However, the question is, how do they get it?

Reduce costs with technology-based software solutions

VPL TrajectRx™ gives specialty pharmacies everything they need in one clinically-minded solution. In particular, it makes shipping easy, provides visibility into said shipments, ensures/increases compliance, and saves money that can be lost through inefficiencies.

Built for pharmacists by pharmacists, our software modernizes outbound pharmacy operations from start to finish and specifically addresses the issues pharmacies face every day.

To learn more about how VPL TrajectRx is giving specialty pharmacies the technology to work more efficiently and cut costs, visit our pharmacy solutions page.

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