Elevate340B CEO Dr. Jake Thompson on why healthcare M&A has his attention

Jake Thompson, PharmD, serves as CEO of Elevate340B, a company dedicated to helping hospitals and clinics optimize their pharmaceutical purchasing.

Dr. Thompson also works as an independent consultant, reporting part time to Providence St. Joseph Health on key pharmacy trends and strategies.  

Becker's Hospital Review recently asked him to discuss the skills pharmacy leaders need in today's healthcare climate, how to control pharmacy spend and the disruptors that have his attention. 

Here's what he had to say.

Editor's Note: Responses were edited for length and clarity.

Question: What skills are essential for pharmacy leaders in today's healthcare climate? 

Dr. Jake Thompson: Today's pharmacy leaders must be efficient problem solvers.  Pharmacy leaders must wear so many different hats to be successful.  They often are not the subject matter experts, so they need to rely on input from others to solve the active issue at their practice.  To get collaboration with these experts, pharmacy leaders must be strategic thinkers who can align their needs with other strategic needs within their institution.

Q: When it comes to managing drug spend, what advice would you offer other pharmacy leaders?

JT: First and foremost, pharmacy leaders need to understand the pharmacy business. They must know where drugs are purchased and how. Additionally, it is key to understand how those drugs are reimbursed. Are they reimbursed on a fee-for-service contract, or are they not reimbursed because it is part of a bundled payment? This is often different for different settings and payers. Once all of this is understood, then the pharmacy leader needs to assess if this is the right drug for the right patient in the right setting. There often are more economical options available that will result in the same high-quality outcome for patients. 

Q:  What disruptors have your attention?

JT: I am paying attention to the mergers and acquisitions occurring in the market. Healthcare will continue to become more competitive, so it is important to understand how that landscape is changing.  That change can be within a current geographical market area or through e-commerce.  I am interested to see how for-profit and nonprofit health institutions survive over the next five years as cost transparency continues to come forward.

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