Tip of the day: Why medication management should be part of your successful M&A endeavor

For a successful mergers and acquisition strategy, healthcare administrators need to ensure that integration plans fully leverage culture and change management principles – including standardizing best practices for the newly acquired organizations.

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One area that is commonly overlooked for standardization is medication management, according to Michael D. Brown, vice president of managed services at Cardinal Health.

“Standardizing medication management best practices improves outcomes and quality while also reducing costs,” said Mr. Brown. “It’s important when looking at hospital-wide and system-wide performance because medications span across all service lines. The pharmacy can have a significant impact.”

Cardinal Health partners with health systems to integrate pharmacy services and medication management with their existing and newly acquired facilities. Here are three tips for medication management best practices:

1. It’s all about execution – Successful integration requires planning and preparation. Due diligence and documentation set the stage for a smooth transition.

2. Effective clinical collaboration and leadership support are key. Actively engaging physicians and clinicians can achieve 100% compliance with clinical initiatives.

3. The role of culture to drive teamwork and collaboration cannot be underestimated. Having the pharmacy collaborate with admissions, field navigators, nursing and other teams will streamline clinical operations and ensure optimal patient care.

To watch the webinar, click here.

 

Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit

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