Editor’s Note: This post originally appeared on Cardinal health’s website.
Benchmarking can be an essential tool in driving the hospital pharmacy agenda – one that has become increasingly more robust with recent innovations in information technology and data warehousing.
Today, many hospitals use some form of benchmarking to measure and compare both the cost and quality of care. Drugs represent one of the largest supply expenses in the hospital. Cardinal Health manages or consults with more than 250 hospital pharmacies, actively working with them to manage their drug costs. They have found that the strategic use of benchmarks has helped hospitals reduce drug costs by 1-3% or more. For the average hospital, this may represent a half million dollars in savings per year. Through this experience, they’ve identified a number of best practices that lead to success. Click here to continue >>
The article’s author, Kathy Chase of Cardinal Health, also recently joined Becker’s March 7 webinar Look beyond pricing strategies alone to realize meaningful cost savings. See a re-play of the webinar here.
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