Pharmaceutical purchasing is one of the largest categories of spend for a hospital. But hospitals can struggle to wield their significant pharmacy purchasing power if they lack unbiased data about their spend and marketplace costs — power that can help achieve improvements in areas including contracting, cost savings, and budgeting.
In a new Chief Healthcare Executive column, QuicksortRx Pharmacy Account Specialist Jason Mills explores the importance of unbiased data on a hospital's pharmacy spend. He then shares examples of how improved knowledge of pharmaceutical purchasing can be effectively leveraged to benefit a hospital and how emerging marketplace intelligence solutions are giving hospitals the insight they need to better "own their spend."
As Mills states, "Supply chain departments have long benefited from access to unbiased, timely data. The good news is pharmacy departments are starting to reap the same rewards."
Access Mills' column: "Making the most of your hospital's pharmacy purchasing power."
