Hospitals and health systems operate in a complex environment that most commercial business does not. One of the unique opportunities and challenges about hospitals and health systems is that they serve as both an employer and a provider of healthcare services. As an employer, hospitals are looking at creating a more efficient healthcare benefits model by leveraging their pharmacy benefits provider with the resources that are unique to that hospital. Understanding the hospital’s key objectives related to their unique resources is essential to develop a more sustainable pharmacy benefit and help keep healthcare dollars within the hospital:
Save money on the employee benefit program: Hospitals want to lower their costs on their pharmacy-related expenditures. In the same light, they are providing the service to their employees. It’s important that in doing so, they maximize the service and care they give them as well.
Increase employee and dependent satisfaction: Hospitals want to improve communication and expectations around healthcare with their employees. Four out of the top 10 reasons for absenteeism are healthcare-related, and so they also are looking to reduce employee absenteeism. Healthcare workers are in a space where they are more susceptible to be sick because of the patients they are treating, and they work long hours in an environment where they are treating sick individuals. The average work lost due to absenteeism is about 3.21%, which translates to $1.6 million per 1,000 employees. Hospitals are looking for ways to help keep their employees healthy utilizing their own resources.
Partner with a conflict-free pharmacy benefits provider: Your hospital clients need a pharmacy partner that will work with them and not against them. It starts by looking at their contractual terms to ensure they have a conflict-free pharmacy benefits contract. Second, they need a service model and expertise around in-house pharmacies, costs of goods leverage, provider communication, disease management, population programs, and their other resources.
At RxBenefits, we have a specialized hospital team to help you understand the complex hospital environment and all the unique pieces that hospitals bring to the table in regards to the pharmacy benefit. Unlike a pharmacy benefit manager (PBM), we align our objectives with your hospital clients to ensure their pharmacy benefit works in the best interest of their hospital and their employees.
Check out our free e-book, Pharmacy Benefit Strategies for Hospitals & Health Systems, to learn more about the unique pharmacy benefits challenges facing hospitals and best practice strategies to align their healthcare benefits and provider objectives.