Equipping hospital pharmacy teams and healthcare decision-makers with a holistic view of medication purchasing, storage, and dispensing-related data can have positive upstream and downstream effects on operational efficiency, financial performance, and patient outcomes.
During Becker's Chief Pharmacy Officer Summit, QuVa Pharma sponsored an executive session that explored how hospital pharmacies can better contribute to revenue growth objectives and drive key organizational priorities and high-quality patient care by having access to an enterprise data platform that aggregates data across sites of care, normalizes it, and leverages AI to track performance and surface insights that provide greater clarity and lead to better decision make.
Three QuVa Pharma leaders led the session — Lynn Eschenbacher, PharmD, Chief Pharmacy & Strategy Officer, Mike Scouvart, Chief Commercial Officer, and Patrick Yoder, PharmD, Chief Data & Analytics Officer — along with Brandi Strader, PharmD, system Director of Pharmacy at Hospital Sisters Health System (Springfield, Ill.).
Three key takeaways were:
1. There are rising demands on pharmacy operations from all sides.
Hospital pharmacies are being asked to help drive revenue growth, while also facing increasing regulatory requirements and expectations to swiftly meet patients' medication needs. According to Dr. Strader of Hospital Sisters Health System, meeting these objectives requires a lot of coordination and is very challenging
if you don't have the necessary information in a unified, timely manner to guide decision-making and track performance.
2. QuVa’s recent acquisition of clinical data analytics firm, LogicStream Health, helps pharmacy teams improve workflows by putting data at their fingertips.
LogicStream’s cloud-based Enterprise Performance Platform pulls together disparate clinical data from EHRs, automated dispensing systems, wholesale distributors, other drug suppliers, drug compounding and repackaging systems, and time and attendance systems and then transforms that complex data into actionable information.
The complex data gets aggregated, normalized, and presented in a unified way, leveraging proprietary machine learning and predictive analytics. This aggregation and normalization step is the key to training AI models that then generate the insights that pharmacies can act on to better manage medication utilization to its true use, improve patient care, and boost operational performance. “We are helping customers identify opportunities to grow revenue and reduce cost. There is a significant and rapid return on investment when you can capture those things," said Dr. Yoder, co-founder of LogicStream Health.
3. QuVa and LogicStream are helping hospitals make better business decisions.
One example of impactful decision making is identifying script capture and revenue retention opportunities, as they are increasingly important to driving growth and profitability for health systems. “There is a significant opportunity to generate additional revenue by having timely access to the multifaceted data and analytics in the LogicStream enterprise platform,” said Dr. Eschenbacher said. “Pharmacy decision-makers can visualize and gain insight across all sites of care as to where the greatest opportunities exist to drive growth, operate more efficiently, maximize pharmacy staff productivity, and deliver high-quality patient care.”