A SOLUTION FOR HOSPICE PHARMACY PRICING: ACHIEVING UP TO 25% – 50% IN COST REDUCTION
One business dictionary defines transparency as a “lack of hidden agendas or conditions, accompanied by the availability of full information required for collaboration, cooperation, and collective decision making.” For the past two decades many hospices have been using a per diem pricing model for pharmacy services. This model is now considered out dated and out of line with industry standards and is financially hindering to a hospice’s ability to save on medication costs. The reality is that this pricing model is significantly over inflated and hospices have been bearing an unnecessary financial burden while hospice Pharmacy Benefit Managers (PBMs) reap profits. Hospices are spending too much on pharmacy costs because of a lack of transparency and hidden costs in this pricing model.