Why the Best Software and Experts Aren’t the Only Solutions for More Transparency
One of the most essential relationships in long-term care (LTC) is between a facility and its pharmacy partner. This is due to the complexity of patient populations that make up long-term care facilities—individuals with chronic or complex conditions requiring ongoing, full-time support and treatment. In fact, over 90% of individuals in LTC facilities take five or more prescription medications, and 65% take 10 or more.
One of the operational challenges that pharmacies and facilities face is when gaps arise between each party’s expertise and technology. Long-term care pharmacy operations are a complex niche that requires specialized knowledge and technology. Amid staffing shortages at many facilities, that knowledge can be hard to come by, and technology differences can make vital data sharing difficult.
When it comes to orders, payments, and invoicing, streamlining data sharing can be even more complex, as few software solutions cater to the needs of both LTC facilities and pharmacies. Incompatible systems could result in errors, affecting everything from billing to refills and orders for particular medications in a facility’s formulary.
There is, however, a solution that meets the needs of both pharmacies and facilities in LTC, and bridges the knowledge and technology gap.
How SRX Is Bridging the Gap
At SRX, we’ve made it our priority to deliver maximum transparency and streamline information sharing between pharmacies and facilities to help support operations for all parties involved and drive cost savings.
When pharmacies and facilities work with SRX, they are interacting with SOC-2 and HIPAA-compliant processes and systems that ensure data is being handled and stored in the most secure manner possible. Beyond our advanced safety measures, SRX acts as an effective conduit for operators to share information that allows us to automate drug rebates, conduct utilization reviews, minimize waste, and optimize OTC usage.
When it comes to rebates and gathering the information necessary to submit complete and compliant claims, our technology automatically pulls the required information from digital invoices pharmacies and facilities receive, regardless of the system they use. During every step, our experts in pharmacy and long-term care operations act as advisors for providers and confirm the completeness of claims before they are submitted.
In order to further reduce net drug costs through rebate claims, our experts work with providers to create effective formularies that uncover more opportunities to save. We also leverage our technology to identify key performance metrics of various facilities and pharmacy operations that can be improved to cut costs and reduce wasteful practices.
Another way SRX helps bridge the gap is by creating a set of rules whose oversight is automated using proprietary technology. In effect, whenever an action occurs that violates established rules, pharmacy or facility personnel are alerted and can make corrections in real-time. This frees up a tremendous amount of time that otherwise goes into correcting errors and chasing credits.
Together, this ensures we are maximizing savings opportunities for providers while creating a streamlined information-sharing platform that benefits all parties involved. We eliminate the need to directly contact the other party to request information, allowing administrators and managers to see to their core responsibilities.
SRX is a unified drug cost management solution for long-term care operators. We achieve unrivaled drug cost savings by combining our proprietary technology with expert advisors. SRX’s solutions automate drug rebates, optimize pharmacy management practices, increase managed care exclusion reimbursements, and provide cost-effective employee prescription benefits. SRX guarantees quarterly rebates are paid on time, every time, with no out-of-pocket cost.