This New Documentary Shows How SRX’s Technology and Advisors Are Helping Employers and LTC Facilities Lower Net Costs
Year after year, drug costs continue to rise across the healthcare continuum. From hospitals to long-term care (LTC) facilities, drugs represent one of the greatest operating costs for providers.
Nationwide, $25 billion is spent on medications in our nursing facilities each year. That figure is expected to continue growing.
SRX’s mission is to help LTC and skilled nursing facilities thrive by lessening the burden of rising drug costs on their operations. Reducing these costs helps facilities deliver better care, hire engaged providers, and improve other areas of their operations.
The Widespread Impact of Rising Costs
As the American population ages, skilled nursing homes are seeing patients with increasingly complex conditions, requiring specialty treatments and more skilled care. For long-term care facilities responsible for residents’ drug costs under Medicare Part A, this increasingly acute cohort brings with it the challenge of higher costs.
In order to thrive while delivering more complex care, long-term care facilities need both appropriate reimbursements and opportunities to identify cost-savings across their operations. SRX helps with the latter, identifying manufacturer rebates that inject money directly into facilities to offset increasingly expensive treatments and optimizing pharmacy management processes to limit waste and eliminate costly errors.
For long-term care facilities and employers in all industries, specialty drugs represent the greatest driver of rising drug costs. These medications make up roughly 2% of volume but almost 50% of costs in prescription benefit plans.
Through its partnership with Arc, SRX’s technology is being used to help employers significantly lower plan costs while delivering the robust coverage employees deserve. Identifying opportunities to source specialty drugs at lower costs, medication exclusions, and drug rebates work in tandem to drive down plan costs, powered by SRX’s proprietary automation.
Results That Speak For Themselves
On average, SRX helps long-term care and skilled nursing facilities reduce their drug costs by 16% with drug rebates and comprehensive pharmacy management. Coupled with managed care exclusion reimbursements, these savings approach 20%, adding up to hundreds of thousands of dollars for some long-term care operators.
For employers seeking greater savings on their employee prescription benefit plans, visit www.arc-rx.com to learn about a dynamic new benefits program that dramatically lowers plan costs for employers in any industry.
Long-term care and skilled nursing operators can see meaningful savings on their drug costs within months by partnering with SRX.
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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.
Learn more about SRX’s cost-saving solutions