Troy Bell on how SRX is a partner for financial success
“Having a partner like SRX is vital.” —Troy Bell
Troy Bell is the president and CEO of Tanabell Health Services, based in Idaho. He oversees nine long-term care (LTC) facilities that focus on rehabilitation. Tanabell’s mission is to help those under his company’s care “find joy in the journey.” Like many LTC operators, that became increasingly difficult as the pandemic brought numerous challenges to the LTC industry—from managing health and wellness of residents and employees to dealing with the financial crisis brought on by supply chain issues and population decreases.
“There are a lot of different challenges brought on by COVID,” Bell says, “challenges that we’ve never seen before—from health and wellness to financial to emotional.”
The list is long.
“In the 19 years that I’ve been in this industry, I’ve never seen anything like the COVID pandemic,” Bell says. “It’s completely changed our industry. Financially COVID has been a huge strain, not only for our company but also in the industry. Long-term care profit margins are very slim to begin with. We used to be able to buy disposable gowns for anywhere from 10 cents to 50 cents per gown. And we’ve paid upwards of $7, $8 per disposable gown through this crisis.”
Bell and many like him have found a solution that will help their facilities bounce back and thrive well into the future—SRX automated software.
“Through supply shortages and high demand, our costs have increased significantly,” he continues, “and that’s why it’s really important to Tannabell and other providers in the industry to have good partners like SRX. Every rebate check means something to us when we are struggling financially. Having a partner look out for our wellbeing, review our pharmacy bill, make sure we’re not spending money where we don’t need to, make sure that we are not being overcharged … this is all extremely vital when we’re talking about a 2, 3 percent profit margin, along with all the added expenses of COVID, staffing shortages, employees out of work because they’ve contracted COVID. It just compiles and every, every penny matters. And that’s why having a partner like SRX is vital.”
Among all of the bad news that COVID brought to the LTC industry, there is a no-effort, no out-of-pocket cost solution to set up facilities to be financially viable well into the future. Too good to be true?
The SRX suite of automated technology and advisory services identifies and implements additional cost and waste-saving measures that average 11% for the facilities we serve. In addition, SRX helps LTC companies like Tanabell to identify and submit all eligible drug manufacturer rebates. Combined, this equates from tens of thousands of dollars to millions for large operators. These are dollars that go back into the facility to support the population and staff. Additionally, SRX has supported operators throughout the COVID-19 pandemic in several ways, including sourcing personal protective equipment (PPE), developing communication technologies and flu vaccine programs, and providing industry leadership and support.
For Bell, SRX has specifically helped with his pharmacy bill auditing.
“Our pharmacy bill is one of our biggest accounts payable,” he says. “It’s extremely important that we make sure that we are billed appropriately and we are not overspending. SRX technology relieves our administrators and support staff, allowing them to do more—what they specialize in.”
And that lets them focus on the people, the patients, the staff, and help everyone “find joy in their journey.”
At SRX, we all agree that is what matters most. Our part in the journey is helping facilities deliver the best care because they have the money to do so.
SRX is a technology and advisory company that helps LTC operators realize the lowest net cost on pharmacy spend. We help our customers improve drug utilization, manage pharmacy relationships, reduce costs and waste, and maximize rebates. We are committed to transparency and accountability and guarantee our quarterly rebates are paid on time, every time. Contact us at 833 633 6833.