SRX Founder and Synergy Healthcare Alliance COO Yosef Daskal recently talked with Skilled Nursing News.
He discussed how managing pharmacy spend is key during COVID-19, how the right technology can help skilled nursing facility (SNF) operators capture millions of dollars in rebates, and what SNF operators should know about managing rebates during the pandemic.
As an entrepreneur in the long-term care industry, Daskal has identified problems and delivered some impactful solutions.
“The outgrowth of looking at key ways to affect operations was Synergy RX, now SRX, which directly impacts pharmacy spend—the largest line item on a P&L (profit and loss sheet) after overhead,” he said in the interview. “While the majority of facility residents and their associated drug costs are typically covered by Medicare Part D, Medicare Part A residents — typically comprising just 20% of the patient mix in most facilities — account for the entirety of the pharmacy spend line item. After rent and salaries, pharmacy spend is the largest expense for most LTC operators.”
Here are a few other highlights from his interview:
“It’s important for operators to understand the significance of these rebate dollars and cost savings,” he said. “An organization that commands 100 facilities could be looking at north of $3.5 million in annual rebates. Our clients receive those rebates on a quarterly basis, like clockwork. No exceptions or excuses.
“You can extrapolate from that a multi-regional organization with 40 facilities is looking at annual rebates around $1.5 million. These numbers are meaningful and certainly affect an organization’s ability to operate successfully, especially when dealing with unexpected costs like what we’ve seen over the past few months from COVID.”
Especially during trying times for LTC facilities, Daskal urges operators to find the right partner who will help automate processes.
“The right partner is going to have automation, a great relationship with big pharma and long-term care pharmacies and will ensure that their customers are getting the highest rebates possible,” he said.
Read Yosef’s full article here.
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.