SRX Chief Strategy Officer Erik Reaveley recently talked with Skilled Nursing News (SNN) to discuss why managing pharmacy spend is key during COVID-19, how the right technology can help skilled nursing facility operators (SNF) capture millions of dollars in rebates, and what SNF operators should know about managing rebates during the pandemic.
Reaveley got his start working with workers’ compensation before there were pharmacy benefit managers, getting exposed to the many different types of pharmacy contracts. From there, he married his experience in the pharmacy space with technology to bring products to the marketplace that benefit the payers.
Reaveley explains how SRX brings together expert people with innovative technology to identify wasteful spending and areas of cost-saving opportunities. For example, the standard way isn’t always the best nor the only choice for operators. SRX helps identify the nuances.
“Traditionally, pharmacies will dispense a 30-day supply of generics and 14- to 15- day via name brands,” Reaveley says. “That’s the standard, but that’s not always what’s best.”
In many ways, without software reviewing the many variables, it’s hard to know where to save.
“There are a lot of ways we can help our customers understand their pharmacy contracts and thus negotiate something more advantageous,” he says. “The point is to have a technology backbone that’s able to ingest all of the various drug compendiums that are out there.”
Being able to save money during a pandemic is paramount for skilled nursing facilities.
“We help our operators understand what they need to do to maximize their dollars,” he says. “We’ve seen their pharmacy bills reduce anywhere from 15 percent to 20 percent. When you’re looking at something that is their second or third largest expense on their P&L, those are huge dollars. At times, that can be the difference between being profitable at the end of each month or not.”
Get more of Reaveley’s insights. Read the entire article now.
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.