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Our Business:
Hospital Pharmacy Management
Right Services, Right Time.
Your pharmacy operation is ever-changing and complex. Needs arise for interim and full-time staff assignments. GPO and wholesaler relationships must be constantly monitored and managed to achieve optimal savings. Joint Commission and other regulatory agencies require continuous evaluation and continuous performance improvement of practices. Emerging technologies must be implemented, integrated and adopted. Product and charge master updates must remain ongoing to optimize reimbursement. Continuing education and training are required to ensure competency, retention and development of top talent. And this is just the beginning. When you need expert resources, perspective and sustainable solutions, we can help.
Hospital pharmacies are faced with many challenges when trying to find a talented pharmacy leader, contain drug costs through best practice models or understand the impact of new regulatory standards. These challenges consume valuable operational and clinical resources that are better served focusing on patient safety, productivity and clinical care. Principle's RxRecruit™ helps hospitals optimize their pharmacy's productivity and performance by delivering strategic support services that minimize the ever-evolving disruptions that can impact service as well as clinical and financial performance. When an operational crisis needs immediate attention, or a need for remote services delivering consistent and superior performance arises, we provide the right services at the right time.
Containing Pharmaceutical Costs
Principle has a corporate resource team that helps hospitals identify and manage one its most expensive assets – drugs. With over $30 million in annual drug purchases under management, RxExpend™, our team of experts and proprietary analytical services, tracks and provides best practice guidelines for the top drug spend categories, including anti-infectives, which normally account for 20% or more of a hospital's total pharmaceutical spend.
Fewer than 30% of hospitals monitor formulary compliance, which can lead to inefficiencies in drug purchasing. Knowing and implementing effective clinical protocols is essential to improving patient outcomes and managing length-of-stay. Our proprietary clinical assessment tool tracks and trends the utilization of pharmaceutical spend, providing benchmark comparisons among hospitals of similar size and service.
Our key opportunity indicator dashboard enables hospital executives the peace of mind of knowing that opportunities to optimize clinical and financial performance through drug interchange and clinical intervention will be alerted to the Director of Pharmacy for consideration. A subscription for this service delivers intelligently organized information and a team of clinical specialists to your desktop every month to discuss opportunities to control costs and improve patient care.
Services include:- Pharmacy Management
Our right-services, right-time approach helps hospital pharmacies focus on their core competencies while trusting Principle Pharmacy Group to manage some of their most important business functions transparently. We provide hospitals with access to onsite and remote support services designed to optimize and maintain clinical, operational and financial excellence. By outsourcing non-core business functions, hospital pharmacies leverage the clinical and business expertise of a corporate resource pool of over 200 clinical pharmacists and business experts. This expertise reduces the time-to-completion while ensuring optimal outcomes for a pharmacy's most critical business functions and projects.
- RxRecruit™ – Recruiting interim & full-time
management & staff level pharmacy personnel
Because filling a pharmacy position is so crucial to patient care, we work with your hiring manager to understand your specific needs and the needs of your pharmacy department. Our recruiting panel has over 150 years of experience as pharmacy professionals. We take the time to understand the culture of the institution, your city and your region. We know pharmacy – and we really know pharmacists.
- RxExpend™ –Pharmaceutical cost containment
We use an organization's medication purchase history, GPO and wholesaler data to identify actionable opportunities around inventory and buying group compliance. Our online tool highlights specific savings opportunities using high-level dashboards with drill-down capabilities to improve supply chain management, enhance formulary/GPO compliance, and maximize 340B programs. We are able to give our clients an independent, unbiased service to monitor and improve their pharmacy purchasing program.
- Principle University™
A comprehensive approach to educational services is provided to our employees, nurses, medical staff members and patients. In addition to providing both job specific competencies and fully-accredited continuing educational programs for our pharmacists and technicians, we provide a vast array of training sessions from interviewing and managing employees, e-mail etiquette, and software enhancement skills. Additionally, Principle provides monthly in-services for nursing and allied staff members, twice weekly email "Value Updates" related to medication and patient care issues and monthly newsletters. In development are patient education programs to enhance disease state and medication understanding.
- Automation development, integration and support
Emerging technologies, robotics and the use of point-of-care systems represent critical decisions for hospitals to execute. Principle provides system experience and manpower to ease the adoption and optimization of new technology. We ensure that systems are properly configured and integrated so that applications are built right the first time and an optimal ROI can be achieved.
- Patient safety and regulatory compliance
Due to ongoing changes to Joint Commission accreditation and regulatory compliance, acute-care hospitals must continuously evaluate current practices and control clinical processes in order to maintain a high level of compliance. We have established programs, mock surveys and tracer models that ensure hospitals are best prepared for regulatory surveys.
- In-Sourcing
Organizations transitioning from an outsourced pharmacy provider can now utilize Principle's in-sourcing services. Complete departmental systems and manpower can be mobilized allowing hospitals the temporary resources needed to achieve service, resource and cultural changes. Principle provides healthcare entities single-source recruitment and interim management services, in addition to its time-proven pharmacy operation, patient safety and clinical resources.
Analytical expertise to contain pharmacy costs, product and charge master maintenance to optimize reimbursement, ongoing staff development and clinical training, or an informatics specialist to support pharmacy systems requires assistance. We can fill some of your most critical gaps at a fraction of the expense of a full-time or even part-time pharmacist. Call today to learn more about our consultative services and online subscription-based services that can be customized based on your unique needs.
What Makes Principle Pharmacy Group Different?
Review our Key Differences for hospital pharmacy management which set us apart from
our competitors.
BENEFITS TO YOUR ORGANIZATION
- Optimal ROI with the right services at the right time
- Proven change management services
- All interim and full-time staff placements are Principle University™ Certified
- Resources are matched to the strategic needs of the hospital
- On-line access to clinical education and services that optimize staff knowledge and productivity
- Subscription-based services to meet your clinical and financial goals
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