The Pharmacy Module is the Newest Addition to Vizient Savings Actualyzer Platform

With pharmaceuticals comprising up to 40 percent of total hospital spend, and drug price projections predicting a 5-percent increase in 2019 alone, hospital pharmacy teams need analytics to help them better manage spend and identify cost-savings opportunities across their health system. To address this need, Vizient announces it has added a pharmacy module to its Savings Actualyzer platform. “The new analytics module fully equips members to make cost-effective purchasing decisions for pharmacy products,” said Dan Kistner, senior vice president, pharmacy solutions at Vizient. “It also creates a holistic pharmacy program offering which includes the largest pharmacy portfolio in the industry, programmatic offerings like our proprietary Novaplus private label and advisory expertise.” The new pharmacy module provides:

• Spend overview– summary of spend review rolled up to manufacturer, category or facility, plus drill-down abilities.
• Price quantity mix – overview of pharmacy spend changes over customizable time periods due to price, quantity or purchasing changes.
• Market share– analysis of total number of manufacturers within a certain drug category and overall spend within that category.
• Price benchmarking– overview of industry pricing levels alongside a realistic view of pricing by drug, therapeutic class, etc.
• Price leveling– visibility of annual dollar value of savings that could be achieved by paying the lowest level price across the company.
• Peer compare– summary of annual pharmacy spend and comparison of price performance to other organizations.

Users can also customize dashboards through drag-and-drop functionality to view advanced spend analysis and other detailed data. They may also opt to access additional support from Vizient’s dedicated product advisor team to help them make the most of this new technology. “The new price benchmarking functionality allows health systems to confidently monitor and manage pricing across their entire pharmacy system – down to the drug level,” said Rob Alford, senior vice president, product strategy and management at Vizient. “And with access to more than 12,000 products and services through our pharmacy portfolio, members can get a better grasp of their pharmacy supply chain spend and maximize their contract portfolio.” Vizient will host a webinar about its new pharmacy analytics module on Tuesday, Dec. 11 at 2 p.m. CST. – Medical Buyer Bureau