During budget season, the C-suite is often challenged with the X factor. How significant and accurate will the increases be in drug costs for the Pharmacy?
The dialogue regarding the growing influence of consumer-driven utilization of health care services and pricing transparency has taken on a life of its own as we enter this new era of healthcare delivery. Coupled with that challenge, is the reality that Pharmacy has become an increasingly important aspect of the overall revenue cycle on numerous levels, three of which are described below.
First, the recent media scrutiny of hospital pricing practices, together with the heightened importance of defensible and accurate pricing and charging practices for drugs, has resulted in increased demand for compliance and revenue integrity reviews focused on sorting through the complexities of these issues.
The TIME magazine article by Steven Brill, “The Bitter Pill,” which was a comprehensive outsider’s analysis of The Charge Description Master (CDM), pinpointed pharmacy charging practices, which has increased interest by the C-suite and hospital boards.