Integrated Services and Software Offering Drives Improved Operational Performance
November 02, 2016
MOUNTAIN VIEW, Calif.
Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication management and supply chain solutions to health systems, today introduced the Omnicell Performance Center, an integrated services and software offering designed to drive improved pharmacy operations through long-term partnerships with customers. This new model of working with health system pharmacists, the first of its kind for the industry, will advance more efficient operations, helping customers to meet regulatory requirements, and ultimately improve patient outcomes.
A recent study by the American Hospital Association and the Federation of American Hospitals showed that between 2013 and 2015 inpatient drug spending increased an average 23.4 percent annually, and on a per admission basis, by 38.7 percent.1 Omnicell developed the Performance Center as a partner resource that leverages foundational supply chain capabilities to reduce costs and improve enterprise-wide management of one of the health system’s largest cost centers. Benefits of this unique software and services offering include:
• Achieving enterprise-wide management of pharmacy operations
• Improving inventory optimization, and ultimately reduction
• Leveraging strategic buying opportunities
• Mitigating drug shortages and reducing expired medications
• Automating manual process for central distribution
• Remaining compliant with 340B and CSOS regulations
Early customers of the Performance Center are saving an average of 2% of their medication spend each year. The Performance Center team of pharmacy and supply chain experts works with hospital pharmacy leadership to establish long-term goals, continuously mining customer data to provide meaningful but manageable changes to achieve those goals. Regular tracking progress is provided through a pharmacy scorecard.
“We recognize our customers face tremendous challenges trying to optimize their pharmacy operations,” said Randall Lipps, chairman, president, chief executive officer and founder of Omnicell. “This is a paradigm shift in how we view our customer relationships. It’s no longer sufficient to just provide leading technology. We have to partner with our customers to ensure the highest level of cost containment can be achieved. By providing real-time data and continuous engagement, we are clearing obstacles and allowing our customers to focus on delivering an exceptional patient experience.” Visit bit.ly/2e1EcUt to hear more about the Performance Center.
“Our organization needed a medication management strategy to efficiently sustain growth in our system, while improving both financial results and clinical care,” said Steve Rough, director of pharmacy at the University of Wisconsin Health and Clinics, an early partner in pharmacy inventory optimization. “Through a strategic, phased approach targeting capital and maintenance, combined with reducing inventory, expired medications and supply chain labor, we anticipate significant cost savings over the next five-year period.”
Performance Center offers a unique collaboration with the partner health system to develop and implement incremental, yet impactful changes designed to drive down cost while freeing up critical resources.
“The pharmacy supply chain is not only one of the largest cost centers for our system, it is also one of the most critical elements of patient care,” said Chris Parrish, senior vice president Lab, Pharmacy, and Supply Chain, Aultman Hospital. “This partnership is helping us to identify significant savings opportunities through inventory optimization, strategic buying, forecasting shortages, and reducing medication waste, while giving our clinicians more time to focus on patient care.”
Omnicell will be showcasing the Performance Center at the American Society of Health-System Pharmacists (ASHP) 51st Annual Midyear Clinical Meeting & Exhibition in Las Vegas, December 5 through 7. To learn more, visit www.omnicell.com/Products/Performance_Center.
1 ‘Trends in Hospital Inpatient Drug Costs: Issues and Challenges,’ NORC. October 2016.
Since 1992, Omnicell (NASDAQ: OMCL) has been inspired to create safer and more efficient ways to manage medications and supplies across all care settings. As a leader in medication and supply dispensing automation, central pharmacy automation, IV robotics, analytics software, and medication adherence and packaging systems, Omnicell is focused on improving care across the entire health care continuum—from the acute care hospital setting, to post-acute skilled nursing and long-term care facilities, to the patient’s home.
Over 4,000 customers worldwide use Omnicell automation and analytics solutions to increase operational efficiency, reduce medication errors, deliver actionable intelligence and improve patient safety. The recent acquisition of Aesynt adds distinct capabilities, particularly in central pharmacy and IV robotics, creating the broadest medication management product portfolio in the industry.
The Omnicell SureMed solution provides innovative medication adherence packaging to help reduce costly hospital readmissions. In addition, these solutions enable over 17,000 institutional and retail pharmacies worldwide to maintain high accuracy and quality standards in medication dispensing and administration while optimizing productivity and controlling costs.