Hospital Pharmacies A Boost To Profit Margins

Hospital pharmacies are business critical to any hospital. Investing in its upliftment will ensure sustainable RoI

- Raelene Kambli

Dear hospital executives, Have you considered viewing your hospital pharmacy services as an active generator of revenue, while scrutinising your revenue cycles?

If you haven’t yet, it's time to turn your attention towards this oft-overlooked resource for it has a great potential to draw more revenue for the hospital as it seeks a more efficient and controlled means of delivering medications to its patients. It can also be instrumental in creating a value proposition for your hospital.

Let’s find out more….

What onsite pharmacies can mean to your hospital?

Like all times, hospital pharmacies seem to be one of the highest cost centres within a hospital set-up. Each year, the cost incurred in this division increases due to rising drug costs and staffing needs that accounts for the majority of the pharmacy budget. Again, clinical departments of a hospital focus on gaining access to medical advances and newer, more effective treatment options to offer their patients, while the financial department prefers to maintain the status quo in terms of pharmacy spending. Consequently, hospitals tend to overlook the multiple contributions that their onsite pharmacies can offer.

Nevertheless, international experts point out that the hospital pharmacy division is one such resource that can dramatically aid a hospital’s revenue cycle from the point of service to claim submission and more. They can be an integral participant in optimising several hospital processes, improve data management and create innovative patient programmes which in turn can be helpful in boosting overall hospital revenues.