A hospital in South Florida with 3,500 member lives made contractual and clinical changes to their pharmacy benefits program. From contractual savings alone, they lowered their prescription drug costs by 24.4%. Adding independent clinical oversight to their benefit design increased their savings by 5.5%. This resulted in a combined savings of $1.3 million. This helped them net a trend of 0% year-over-year compared to a national trend of an increase in costs of up to 10% or greater. By making these changes, hospitals can see significant dollars saved where they’re looking for opportunities to cut costs and improve their profit margins.
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