McKesson unveils purchase trend online tool Drug Spend Intelligence
Tool will help identify areas for cost containment to lower drug spending through data, customizable reports, company says.
McKesson, a healthcare services and information technology company, has released an online tool that provides information needed to identify purchase trends and evaluate the impact of price fluctuations.
The tool, called Drug Spend Intelligence, provides access to daily data along with analytics and customizable reports. Its stated goal is to help identify potential areas for cost containment to lower drug spend and increase savings.
Yen Nguyen, director of clinical analytics at McKesson Pharmacy Optimization, said in a statement that the largest expenditure in a hospital pharmacy department is drug purchases.
[Also: McKesson, Health QX partner on payer analytics tied to value-based care]
"As a result," he said, "pharmacy leaders are constantly pressured to reduce their pharmacy's drug spend and administrative time. Managing a hospital or health system's drug spend requires a clear view into the purchasing history and spending trends, and the ability to turn that information into actionable results."
The new online tool, he said, accomplishes that, "as well as frees pharmacists' time to focus on medication safety and patient care."
McKesson touts its tool's ability to allow flexibility in creating custom reports. The reports, it said, allow its customers to view their daily drug spend, identify specific drugs that are driving drug spending versus historical trends, and view the impact of price fluctuations on drug spending.
[Also: McKesson rolls out tool to help insurers manage value-based pricing]
It also helps to identify purchase trends to help with budget forecasting and fiscal year tracking.
McKesson Pharmacy Optimization provides consulting, implementation services and pharmacy-practice resources designed to help reduce costs and improve efficiency.
Twitter: @JELagasse
