SRX: Efficient Automation—Optimized Pharmacy Spend
In today’s fast-paced world, pharmacy spend has become one of the largest cost centers for skilled nursing facilities (SNFs)and long-term care (LTC) operators, second only to overhead costs. Furthermore, the process of calculating and reviewing monthly pharmacy bills is complex, coupled with the huge capital investment that providers need to spend on medication for Medicare Part A residents. When the COVID-19 pandemic has spurred an added pressure on the healthcare industry, providers face a crunch time dealing with errors, unnecessary costs, and wastages.
Amidst these obstacles,most SNFs and LTCs are now vying for the right partnerships to identify the best solution for managing post-acute care (PAC) pharmacy spend. Guided by a mission to assist them, SRX offers a robust, web-based technology platform that automates all of these areas while providing unparalleled support and advisory services. “With our solution, clients can maximize rebates, lower prescription costs, reduce reconciliation errors, enforce formulary compliance, and obtain credits in their facilities,” says Scott Taylor, founding principal, and CEO at SRX.
Developed by an expert team of industry veterans to specifically address the challengesin pharmacy spend management, SRX provides the lowest net cost solution to ensure excellent, quantifiable results. This provides critical insight into all invoice line items and guarantees the payment of timely rebates. “SRXoffers a comprehensivesolution that can seamlessly interactand integrate with all aspects of LTC pharmacy spend through a single web portal.The various tools and information bundled in this solutioncan help clients realize the most cost-effective way to manage their challenges,” adds Taylor. The company essentially automates line-by-line reconciliation of monthly pharmacy spend to identify errors, trends, and areas where additional cost savings can be attained, alongside securing eligible rebates.
SRX works with facilities to establish cost-effective and care-driven formularies that create checks and balances to prevent unnecessary costs, increase transparency, and ensure compliance, thereby puttingthem in charge of their formulary management. By integrating automation and expert analysis tothe solution, the companycan convert every eligible line item on the pharmacy bill into a guaranteed rebate. It also provides all the resources that caregivers need to effectively review claims, ensure bill accuracy, optimize split bill opportunities, manage medication returns, and access OTC trends to drive cost efficiency.
Understanding the diversity in processes, patient care protocols, existing software and technology, electronic health record (EHR) systems, and human resources of each facility, SRX optimizesits solution to adapt the technology to meet their unique needs fully. Its data-driventechnology allows clients to identify the maximum number of eligible rebates to secure the highest return rates in the industry. “We follow a proven process that allows us to configure our solution to address specific challenges in your facility. This is evident from the fact that we can provide demonstrable results within just 60 days of engaging with aclient,” continues Taylor. Moreover, the solution can be easily integrated into the clients’ existing architecture, leading to better insights, control, and accurate results across operatorsand facilities.
Unlike many of its competitors, SRX collaborates with its clients across the entire lifecycle, providing outstanding customer service whenever they need it. Besides, the SRX team goes the extra mile by helping clients establish a pharmacy therapeutics and committee and adopt a facility-specific formulary that balances care and cost considerations. Added to this, the company deploys experienced advisors to assess the existing pharmacy spend practice at each facility and determine how to best implement an integration plan to address the issues. This also bundles additional services such as data migration, input records, and regular reviews that provide actionable intelligence oneligible rebates, cost savings obtained, and red flagsidentified. “Our robust, transparent reporting saves you time by deliveringmeaningful insights and tools needed to realize the best practices that can boost your business profits,” extols Taylor.
SRX’s experienced team of industry experts andqualified consultants are dedicated to providing an efficient and comprehensive solution for managing pharmacy spend in the industry. Over the years, scores of clients have leveraged its proprietary technology to ensure claims adherence and be in full control of their pharmacy spend outcomes, saving millions of dollars in rebates and cost-savings.The company currently aims to shift gears and expand its solutions to newer markets around the globe, thereby enabling providers to automate and integrate the most vital issues affecting their pharmacy spend practice. Also, in the pipeline are plans to bring in new solutions such as employee benefits and mail-order pharmacy under the SRX umbrella, to deliver additional savings for caregivers elsewhere.
“SRX offers a comprehensive solution that can seamlessly interact and integrate with all aspects of LTC pharmacy spend through a single web portal”
Founding Principal & CEO