The BenchmaRx™ tools have been used by our team of consultants for over a decade. Now these tools are available to our clients.
Case Study - Price Parity
IDN’s often have different individuals purchasing products at each of their sites. Through our Price Parity analysis, we frequently identify identical items where different prices were charged.
The client was a two hospital system with over 700 total acute care beds. During a consulting assessment, we identified differences in the unit price paid for identical items. A comparison of exactly matching NDC’s was completed.
The analysis included 2912 unique products. There were 201 items where Hospital A was paying a higher unit cost and 103 items where Hospital B was paying a higher cost. The average per unit price difference was $17.76. The total difference that was credited to the client was $557,634.
Case Study - Utilization
The BenchmaRx™ utilization tool is used to identify and quantify opportunities within specific therapy types.
The client was a four hospital system with over 450 acute care beds. Services included a Level II Trauma Center, Cardiovascular, Oncology and Pediatrics. During a baseline assessment, the aggregate spend per CMI-Inpatient day was significantly higher than the 50th percentile of similarly situated facilities. A target opportunity of $1.5 - $2.0M was identified with a focus on oncology, cardiology, infections disease and pharmacy operations and waste management.
Through focused efforts of the pharmacy and medical leadership, an annual savings of $1.9M was realized within less than 12 months.