A longtime leader in healthcare improvement, we’re developing new ways to revolutionize the industry.
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Based in Richmond, Virginia, VCU Health System is an academic health system committed to preserving and restoring the health of communities through innovation in patient care, research and education.
VCU Health is comprised of Community Memorial Hospital, Tappahannock Hospital, Children’s Hospital of Richmond at VCU, numerous outpatient facilities, and VCU Medical Center ─ the region’s #1-ranked hospital with:
In late 2019, the system sought to further advance operational excellence and find innovative ways to drive cost-effective services and experiences that meet the unique needs of VCU Health patients, providers and communities.
A key component of this work involved pharmacy transformation ─ across the supply chain, pharmacy operations and via clinical support. To date, VCU Health has realized more than $5 million in savings on total pharmacy spend, despite COVID-19. The system is also on the cutting-edge of innovative technology, leveraging solutions to improve patient outcomes.
The opportunity
We needed a partner who could help us optimize pharmacy performance and build financial resiliency to fulfill our mission of providing high-quality patient care, research and education.
Key to achieving these goals is having a suite of integrated pharmacy solutions:
As a high-performing organization, it’s also vital that we continue to stay up-to-date on the latest practice changes, particularly amid the dynamic environment we’ve experienced throughout the pandemic. Collaboration, with industry experts and pharmacy leader peers across the nation, is key to working through any crisis. It provides valuable collective perspective about the situation, and it provides opportunities to work together to find solutions.
The solution
Alongside shortages and rising drug costs, healthcare facilities need to see as much value as possible from their pharmacy strategy.
Together with Premier, we analyzed our operations and identified opportunities to standardize, reduce waste and improve care. This included pinpointing opportunities to convert to contracted products and conducting a comprehensive analysis of therapeutic alternatives.
Premier tapped its PINC AI™ technology platform to identify savings and created a roadmap for how we'd realize opportunities. Anytime we can create savings and efficiencies at VCU Health, that brings value. Being able to lower the cost of care and provide care to the people in the communities we serve is our calling and mission.
Our GPO conversion was just the beginning of what has been a fruitful partnership for VCU Health.
The results
To date, Premier has helped us achieve financial and operational efficiencies, gain access to vital shortage products and innovate for the future. These outcomes have occurred because VCU Health and Premier have worked in partnership to drive results.
Key initiatives have included:
What advice would you give to other health systems?
Find a partner who will collaborate with you to meet your goals. Premier’s pharmacy team has been highly engaged with our pharmacy team. This engagement, data sharing, networking and resource connections have given us the tools we need to drive change with our clinical caregivers. These changes have resulted in the product access, efficiencies and cost savings that are needed right now.
You’ll also achieve results better and faster by working with a partner with whom you can be transparent. We are guided by innovation and improvement, and our mission motivates us to transparently share ideas, data and roadblocks with our partners so they can do their jobs better.