The U.S. specialty pharmacy industry is growing. Much of that growth can be attributed to healthcare provider-owned pharmacies. This infographic provides a snapshot of some key statistics on the specialty pharmacy industry trend in hospital systems.
LAS VEGAS, NV – April 24, 2017 – URAC’s President and CEO Kylanne Green and Director of Pharmacy Heather Bonome have been selected to speak at the 2017 Asembia Specialty Pharmacy Summit at the Wynn & Encore Las Vegas. URAC is the premier accrediting organization in the U.S. pharmacy industry.
URAC White Paper Highlights the Changing Role of Specialty Pharmacy and Its Impact on Patient Outcomes
WASHINGTON, DC – April 19, 2017 –Independent accreditor URAC today released a new Industry Insight Report for specialty pharmacy providers entitled “Competing in the Specialty Pharmacy Market: Key Competencies for Performance in Value-Based Healthcare.” The report examines why specialty pharmacies need to incorporate a sixth right -- the right result -- to the traditional “five rights” of medication administration, to be successful in the value-based healthcare model. The patient-centric care model, when employed by specialty pharmacies, means working with individual patients and their providers to achieve the drug’s intended therapeutic result and prevent a costly hospital stay.
It will be just as much a year of change for the pharmacy market as it will be for physicians and provider networks. Many of the same market pressures on providers are bearing down on pharmacies as well, including the challenges of more collaborative care, squeezed margins and the transformation toward value-based care.
With accountability for patient outcomes increasingly spread throughout the continuum of care, pharmacies play a larger role than ever in delivering quality care.Pharmacy is increasingly involved in patient management, helping with coordination of care, providing education to patients—particularly those with chronic conditions—and acting as a clinical advisor to other providers.
We all know healthcare is changing, and the driver for much of this change is the government. MACRA (Medicare Access and CHIP Reauthorization Act of 2015), the latest sweeping healthcare reform law from Congress, is being massaged by CMS, and while most believe it is the physician at the tip of the MACRA spear, it will have a profound impact on pharmacists, too.
MACRA will fundamentally change how providers are paid. It’s about time. Fee-for-service, the “do more, get more” reward system that has sent us into an economic tailspin in healthcare may finally become a thing of the past. Under value-based payment, the foundation of the reward system will be quality. This change in philosophy, from volume to value, and the change in economics, requires a shift in the existing relationships among stakeholders.