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FOR IMMEDIATE RELEASE
CONTACT:
Henry Bostic
Premier Inc.
704.733.5695
Premier enhances analytical tools to maximize savings from pharmacy performance programs
Pharmacy Spend program also includes wholesaler reporting application
CHARLOTTE, N.C. (December 20, 2007) – Premier today announced the addition of two new performance programs to its SpendAdvisor Pharmacy Spend analytics tool as well as enhanced functionality of its wholesaler reporting application program. Both upgrades were included in a December 10, 2007 release.
With the addition of Abbott’s Ultane and Baxter’s IAG programs, Premier has 15 pharmacy performance programs available to its members. The additions will allow users to calculate tier performance and estimate discounts after program evaluation periods or to adjust purchasing during a program’s evaluation period to make more cost-effective purchasing decisions.
“The ability to examine and estimate performance mid-evaluation cycle is an important step that enables Premier members to be more proactive in managing their pharmacy spend,” said Bryant Mangum, Premier Vice President for Pharmacy Services.
Performance programs are complex marketing programs that provide incentives to members in the form of rebates, tier pricing, or a combination of the two, based on such factors as market share. Without SpendAdvisor Pharmacy Spend’s functionality, members are not fully aware of their performance with these marketing programs and must depend on manufacturers to provide the details, often after the fact when it’s too late for meaningful changes.
“We have the technology that truly brings the power of data to bear to improve patient care and to reduce supply chain costs,” said Marla Weigert, Premier Group Vice President. “The value to our members is enormous. Our tools – such as Pharmacy Spend – help our members manage their supply spend proactively, pushing their performance to new levels for the benefit of communities they serve.”
Premier announced the addition of 12 performance programs to Pharmacy Spend in July. The module is available at no additional cost to all Premier members who use its Supply Chain Advisor online automated contract management system. With Pharmacy Spend, participating members can analyze purchasing behavior to aggressively maximize contract savings and achieve optimal benefit from drug companies’ performance programs.
The newest version of Pharmacy Spend also includes new wholesaler reporting functionality with auto substitution program pricing. Users will be able to analyze auto sub pricing in a variety of reports including price verification and product conversion reports.
Announced in April 2006, Premier generic auto-substitution program provides members average savings of 5 percent off Premier's contract pricing. The program's cross-referenced substitution list links all equivalents, generic-to-generic, brand-to-generic and ampule-to-vial to an auto-substitution product.
About Premier Inc., 2006 Malcolm Baldrige National Quality Award
recipient
Serving 1,700 U.S. hospitals and more than 49,000 other healthcare sites,
the Premier healthcare alliance is working to transform healthcare. Owned by
non-profit hospitals, Premier operates one of the largest healthcare
purchasing networks and the nation's largest comprehensive repository of
hospital clinical and financial information. A subsidiary operates one of
the nation's largest policy-holder owned, hospital professional liability
risk-retention groups. Premier is also working with the United Kingdom's
National Health Service North West region to implement a model
pay-for-performance program, called “Advancing Quality.” Headquartered in
San Diego, Premier has offices in Charlotte, N.C., Philadelphia, and
Washington. For more information, visit
www.premierinc.com. Established to improve the health of communities,
Premier and its members are transforming healthcare together.