The Digitally-Driven Pharmacy: Part I

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Early Wins & the ROI-Based Roadmap

Last year, Fortune 500 organizations invested over $1.3 trillion on digital modernization efforts, and most of it (about $900 billion) went to waste. At the same time, executives are struggling to justify digital transformation value when measured against ROI. This seems particularly pronounced in healthcare: 85% of healthcare CFOs reveal that they do not have suitable financial metrics for IT ROI compared to 36% of CFOs in other industries.

From optimization projects that yield tens of millions of dollars in cost benefits per year, to faster data migrations, automation, and efficiency gains, this blog series will help you ensure that your IT investments create value and drive your company’s digital agenda forward, faster.

 

Download the white paper, The Digitally-Driven Pharmacy: 8 Proven Elements that Maximize IT Project Value and Accelerate Transformation

 

The ROI Criteria: Filtering Nice-to-Haves from Business Drivers

The most effective digital transformation projects have three common attributes. They:

  1. Create alignment between operations and IT on business requirements
  2. Prioritize projects that will drive transformation and deliver on key business initiatives
  3. Measure outcomes back to a clear set of ROI-based criteria

Almost all (92%) of the digital transformations that are succeeding outline a roadmap to a future-ready IT environment. A key driver of early success is establishing project prioritization criteria. To ensure that pharmacy tech projects measure against ROI, we developed the following criteria:

 

ROI Criteria 
AgileThought vets pharmacy projects according to the following ROI-based criteria: 
Revenue ImpactEfficiency GainRegulatory ComplianceSystem Reliability
Cost savings &
cost-to-fill reduction
AutomationNational mandatesPatient commitment
assurance
Revenue generationProcess improvementsState mandatesSystem health
Overhead reductionScreen minimalizationInsurance & claims
process customization
System customization
System design

Fast-Tracking Roadmap Development

Leveraging 17+ years of pharmacy IT and operational experience, we developed a five-week program that takes the guesswork out of picking the right digital projects and eliminates the bottlenecks caused by business and IT misalignment. RxIgnite is designed to help pharmacy leaders incorporate the elements of a successful transformation into their digital agendas and navigate the path toward an adaptive IT framework.

Key activities include:

  • Business outcomes workshops
  • Technology gap and efficiency review
  • Improvement and automation opportunity roundtable
  • Comprehensive project roadmap design
  • Change management workshops
  • Project planning and prioritization

 

With RxIgnite, pharmacies can explore every part of their IT structure, analyze processes, and look for improvement opportunities in their systems, with their users, costs and performance. Upon program completion, pharmacies are better positioned to respond to future conditions while addressing key performance areas that tie directly back core challenges such as consolidation, margin compression, regulatory compliance, and customer experience.

 

Real-World Results for Pharmacies

In the following examples, the customer never had to figure out what to focus on to drive costs out of their system. The program took care of it from discovery to implementation and measured cost savings with data. RxIgnite also helped map a path toward a more responsive IT environment.

Fortune 100 Pharmacy Optimization Yields Millions in Cost Savings

An initial digital assessment of the world’s largest PBM uncovered sixty improvement opportunities and ranked the five most impactful projects (where the lowest investment met the fastest return.) Program complete, our team was given the green light to execute those projects. The results:

  • Shipping optimization solution saved millions of dollars annually
  • System automation increased to 50% across the business
  • Order process solution reduced call times by 10%
  • Zero impact to operations and patient services
  • Three-month average project turnaround

 

Specialty Pharmacy Operations Streamlined Under a Single Platform

Our team gathered over 450 high-level requirements in reviewing this specialty pharmacy’s system and hub processes. Discovering improvement opportunities in functionality, stability, efficiency, and reporting, our team recommended creating a new application to handle the customer’s entire pharmacy and hub operation within one platform. This seamlessly integrated solution provides:

  • Cost savings and faster turnaround times due to automation
  • Better access to data for reporting and KPIs
  • Customized, flexible interface for improved patient and user experiences
  • Shorter delivery timelines due to efficient, logical workflows
 

Download the white paper

The Digitally-Driven Pharmacy: 8 Proven Elements that Maximize IT Project Value and Accelerate Transformation

digital pharmacy

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