FEBRUARY 18, 2025
Formulary Management: A Key to SNF Profitability
In today's complex healthcare landscape, skilled nursing facilities (SNFs) face mounting pressure to provide high-quality care while managing costs. One crucial aspect of achieving this balance lies in effective formulary management. By strategically managing the medications available within your facility, you can control costs, improve resident outcomes, and even boost your bottom line through maximized drug rebates.
Why Formularies Matter for SNFs
A formulary is a list of approved medications that are readily available for prescribing within your SNF. It's a dynamic tool that reflects the most clinically appropriate and cost-effective treatment options for your resident population.
The Benefits of Formulary Management for SNFs
Cost Control
A well-managed formulary promotes the use of cost-effective medications without compromising quality of care. This helps control overall pharmacy spend and frees up resources for other essential needs within your facility.
Improved Drug Rebates
Drug rebates are negotiated savings provided by pharmaceutical manufacturers to healthcare providers and facilities based on drug utilization. It’s important that providers like SNF operators utilize the expertise of knowledgeable partners like VistaRx to access beneficial rebate rates and terms that align with their payer agreements and patient population.
In conjunction with a SNF’s medical board or clinical advisors, expert pharmacy partners help develop a formulary management strategy that:
IdentifiesPrioritizes high-rebate medications with few or no alternatives that align with clinical needs (this typically applies to brand-name drugs).
Ensures contract adherence to secure full rebate potential.
Uses real-time tracking to adjust medication selection as pricing and rebate structures evolve.
Better Resident Outcomes
Formulary management ensures that residents receive the most appropriate medications for their conditions. This can lead to better treatment adherence, reduced adverse events, and improved clinical outcomes.
The Importance of Formulary Adherence for SNFs
Even the best formulary strategy is ineffective if prescribers do not adhere to it. Ensuring formulary compliance helps SNFs:
Reduce medication variability, leading to better inventory control and cost predictability.
Streamline operations, making it easier for staff to follow a standardized prescribing approach.
Maximize financial incentives, securing higher rebate payouts and lowering net drug costs.
Facilities that fail to enforce formulary adherence may experience rising medication costs, missed rebate opportunities, and inefficiencies in patient care.
Partner with VistaRx for Formulary Management That Lowers Costs
VistaRx is a trusted partner for skilled nursing facility operators and administrators seeking to optimize their formulary management strategy, better align processes with their LTC pharmacy, and access market-leading drug rebate contracts. When managing formulary decisions for SNFs, we aim to achieve a lowest net cost for our partners through a balance of rebate-eligible drugs and cost-effective alternatives.
We create technology, strategies, and solutions that put SNF operators in the driver’s seat, enabling them to independently analyze and understand their drug spend and remove inefficiencies.
Founded in 2018, VistaRx (Vista) provides comprehensive pharmacy data capture and management solutions for a variety of entities in the pharmacy value chain. We utilize custom-coded technology, strategies, and partnerships to help our clients improve operations and reduce dependence on third-party vendors.
FEBRUARY 18, 2025
Formulary Management: A Key to SNF Profitability
In today's complex healthcare landscape, skilled nursing facilities (SNFs) face mounting pressure to provide high-quality care while managing costs. One crucial aspect of achieving this balance lies in effective formulary management. By strategically managing the medications available within your facility, you can control costs, improve resident outcomes, and even boost your bottom line through maximized drug rebates.
Why Formularies Matter for SNFs
A formulary is a list of approved medications that are readily available for prescribing within your SNF. It's a dynamic tool that reflects the most clinically appropriate and cost-effective treatment options for your resident population.
The Benefits of Formulary Management for SNFs
Cost Control
A well-managed formulary promotes the use of cost-effective medications without compromising quality of care. This helps control overall pharmacy spend and frees up resources for other essential needs within your facility.
Improved Drug Rebates
Drug rebates are negotiated savings provided by pharmaceutical manufacturers to healthcare providers and facilities based on drug utilization. It’s important that providers like SNF operators utilize the expertise of knowledgeable partners like VistaRx to access beneficial rebate rates and terms that align with their payer agreements and patient population.
In conjunction with a SNF’s medical board or clinical advisors, expert pharmacy partners help develop a formulary management strategy that:
Identifies high-rebate medications with few or no alternatives that align with clinical needs (this typically applies to brand-name drugs).
Ensures contract adherence to secure full rebate potential.
Uses real-time tracking to adjust medication selection as pricing and rebate structures evolve.
Better Resident Outcomes
Formulary management ensures that residents receive the most appropriate medications for their conditions. This can lead to better treatment adherence, reduced adverse events, and improved clinical outcomes.
The Importance of Formulary Adherence for SNFs
Even the best formulary strategy is ineffective if prescribers do not adhere to it. Ensuring formulary compliance helps SNFs:
Reduce medication variability, leading to better inventory control and cost predictability.
Streamline operations, making it easier for staff to follow a standardized prescribing approach.
Maximize financial incentives, securing higher rebate payouts and lowering net drug costs.
Facilities that fail to enforce formulary adherence may experience rising medication costs, missed rebate opportunities, and inefficiencies in patient care.
Partner with VistaRx for Formulary Management That Lowers Costs
VistaRx is a trusted partner for skilled nursing facility operators and administrators seeking to optimize their formulary management strategy, better align processes with their LTC pharmacy, and access market-leading drug rebate contracts. When managing formulary decisions for SNFs, we aim to achieve a lowest net cost for our partners through a balance of rebate-eligible drugs and cost-effective alternatives.
We create technology, strategies, and solutions that put SNF operators in the driver’s seat, enabling them to independently analyze and understand their drug spend and remove inefficiencies.
Founded in 2018, VistaRx (Vista) provides comprehensive pharmacy data capture and management solutions for a variety of entities in the pharmacy value chain. We utilize custom-coded technology, strategies, and partnerships to help our clients improve operations and reduce dependence on third-party vendors.
Sign Up for Vista Insights and Updates
SUPPORT@VISTARX.COM
(385) 355-4882
2290 E 4500 S, STE 130
HOLLADAY, UT 84117
COPYRIGHT VISTARX 2024
Sign Up for Vista Insights and Updates
SUPPORT@VISTARX.COM
(385) 355-4882
2290 E 4500 S, STE 130
HOLLADAY, UT 84117
COPYRIGHT VISTARX 2024
Sign Up for Vista Insights and Updates
SUPPORT@VISTARX.COM
(385) 355-4882
2290 E 4500 S, STE 130
HOLLADAY, UT 84117
COPYRIGHT VISTARX 2024
