Specialty drugs have skyrocketed to one-third of the pharmacy industry’s revenue. This trend isn’t dying down: by 2020, it’s estimated to comprise half of the market. From small, independent pharmacies to mega retail chains, the industry is seeing diverse participation that stems from a wide variety of provider quality and expertise.
Because of the increasing availability and scope of specialty drug distribution channels, stakeholders like practices and hospitals, pharmacy benefit managers (PBMs), and payers are raising their standards when it comes to selecting their partners. For providers, this equates to tougher competition and a growing need to prove exceptional value.
So how can smaller specialty pharmacies differentiate their brands and stay competitive in a demanding landscape?
1. Illustrate Value through Accreditations
While accreditation was once considered a “bonus,” it’s quickly proving a necessity. Pembroke Consulting illustrates the incredible boom in Utilization Review Accreditation Commission (URAC) accreditations over the last few years. Other key accreditation organizations include the Accreditation Commission for Health Care (ACHC), the Center for Pharmacy Practice Accreditation (CPPA), and the Joint Commission (JCHAO), among others.
While the accreditation process can be complex, long, and expensive, having the right infrastructure, tools, and company culture in place can significantly expedite the process. When specialty pharmacies build the right processes and systems into their daily operations, they’re setting up for long-term success.2. Build a Patient-Centric Culture
With the massive healthcare industry shift from volume-based to value-based care, cookie-cutter care plans are no longer an option. The unique, personalized needs of patients must be accommodated and built into a specialty pharmacy’s operations. This is one of the key strategies that will help to solve the treatment adherence dilemma, which continues to drive a devastating toll of up to $300 billion and countless lives.
A patient-centric culture starts with “speaking their language,” engaging the patient to achieve mutual goals, customizing their (patients’) care plans to best fit into their lives, thereby enhancing communication and nurturing one-on-one relationships. When the walls between patients and providers are torn down, care improves – and all stakeholders benefit.
3. Prove Your Outcomes to Stakeholders
More competition means a greater selection, which equates to heightened scrutiny in selecting distribution partners. In order to secure valuable contracts with manufacturers and payers, specialty pharmacies must go beyond accreditations and improved internal operations. They need consistent proof that they’re surpassing the other options.
To illustrate quality in costs and care, specialty pharmacies, today, need to consistently document and report on financial and clinical performance as well as adherence to evidence-based clinical guidelines and safety protocols. To do this, the documentation process should be concurrent with the care process and not after the fact.
How Therigy Can Help
Therigy is devoted to the success of specialty pharmacy providers across the country. The TherigySTM™ specialty pharmacy platform was designed to organize complex clinical activities to satisfy multiple stakeholders, reinforce pharmacy guidelines and best practices, and facilitate critical reporting needs. Features like the Referral Manager, Assessment Manager, Protocol Builder, Content Developer – and custom reporting tools – combine the consistency and flexibility that pharmacies need to stay competitive and consistently prove value to stakeholders.
For pharmacies in search of strategic guidance on navigating the market and boosting brand recognition and trust, Therigy’s specialty pharmacy consulting services can help with all stages of planning, development, and execution.
Don’t wait for your competitors to move ahead of you. Contact us today to learn more about how Therigy can help your specialty pharmacy outperform the competition and create a culture of strong patient outcomes and stakeholder relationships.