The World of LTC Pharmacy and Data Management
August 5th, 2020
An LTC pharmacy operates differently than a retail pharmacy. Learn about these differences and how we support this pharmacy industry.
An LTC (long term care) pharmacy operates much differently than a retail pharmacy. As the population continues to age and live longer, LTC facilities are growing. They require a pharmacy solution that meets the unique needs of managing medications for seniors.
As a partner to the LTC pharmacy industry, we have a deep understanding of their data management needs and challenges. Here’s what we’ve learned.
What Is an LTC Pharmacy?
This specialized vertical provides support to LTC organizations, helping them manage patient prescription needs. These pharmacies provide the prescriptions for each patient and assist with med sync, patient education, emergency medications, and more. They do more than just fill prescriptions. They are part of the patient’s healthcare ecosystem.
Because of the volume and complexity, an LTC isn’t a good fit for a traditional retail pharmacy. Instead, they require a pharmacy specializing in LTC. They can handle a high number of patients, quick turnaround times, and the ability to scale.
LTC Operating Models
An LTC pharmacy depends solely on dispensing medications and consultations for revenue. They do not sell items found in a retail pharmacy, nor are they open to the public.
These pharmacies must coordinate with the facilities, providers, and payers. This process includes a review of each prescription, medication comparisons, and benefit coverage verification. They also must meet a variety of regulations, including state licensing and packaging requirements.
All of this makes it more expensive to operate than retail locations. NCPA estimates that the cost to dispense is 25% more than a retail pharmacy.
Data Conversion Issues for LTC Pharmacies
An LTC data conversion is typically more complicated than a retail pharmacy. This occurs most of the time because the source system was not LTC specific. Using a retail pharmacy software solution for LTC’s means that it’s used in a non-standard way. In these cases, we offer custom programming to match fields and assure the most accuracy.
Further, LTC pharmacies have different parameters depending on the institution they are serving. The facility can dictate how they want prescriptions, labels, MARs (medication administration records), and other elements.
We encourage these pharmacies to use LTC pharmacy software. By choosing the right platform, it enables streamlining and better workflows.
Other Data Management Challenges
LTC pharmacies may also need to archive old patient records. Archiving moves them from a legacy system while meeting medical record retention requirements. When choosing to archive records, an LTC pharmacy may have multiple locations. If so, they’ll need to select an archiving platform that offers this functionality.
Archiving is also a good idea should you face a pharmacy audit. It can provide you reports with all the essential information.
How We Support LTC Pharmacies
We deliver a variety of data management solutions to this segment of the pharmacy industry. The most popular of those are data conversions and data archiving. Additionally, we can provide custom data solutions to help with issues around interoperability or data sharing. Because we have significant experience and expertise, we can guide you through the experience.
Contact us today to learn more about how we can help!