Posts Tagged: COVID-19

Pharmacy Analytics Trends and Insights

Posted by & filed under Pharmacy.

pharmacy analytics

Pharmacy analytics can be a powerful tool for the industry. The world of big data is only growing, and by leveraging it, pharmacies can make better decisions. They can also play a role in drug shortages. As pharmacies begin their critical role in COVID-19 vaccinations, pharmacy analytics could also serve the public health. 

In looking at pharmacy analytics trends, here are some key trends and insights that should be top of mind for the industry.

Drug Shortages

The pharmacy industry was facing challenges with drug shortages and supply chains. The pandemic exasperated these even further. There was a higher demand for some drugs that were possible treatments for the virus. At the same time, shutdowns all over the country impacted every supply chain.

Data can help. First, it can identify potential shortages faster when you combine historical data with AI or other tools to model future supply. Data analysts can then proactively determine shortage risk. 

Medication Adherence

Medication non-adherence costs the healthcare system millions every year. There are many reasons patients don’t take their medications, many related to SDOH (social determinants of health). Consumers may have concerns over copays or access. Pharmacy analytics could flag these patients. Then health plans, especially ones associated with Medicare Advantage, could create outreach programs to help these patients. 

For example, in partnership with the pharmacy, the plan could advise the patient of delivery or curbside pickup services. Small steps like these could keep people healthier and reduce strains on the healthcare system. 

Risk Detection of Questionable Drug Use

The country is still fighting an opioid epidemic. There are also many other categories of drugs for misuse—those prescribed for anxiety, ADHD, and sleep, to name a few. Analysis of a pharmacy’s user base, inclusive of all locations, is an effective tool in flagging possible drug misuse. 

Overprescribing is still rampant. Two recent settlements by the Department of Justice (DOJ) highlight this. 

First, Reckitt Benckiser Group agreed to pay $1.4 billion to settle claims it promoted an opioid addiction treatment, Suboxone, to physicians they knew were indiscriminately writing prescriptions for it. Further, the DOJ accused the company of using its “Here to Help” program to not help addicts but connected them with doctors who prescribed their drug.

Another case involved Avanir Pharmaceuticals. They settled a kickback case for $108 million. The DOJ allegations consist of the company incentivizing practitioners to prescribe their drug Nuedexta for conditions like dementia, although it was not an approved use.

Pharmacy analytics could be critical in alerting regulators and organizations to abuses by both patients and prescribers. 

Store Performance

Another use of analytics for pharmacies is to measure their own performance. By looking at real-time data, you could compare month-over-month or year-over-year. It could provide you with insights on patterns around growth or decline. Data points of interest may include script performance, Rx sales, patient demographics, prescribers, payers, and more. 

With a business intelligence tool, your decision-making will be data-driven. It could help improve profitability and reduce patient churn. 

COVID-19 

Pharmacy is playing a pivotal part in testing and vaccinations. All pharmacies are submitting data to government agencies in some form. These pharmacy analytics are critical to understanding infection patterns and inoculation rates. There have been challenges with COVID-19 data aggregation and interoperability. Data from pharmacies could improve the process.

Pharmacy Analytics Can Impact Care

These use cases for analytics all have an undercurrent—they can improve patient care in this country. Prescriptions are a vital part of the healthcare ecosystem. The data from pharmacies has the potential to impact care, public health, and overall decision-making.

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What LTC Pharmacists Need to Know: Survey Suggests COVID-19 Related LTC Closures in 2021

Posted by & filed under Pharmacy.

ltc pharmacists

LTC pharmacists fill a very specialized role in the healthcare ecosystem. An LTC pharmacy focuses on supplying the medications need for residents of nursing homes or long-term care facilities. This sector of the healthcare system has been experiencing the brunt of COVID-19, not just in patients lost but also in operating revenue.

A new study published by the American Health Care Association and National Center for Assisted Living examined the financial and operational challenges facing these organizations. The results are staggering, suggesting two-thirds would be out of business in a year or less in the current environment. 

Inside the Study

The groups conducted the study by surveying 953 nursing home providers across the U.S. Here’s what they found in response to questions about sustainability, budget, costs, and workforce challenges.

  • 90% said they are currently operating at a loss or less than a 3% profit margin. (65% are operating at a loss.)
  • 66% said they could not make it another year at the current operating pace.
  • 43% said the top cost of COVID-19 is additional staff pay.
  • 68% hired additional staff, 86% paid overtime, and 94% asked staff to work double shifts.

What Do These Stats Mean for the Sector’s Future?

There was already a workforce shortage in the LTC realm. As a whole, Healthcare lost around 1.5 million jobs in March and April, with half a million still lost six months later. While other healthcare jobs rebounded, LTC has not. The job loss in LTC represents 6.2% of these numbers. 

Job loss plus a workforce shortage butts against a growing demand for LTC services. According to HHS, 69% of Americans will require LTC services at some point in their lives for an average of three years. An aging population, many of which have chronic conditions that require dailly medications, COVID’s destructive wake, and the pre-existing constraints make this a perfect storm. 

LTC stakeholders and advocates are vying for relief funding from the government, but those negotiations remain stalled. This study’s most serious indication is that LTC facilities could close, leaving millions of patients without care. 

What Does This Mean for LTC Pharmacists?

LTC pharmacists would, of course, take a major hit should facilities close. It’s not in the best interest of any parties for this to happen. However, things look dire, so it’s a good time to reach out and connect with your LTCs to understand how they are weathering difficulties. 

You can chat with them about ways to support medication distribution and adherence with patients, which could help ease some pressure on staff. 

LTC pharmacists should also consider the consequences of closure on patient records and the need to migrate or exchange data. Such activity would be necessary if another LTC takes over the patients of one closing. 

Ultimately, you should keep an eye on the industry to see if these predictions become a reality. Get more news like this from InfoWerks when you subscribe to our blog.

The COVID-19 Vaccine: Pharmacies Need a Communication Plan

Posted by & filed under Pharmacy.

covid-19 vaccine

A COVID-19 vaccine could be available very soon. Multiple pharmaceutical companies are moving forward with seeking authorization from the FDA (Federal Drug Administration). The Department of Health and Human Services (HHS) recently announced a partnership with independent and chain pharmacies to distribute the vaccine when approved. 

For pharmacy to play its role in distribution, you’ll need to develop a communication plan for patients and consumers in your area. We’ll tell you how.

U.S. COVID-19 Vaccine Updates

There are currently several vaccines in trials, but the FDA has not approved any thus far. Here’s what we know right now:

  • Pfizer and BioNTech: The third phase of the trial concluded on November 18. According to their press release, it meets all the primary efficacy endpoints is 95% effective. The vaccine met the FDA’s safety data milestones requirements, with Emergency Use Authorization (EUA) the next step. One caveat of the Pfizer vaccine is the requirement for storage at -94 degrees. 
  • Moderna: The company announced it met primary efficacy analysis in phase three, showing a 94.1% effective rate. On November 30, Moderna requested EUA from the FDA.

How Soon Could Vaccines Be Ready?

There is much speculation about timing, and it depends on if the FDA approves the EUAs submitted by the vaccine producers. After approval, vaccines could be available within weeks. However, logistics seem murky on how the vaccine will be accessible.

Who Would Get Vaccines First?

According to reports, there is division around who should get the vaccine first. STAT News reports that U.S. officials have differing positions. Some say those over 65 should be the first recipients, specifically those living in LTC facilities. Others, including the CDC (Centers for Disease Control and Prevention), recommend healthcare workers be priority. These bodies cite the fact that over 230,000 healthcare workers contracted COVID-19, with 822 deaths.  

How Will Pharmacies Communicate When Mass Vaccines Become Available?

The initial doses of the vaccine will likely be earmarked for certain groups. After that, a broad availability will follow in 2021. If your pharmacy plans to be part of the vaccination program, you’ll need to get the word out, so there’s no room for misinformation.

Your communications might include facts about the vaccine, the administration process, and who qualifies. A second communication may need to follow to define how patients can schedule a vaccination. 

While pharmacies are likely to use digital channels to communicate, they may not cover the entire community. Sending first-class letters is a proven way to get the message out. Not only can you send letters to your patient database, but you could also extend your reach by mailing those to individuals in certain zip codes. 

These pharmacy print and direct mail services are available through Printwerks. Additionally, you may want to add new signage to your pharmacy regarding the vaccine process. We have the capabilities to provide those as well. 

Learn More About Printwerks Services

Communicating with your patients and community is critical during a healthcare crisis. Leverage our solutions to streamline this with ease. Check out what we can do for your pharmacy.