By reducing waste and returns, minimizing inventory, and improving cash flow, long term care facilities benefit from unmatched savings.
- Reduce Medicare Part D Non-Covered Medication Expenses by 95%
- Reduce Patient Per-Day Drug Expense by up to 30%
- Reduce Drug Costs by 25% with Millennium's Facility-Specific Therapeutic Interchange Program
- Improve Cash Flow, Reduce Inventory by up to 27 Days
Long term care organizations spend thousands of dollars a month on Medicare Part D non-covered medication expenses. With inefficient pharmacy services and internal processes, organizations often don't find out about formulary non-compliance until it is too late to recover costs.
Millennium enables you to stay on top of Medicare Part D formulary compliance and virtually eliminate costs associated with ordering non-covered medication. Millennium Pharmacy Window, an electronic prescription order-entry-system for physicians and nurses, automatically compares medication to be ordered against a comprehensive formulary database and patient-specific insurance coverage. If the medication is not covered, Pharmacy Window immediately displays an alert to the person entering the order and presents approved medication alternatives (based on a patient's specific plan). Pharmacy Window displays alerts for prior authorization and automatically generates the appropriate prior authorization form if any of the proposed alternatives are not accepted.
More than just order-entry-warnings, Millennium keeps track of all orders and generates daily reports, complete with formulary warnings and order disposition. Through Pharmacy Reports and Records Desk, administrators, directors of nursing or any authorized person can instantly view reports and daily messages for every order with formulary warnings from the past 24 hours.
Management can now proactively manage Medicare Part D formulary compliance and prior authorization compliance, and better manage the transition timeline for non-covered medication, further reducing costs.
Organizations are saving up to 30% on patient per day drug expense by taking advantage of Millennium's Just-in-Time Dispensing. With Just-in-Time Dispensing, your patients have the right drug at the right time and your organization is not exposed to financial risk from unused dispensed quantities.
Traditional pharmacy services dispense medication in 30-day quantities. Some pharmacy services dispense medication in 15-day quantities, but for Medicare Part A or managed care patients only. Waste, returns, multiple dispensing fees, and unnecessary expense are all too common.
Only Millennium dispenses in alternating 3 and 4 day medication quantities for all patient types. With Just-In-Time Dispensing, all of your patients have the medication they need, when they need it, and your facility is billed for much smaller quantities dispensed, significantly reducing your patient per day drug expense and eliminating the burden of managing credits and returns.
The majority of long term care organizations have therapeutic interchange initiatives to ensure that facilities are ordering the most clinically effective, lowest cost medication. Yet, the stand alone, manual, paper-intensive processes employed by long term care facilities today are error prone and complicated, leading to waste and ineffective clinical alternatives.
Only Millennium Pharmacy Window, an electronic prescription ordering system, includes a comprehensive Therapeutic Interchange Program that automatically converts (based on approved facility-specific policies) medications to the appropriate therapeutic alternative.
Millennium's Therapeutic Interchange Program encompasses all third-party drug plans for the patient’s entire stay. Your organization can now easily and automatically handle formulary changes as the patient moves from Medicare Part A, Medicare Part D, managed care or any other coverage.
And, because the conversion is made automatically when the order is entered, the pharmacy never dispenses orders with the wrong therapeutic alternatives.
Therapeutic interchange non-formulary compliance reports are available for auditing and continuous improvement of your facility's Therapeutic Interchange Program.
When pharmacy services dispense medication in 30-day quantities, facilities assume a substantial inventory burden. With Millennium's Just-In-Time Dispensing, your organization has an average of only 3 days of inventory on hand. Less inventory means improved cash flow and more working capital for your organization and reduced out-of-pocket costs for your private pay patients.