CostCheck is a pharmacy cost optimization platform that helps hospitals and health systems eliminate 4% of their annual drug spend by providing actionable insights and tailored savings opportunities. As a pharmacist-designed procurement optimization solution, CostCheck modernizes drug purchasing and provides transparency to all options by uniting industry-wide pricing data with hospital-specific contracts, invoices, and consumption. Our customers optimize their spend, prevent overcharges, and maximize return on time – with customers achieving significant savings when investing just 30 minutes weekly.
PRICE FLUCTUATIONS
The average hospital needs to consider 20,000 NDCs daily and 10,000 price changes weekly
INVOICE ERRORS
Pricing errors are common and can be easily missed
SHORTAGES
Drug shortages have been at an all-time high in recent years
GPO COMPLIANCE
Maintaining GPO compliance is critical to maximizing annual rebates
A Unique Solution to These Problems: Procurement Cost Optimization
Optimize NDCs and Contracts
Ensure your hospital is purchasing the right products at the right prices, ultimately cutting costs while tracking total savings. CostCheck offers pharmacy procurement optimization that pinpoints alternative equivalent NDCs at lower costs – averaging to $15,000 in savings per recommendation – and custom offers to purchase discounted short-dated inventory based on your consumption rates. Proactively track all your purchasing contracts to identify mismatches across your system and stay informed by benchmarking your contracts against other hospitals nationwide.
Monitor Overcharges and 340B Purchasing
Identify invoice errors that are often overlooked. While some hospitals are overpaying by more than $100,000, CostCheck diligently monitors invoices and notifies users of mischarges, helps submit the errors to the wholesaler for correction, and tracks the credits and rebills in the savings dashboard. For hospitals participating in the 340B program, CostCheck identifies rise in spending due to changes in 340B ratios per medication, notifies the hospital of increases in WAC of GPO, and provides actionable insights to mitigate the situation.
Mitigate Drug Shortages
Reduce the impact of inevitable drug shortages with an efficient action plan, every time. CostCheck ingests FDA and ASHP data to signal shortages in the market and identify which are impactful to your hospital. The shortages dashboard displays NDCs available for purchase across various suppliers and shows clinical guidance from ASHP while prioritizing and tracking shortage-related decisions.
Direct purchasing through CostCheck also serves as part of a strong shortage mitigation strategy, with access to short-dated inventory and special offers tailored to your hospital’s needs.
Maintain GPO Compliance
Track and maintain GPO compliance for your hospital to maximize annual rebates. In addition to prioritizing recommended changes by GPO compliance, CostCheck also provides a centralized GPO dashboard. This view reveals overall compliance in real time, details line-item compliance, and monitors and exports failure to supply credits.
Optimize NDCs and Contracts
Ensure your hospital is purchasing the right products at the right prices, ultimately cutting costs while tracking total savings. CostCheck offers pharmacy procurement optimization that pinpoints alternative equivalent NDCs at lower costs – averaging to $15,000 in savings per recommendation – and custom offers to purchase discounted short-dated inventory based on your consumption rates. Proactively track all your purchasing contracts to identify mismatches across your system and stay informed by benchmarking your contracts against other hospitals nationwide.
Monitor Overcharges and 340B Purchasing
Identify invoice errors that are often overlooked. While some hospitals are overpaying by more than $100,000, CostCheck diligently monitors invoices and notifies users of mischarges, helps submit the errors to the wholesaler for correction, and tracks the credits and rebills in the savings dashboard. For hospitals participating in the 340B program, CostCheck identifies rise in spending due to changes in 340B ratios per medication, notifies the hospital of increases in WAC of GPO, and provides actionable insights to mitigate the situation.
Mitigate Drug Shortages
Reduce the impact of inevitable drug shortages with an efficient action plan, every time. CostCheck ingests FDA and ASHP data to signal shortages in the market and identify which are impactful to your hospital. The shortages dashboard displays NDCs available for purchase across various suppliers and shows clinical guidance from ASHP while prioritizing and tracking shortage-related decisions.
Direct purchasing through CostCheck also serves as part of a strong shortage mitigation strategy, with access to short-dated inventory and special offers tailored to your hospital’s needs.
Maintain GPO Compliance
Track and maintain GPO compliance for your hospital to maximize annual rebates. In addition to prioritizing recommended changes by GPO compliance, CostCheck also provides a centralized GPO dashboard. This view reveals overall compliance in real time, details line-item compliance, and monitors and exports failure to supply credits.
$47,207
monthly cost of delaying CostCheck
$428,720
average savings per hospital
$14,897
average savings per recommended change
$10,870
saved per minute spent in the platform
What Our Customers Have to Say
“Our wholesaler didn’t consider a prefilled bag and a prefilled glass container to be equivalent, so I couldn’t see that the bottle was an option in the ordering platform without searching for it. CostCheck brought it to my attention, let me switch to a cheaper alternative, and move to an item that wasn’t in shortage.”
Thomas Latuga PharmD, BCPS, Pharmacy Finance, and 340B Coordinator
Want a Personalized Analysis?
We know that pharmacy purchasing differs between hospitals which is why we offer a live demo of CostCheck leveraging your live pricing information to ensure it is customized to your needs.
Request Analysis
SUCCESS STORY
Sentara Healthcare
Sentara faced the challenge of optimizing drug spend without burdening staff with a manual, time-consuming approach. Each Sentara hospital leveraged CostCheck on a once-weekly cadence, spending about 30 minutes per week on the platform and pursuing the action items. In less than five months, Sentara realized savings of over $1 million – an outcome that equates to about $8,000 of drug spend eliminated for each hour spent using CostCheck.
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