2022 CostCheck Year in Review
2022 was a landmark year for CostCheck and our customers. We managed more drug spend than ever before and delivered hard dollar savings and positive results for our 60+ customers. Below are some of our favorite milestones from the year.
1.Did you know in 2022 alone, CostCheck saved its customers $20,367,889.72
We saw incredible growth in 2022. As we signed on more CostCheck customers, we provided even more savings to more hospitals than ever before with the actionable insights and unparalleled visibility we provide. As we continue to scale in 2023, we’re excited to see how we can have an even greater impact on our customers and their spending.
2. In 2022, CostCheck managed $4,016,301,566.32 in customer drug spending.
Drug purchasing is a massive part of a hospital’s budget, and our customers trusted CostCheck to help them manage over $4 billion in spending collectively in 2022 – and it paid off. We save our customers 1-3% of their annual drug spend on average.
3.We launched our shortages module at the end of last year, and customers have already tracked 70 shortages.
In 2021, the Hospital Pharmacy Operations Report found that shortages were the #1 issue facing hospital pharmacies. This year, CostCheck launched its shortages module which integrates data from ASHP and the FDA, allowing customers to respond to shortages quickly and effectively.
4.On average, our customers saved $16,387.67 per recommended change from CostCheck
With its real-time blended price analysis, CostCheck offers customers individualized, actionable recommendations that provide hard dollar savings. In just minutes, pharmacy purchasers can save thousands of dollars every time they log in to Costcheck.
5.We saved our customers $1,256,684.59 with recommended changes with an average price change of less than $5 per unit.
These small savings can seem insignificant when comparing 2 prices on a screen and are often overlooked; however, with the power of blended price analysis and logic that incorporates purchasing volumes, they can represent significant savings opportunities. CostCheck can notify users of these opportunities that are often missed but can have a large impact on spending when compounded.
6.CostCheck customers saved $1,183,482.99 that would have been lost to overcharged invoices
Price errors are common and can be easily missed, and hospitals can unknowingly leave money on the table when they aren’t aware of errors. CostCheck provides a way to easily identify these errors, submit them to the wholesaler, and get them corrected so that hospitals don’t lose money to overcharges.