Pharmacy Cost Optimization
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 drug purchasing management and procurement cost optimization solution, CostCheck modernizes medication procurement by providing unparalleled transparency. It unites industry-wide pricing data with health system-specific contracts, invoices, and consumption. Our customers optimize their hospital pharmacy cost containment strategies , prevent overcharges, and maximize returns on time – achieving significant savings with just 30 minutes a week.
The Need for Pharmacy Cost Optimization Solutions
PRICE FLUCTUATIONS
Hospitals juggle 20,000 NDCs each day and face 10,000 weekly price updates—without real-time tracking, every shift threatens to blow your budget
INVOICE ERRORS
Hidden billing mistakes slip through unchecked invoices; bleeding margins and forcing time-consuming reconciliations.
340B SPENDING
Untracked 340B purchases erode program savings, expose you to audit penalties, and drain revenue.
GPO COMPLIANCE
Missing GPO contract requirements forfeits rebates and weakens your buying power, undermining hard-won discounts.
The Solution: Drug Procurement Cost Optimization
Optimize NDCs and Purchasing
Drug pricing optimization guarantees hospitals and health systems are purchasing the right products at the right prices, ultimately cutting costs while tracking total savings. CostCheck offers pharmacy procurement cost optimization that pinpoints alternative equivalent NDCs at lower costs – averaging up to $15,000 in savings per recommendation.
Additionally, health systems can now leverage cost-savings and directly purchase select inventory from Pfizer Hospital with special offers customized to your usage.
Monitor Contracts and Overcharges
Proactively monitor 100% of your contracts and invoices to uncover direct saving opportunities. Identify anomalous price increases, flag contract errors like misloads and outlier accounts, and benchmark your pricing against hospitals nationwide. CostCheck goes further by catching overlooked invoice errors and notifying users of mischarges— helping hospitals avoid overpayments that can exceed $100,000. In-app workflow tools ensure each opportunity to save on contracts and overcharges is reviewed, submitted for resolution, and tracked for outcomes including credits, rebills, and total savings.
Optimize 340B Purchasing
For hospitals in the 340B program, CostCheck procurement cost optimization tracks spending increases due to shifts in WAC and GPO ratios, flagging potential 340B issues and offering actionable insights to address them. Get real-time notifications the moment a potential GPO exclusion purchase occurs, and document your response to maintain audit readiness.
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 Purchasing
Drug pricing optimization guarantees hospitals and health systems are purchasing the right products at the right prices, ultimately cutting costs while tracking total savings. CostCheck offers pharmacy procurement cost optimization that pinpoints alternative equivalent NDCs at lower costs – averaging up to $15,000 in savings per recommendation.
Additionally, health systems can now leverage cost-savings and directly purchase select inventory from Pfizer Hospital with special offers customized to your usage.
Monitor Contracts and Overcharges
Proactively monitor 100% of your contracts and invoices to uncover direct saving opportunities. Identify anomalous price increases, flag contract errors like misloads and outlier accounts, and benchmark your pricing against hospitals nationwide. CostCheck goes further by catching overlooked invoice errors and notifying users of mischarges— helping hospitals avoid overpayments that can exceed $100,000. In-app workflow tools ensure each opportunity to save on contracts and overcharges is reviewed, submitted for resolution, and tracked for outcomes including credits, rebills, and total savings.
Optimize 340B Purchasing
For hospitals in the 340B program, CostCheck procurement cost optimization tracks spending increases due to shifts in WAC and GPO ratios, flagging potential 340B issues and offering actionable insights to address them. Get real-time notifications the moment a potential GPO exclusion purchase occurs, and document your response to maintain audit readiness.
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
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 two years, Sentara realized savings of over $3.45 million – an outcome that equates to about $8,800 of drug spend eliminated for each hour spent using CostCheck.
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Learn MoreWhat 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
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