Introduction
It is essential to recognize that cost containment and quality improvement in healthcare facilities are not mutually exclusive concepts; instead, they can complement each other to achieve more efficient and effective healthcare delivery. Thus, it becomes clear that a thoughtful approach to cost containment can ensure the financial sustainability of our healthcare facility and enhance the quality of care we provide.
Three Cost Containment Rationales
Cost containment promotes financial sustainability, ensuring that our healthcare facility can continue to provide care to our patients without risking financial distress or shutdown. Second, cost containment can lead to process improvement; therefore, it encourages us to evaluate our current processes and determine whether there are more efficient or cost-effective ways to deliver services. Lastly, cost containment can contribute to increased patient satisfaction levels. When we implement measures to reduce unnecessary costs, the savings can be passed to our patients through lower fees or charges (Mills & Kanavos, 2020). As a result, the key rationales are sustainability, process improvement, and increased patient satisfaction.
The Cost Containment Strategy for Pharmacy Services
The cost-containment strategy I propose involves standardizing our pharmacy services. Standardization involves setting specific guidelines for prescribing and dispensing medications. We need to establish a list of preferred medications; therefore, this list should consist of effective yet lower-cost medications, typically generics, that can substitute for more expensive drugs.
Physicians will prescribe from the list, ensuring that all patients receive effective treatment without incurring unnecessary costs. Our pharmacists will play an important role in this process. They can educate physicians and patients about the preferred medications and their benefits, which will encourage adherence to the new guidelines.
An effective electronic health record system can support the strategy. It can flag preferred medications to physicians during the prescribing process, thereby reducing the chances of error (Hammond et al., 2019). We should also develop a system to monitor the results of this strategy. This can include tracking cost savings, patient outcomes, and physician and patient satisfaction with standardized medications.
Regular meetings can help evaluate the strategy and make necessary adjustments. Pharmacy staff, physicians, and management should all participate in these discussions. Effective communication is a key aspect of this strategy, as everyone involved needs to understand the benefits of standardization and their role in its success.
Ultimately, we must educate our patients about this change. They should understand that standardizing pharmacy services is a step toward improving the facility’s financial health, which ultimately benefits them. Our commitment to quality will not waiver, and this strategy will be evaluated regularly to ensure it aligns with this goal.
Adverse Impacts
One potential downside of standardization is that it can limit physician autonomy. Doctors may feel that their professional judgment is being undermined by these guidelines (Altawalbeh et al., 2018). Another risk is patient resistance since patients might be reluctant to change their medications, especially if they have been using a particular medication for a long time and feel it works well for them.
Conclusion
In conclusion, thoughtful and well-planned cost containment strategies, such as standardizing pharmacy services, can help healthcare facilities remain financially viable while improving the quality of patient care. In essence, the latter means that such strategies can lead to more efficient healthcare delivery processes, increased patient satisfaction, and overall improved patient outcomes.
References
Altawalbeh, S. M., Saul, M. I., Seybert, A. L., Thorpe, J. M., & Kane-Gill, S. L. (2018). Intensive care unit drug costs in the context of total hospital drug expenditures with suggestions for targeted cost containment efforts. Journal of Critical Care, 44, 77-81. Web.
Hammond, D. A., Rech, M. A., Daley, M. J., Devlin, J. W., Hodge, E. K., Kooda, K. J., Lat, I., Personett, H. A., Roberts, R., Sacha, G., Stollings, J. L., Swanson, J. M., & Bauer, S. R. (2019). Perceptions regarding vasopressin use and practices in septic shock, and cost containment strategies. JACCP: Journal of the American College of Clinical Pharmacy, 2(3), 257-267. Web.
Mills, M., & Kanavos, P. (2020). Do pharmaceutical budgets deliver financial sustainability in healthcare? Evidence from Europe. Health Policy, 124(3), 239-251. Web.