Pharmsaver: Smart Purchasing for Pharmacies

Pharmsaver: Smart Purchasing for Pharmacies

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Phillip Idziak, CIO, PharmsaverPhillip Idziak, CIO, Pharmsaver
The number one cost of doing business for a pharmacy are medications. Pharmacies create orders every single day with the challenge of assuring that they meet contractual obligations with their primary wholesaler while also assuring the best possible price. The challenge for the pharmacist is to manage both their primary wholesaler relationship and their cost of goods. To this end, Phamsaver created a web-based solution that offers an easy way to both manage your primary wholesaler relationship while allowing pharmacies to “shop” for the best available opportunities. Started in 2013, PharmSaver.net is a unique pharmacy analytics website designed to manage the purchasing function and enhance profit margins for pharmacies. The site allows pharmacies to compare their primary purchase order against 14 top-name wholesalers securely and check which drug they should be buying. Since PharmSaver follows the purchasing parameters, or a specific rule set that the pharmacy creates, it empowers purchasers to preserve their purchasing agreement with its primary wholesaler while identifying appropriate opportunities. This way, pharmacies do not lose their rebate structure and stay in compliance and can take advantage of pricing anomalies.

Without altering their regular purchasing procedures, pharmacies can place orders using PharmSaver’s easy-to-use automated shopping function. The company enables the purchaser to upload their entire purchase order and automatically compare it dead net to dead net based on the purchasing parameters, rebates and any pharmacy specific rules. Moreover, PharmSaver utilizes a secondary proprietary system, Reimbursement Alert, which both warns the pharmacy of potential negative reimbursement issues and offers solutions. Making purchasers aware of reimbursements before buying enables them to switch to a different source or generic manufacturer, saving from ordering medications for which they will not be adequately reimbursed after claims are adjudicated.

PharmSaver’s reimbursement alert feature acts as a PROSPECTIVE negative margin report for pharmacies.

Creating a dynamic marketplace by offering competitive pricing and many short-dated opportunities, the company has successfully registered thousands of satisfied customers to its platform. Based in Moline, Illinois, a retail pharmacy saved around million dollars in just three quarters using PharmSaver’s quick entry feature, which allows a pharmacy to cut and paste their entire purchase order and get the best price without shopping each item individually. Using web services, the company verifies the pricing and availability of each product with each wholesaler at the time of checkout. PharmSaver’s system assures savings on a drug by identifying items by package size, generic substitution, product dating, and pharmacy specific historical purchasing. This also offers advanced analytics and optimization feature that makes it easier to move items to a specific wholesaler to meet the minimum order requirements.

Pharmsaver is a totally independent site, with no affiliation with pharmacies, wholesalers or payers. The program is designed so that the decision process is a function of pharmacy specific rules and pricing exclusively. There is never an incentive for Pharmsaver to suggest purchases from any specific wholesaler. In addition, unlike many other online platforms, Pharmsaver does not use of sell pharmacy or wholesaler data nor do they upload cookies or any other tracking products to their users.

“We partner with pharmacies to help them get the best deals. Partnering with wholesalers, we provide them a larger market, enabling them to sell more products to a pharmacy than through telemarketing,” says Phillip Idziak, CIO of PharmSaver. For instance, a pharmacist cannot spend his whole time on a phone call and listening to the description of each product that each wholesaler is offering. With PharmSaver, they can easily to go to the website and compare the products that each wholesaler is selling and choose the right one as per his need without spending an inordinate amount of time.

PharmSaver is looking to expand web services with CMS packages to automate the entire purchasing process, making it easier to upload and download preparatory inventory reports. This will allow pharmacies to create their order and transmit it to PharmSaver, which will send back the resulting order in return. Purchasing API with CMS packages will offer a more streamlined and integrated solution.

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Pharmsaver

Company
Pharmsaver

Headquarters
Hewlett, NY

Management
Phillip Idziak, CIO

Description
PharmSaver.net is a unique pharmacy analytics website designed to manage the purchasing function and enhance profit margins for pharmacies. The site allows pharmacies to compare their primary purchase order against 14 top-name wholesalers securely and check which drug they should be buying. PharmSaver’s system assures savings on a drug by identifying items by package size, generic substitution, product dating, and pharmacy specific historical purchasing. This also offers advanced analytics and optimization feature that makes it easier to move items to a specific wholesaler to meet the minimum order requirements