New solution conducts real-time analysis of buying information to identify opportunities for savings
WASHINGTON (December 7, 2020) — Kit Check, the market leader in software solutions for item-level visibility in the pharmaceutical space, today announced that is has expanded its offerings with the launch of Bluesight Insights™. The software tool utilizes innovative technology for optimized supply chain management, helping hospitals and health systems manage and stock pharmacy inventory with ease by providing real-time insights into drug pricing, GPO compliance and 340B optimization. The end result is hard dollar drug savings recognized from the start.
Bluesight Insights is continually being updated with information from all major wholesalers on key purchasing metrics, including pricing for medications, presentation options and more cost-effective alternatives, all visible through the platform’s dashboard. The platform keeps track of everything in an organization’s catalog, from inpatient medications, to outpatient drugs and vaccines. This enables evidence-based purchasing, which helps hospitals and health systems not only maximize their budgets, but also optimize and balance their stock.
“Hospitals and health systems manage strict budgets and ensure they have the appropriate medications available for their patient population, all while trying to navigate the complex pharmaceutical supply chain,” said Kevin MacDonald, CEO and co-founder of Kit Check. “Bluesight Insights is poised to make this process markedly easier, helping organizations save on their drug spend while offering transparency and visibility into drug prices. In fact, in six sites representing more than 20 individual facilities using the software for 60 days, we’ve helped save more than $6 million in hard dollar costs, representing approximately 0.5% of $1.3 billion in managed spend.”
The COVID-19 pandemic has put additional strain on hospitals when it comes to managing their budgets and medication supply, and there will likely be a continued influx of high-acuity patients who require expensive drugs. This only compounds the financial constraints hospitals are already dealing with. According to the American Society of Health-Systems Pharmacists (ASHP) Research and Education Foundation, the average total drug spending per hospital admission increased by 18.5% in 2017 compared with 2015. As a result, one in four hospitals had to cut staff and more than 90% had to identify alternative therapies to cope with drug shortages or sharp price increases. This trend continues to proliferate with drug prices rising an estimated 3% to 4% a year, making it more important than ever for hospitals to have insight into hard dollar savings opportunities.
“Utilizing Bluesight Insights helped us identify significant potential savings when it comes to the money we’re spending on inpatient and outpatient medications,” said Tom Latuga, PharmD, BCPS and Pharmacy Clinical Coordinator at Niagara Falls Memorial Medical Center. “While other solutions may provide these kinds of insights every quarter or every few months, the ability to access real-time analysis without adding any additional steps to our budgeting process will help us streamline our spending and ensure we’re optimizing our supply to help patients, which is always the ultimate goal.”
About Kit Check
Kit Check is the leading provider of automated medication tracking and diversion detection solutions for hospital pharmacies in the U.S., bringing visibility, simplicity, and predictability to the complex world of medication supply management. Our groundbreaking Medication Intelligence™ platforms provide item level visibility, workflow simplicity and actionable analytics, empowering stakeholders to deliver the right medicine to the right patient at the right time, every time. To date, our more than 500 U.S. and Canadian hospital partners have tracked more than 120 million medications using Kit Check’s RFID product. Bluesight® for Controlled Substances software is currently in use in more than 100 hospitals including full health system implementations, with more than 15 million cases tracked, and was ranked #1 in the Drug Diversion Monitoring category in the 2019 Best in KLAS report. More information about Kit Check and our software solutions can be found at kitcheck.com.
Matter Health for Kit Check