Running a long-term care facility is challenging. From managing the business side of things to ensuring positive care outcomes for residents, there’s always something that needs attended to. One consultancy explains why you don’t have to add finding a pharmaceutical supplier to your worry list.
If the thought of having to find a new pharmacy to supply your long-term care facility feels overwhelming and you’re tempted to just stick with your current arrangements even if there’s better deals to be had, working with a third-party company that can gather bids and handle all of the transition arrangements could be just what you need.
We spoke to about the benefits of shopping around, not just settling for your current pharmacy deal ,and why long-term care providers can elevate their services by working with an independent pharmacy consultancy.
Are you hoping to reduce the costs of acquiring medication and streamline the delivery of essential drugs? Consultancies like LTCRFP believe an all-inclusive solution to changing suppliers and managing orders is the right way to go.
The company recommends finding a dedicated LTC pharmacy with experience in handling high volumes of prescriptions and an ability to negotiate more favorable prices for medications.
“They typically offer generic alternatives and therapeutic interchange programs that can further drive down costs. But it’s not just about cheaper drugs; LTC pharmacies streamline the entire medication delivery process, which can lead to fewer errors and less waste.”
A pharmacy selection consultancy will evaluate your current supplier arrangements, checking contracts to identify potential areas for improvement to negotiate better terms. In addition, you will get a breakdown of projected savings from a possible supplier switch.
You will also have your invoices reviewed to ensure that billing tallies with the terms of your contracts. “This audit will also provide an estimate of the potential savings a new contract could bring and evaluate whether the pharmacy is sourcing from the lowest-cost manufacturer.”
If it’s time for a change, you’ll need to find a new supplier, but that’s easier said than done, and wading through the options is time-consuming. One of the most effective ways to secure a better deal is by comparing bids from multiple pharmacies—a process that considers not just cost, but also service quality, clinical support, and technology integration.
Finding a pharmacy that truly understands the needs of your long-term care residents—and can handle complex medication requirements—is essential to delivering quality care. Specialized services like on-site consultations and customized medication packaging can make it easier for your team to deliver safer, more efficient care to residents.
You also need to find a pharmacy supplier that is proactive in implementing the latest regulatory guidelines. Compliance within the medical sector is always evolving, so failure to keep up to date with changing protocols can jeopardize your care facility’s entire operation.
Once a provider has been selected, consultancies such as LTCRFP can facilitate a contractual agreement, making sure that all elements of the RFP are reflected in your final contract.
