Each year we continue to expand our Cost Inquiry Benchmarking Study. This year we added new drugs to the data collection sheet, we asked about pre-filled syringes, and we’ve even included a recent article I wrote for Outpatient Surgery Magazine.
This year’s study collected data from 76 respondents. That’s an improvement over last year’s 69 respondents and 2016’s 53 respondents. With approximately 300 clients nationwide, I hope that next year’s participation is even higher!
Participating in external benchmarking studies is vital to improving the patient experience. Sharing data on drug purchase prices allows you to compare your overhead costs to your peers.
Knowing where you stand on drug acquisition costs is more important now than ever. We’re all being affected by current drug shortages. Backup suppliers and manufacturers alike are able to adjust drug costs based on supply and demand methodology. Sometimes drug availability and high purchase prices leave us scrambling to stock our shelves. Ultimately, the current climate of drug shortages has forced our attention away from what we do best: care for patients. I hope that this information will help you to make informed purchasing decisions for your organization.
I hope you enjoy this benchmarking study. Keep an eye out for the data collection tool for our Summer 2018 Benchmarking Study on Antibiotic Stewardship!