Hospitals May Be Sitting on Millions in Untapped Medication Cost Savings

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeBusiness Wire News ReleasesPMN Press ReleasesThis section is The content in this section is supplied by Business Wire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by Business Wire Hospitals May Be Sitting on Millions in Untapped Medication Cost SavingsAuthor of the article:Intelliguard’s new interactive ROI tool helps U.S. and Canadian health systems quantify potential five-year savings across medication inventory, labor, waste, charge capture and supply-chain managementTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountCOLUMBUS, Ohio — Intelliguard, a leader in RFID-enabled medication inventory management, today announced the launch of its new Interactive ROI Calculator, designed to help hospital and health system leaders quickly estimate the potential five-year financial impact of improving how medications are managed across their organizations.Intelliguard modeled multiple hospitals and health systems reflecting real-world operating profiles. To illustrate these savings, the company applied its methodology to a representative six-hospital regional health system. Grounded in published industry research and Intelliguard’s operational benchmarks, including customer outcomes like a 90% reduction in tray refill times and cutting monthly medication waste from 8.5% to under 3% of encoded medicines, the analysis identified a potential $51 million five-year financial opportunity, including:Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again$20M in drug inventory management$13M in 340B revenue capture$12M in charge capture$6M in waste reductionAn overlooked financial opportunityMedication inventory is one of the largest and most complex areas of hospital operations, yet many health systems lack a simple way to quantify the financial impact of inventory inefficiencies.Excess inventory ties up working capital. Medications expire before they can be used. Pharmacy teams spend valuable time on manual inventory and replenishment activities. Incomplete documentation can contribute to missed charge capture and, for eligible U.S. hospitals, unrealized 340B opportunities.The Healthcare Financial Management Association has reported that hospitals can lose as much as 1% of net revenue to charge-capture leakage system-wide. Research published in JAMA Health Forum also found that while the share of 340B-eligible prescriptions captured by 340B pharmacies increased substantially between 2013 and 2020, covered entities were still capturing only about half of the 340B revenue for which they were eligible.From operational inefficiencies to financial impact“Hospital leaders are being asked to find meaningful efficiencies while continuing to manage increasingly complex medication environments,” said Jeff Harper, Head of Product at Intelliguard. “The challenge is knowing where the biggest opportunities are and whether they are significant enough to act on. This tool gives pharmacy, supply chain and finance leaders a quick way to use their own data to understand where better medication inventory management could create measurable value.”Hospital and health system leaders can model their potential five-year opportunity in minutes at intelliguardhealth.com/roi-calculator/.The five-year savings figures cited above reflect an illustrative example built to mirror the scale of real-world hospital operating profiles and generated using Intelliguard’s Cost Savings Calculator methodology. Results are not an audited outcome for any specific hospital and will vary based on each health system’s inputs, workflows, medication spend, current level of automation and other circumstances.Intelliguard is a healthcare technology company focused on improving how hospitals and health systems manage high-value, high-risk medications and supplies. With more than 25 years of experience in RFID-based automation, Intelliguard is a trusted partner known for delivering accurate, reliable medication inventory management. Its Mira Ecosystem™ is healthcare’s only connected RFID-based medication inventory platform, unifying real-time visibility, analytics, and open, interoperable infrastructure into a single system. It supports medication inventory management from intake through storage, movement, and provider access, enabling health systems to manage critical inventory with precision, control, and confidence. For more information, visit intelliguardhealth.com.View source version on businesswire.com: This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.