Reduction in medication expenditure: Review of strategies at a children's psychiatric facility

Abstract

Prescription drug costs rise about 15% annually. Solnit Center has been exploring ways to reduce overall expenditure on medications while promoting best practice of care. Lack of facility-based pharmacy has posed specific challenges in ordering medications, optimal usage and minimizing wastage of drugs. Each of these areas were examined and reviewed at Pharmacy and Therapeutics Committee of the facility. This information was shared with the ordering physicians and standard prescribing practices were established. This project was aimed at tracking medication costs over a 11-year period while monitoring supplies and destruction of unused medications.

Aims

1. Reduce overall medication expenditure while maintaining standard of care. 2. Develop a program to return unused medications for refund.

Methods

1. Monthly review of pharmacy cost by facility, patient and medication. 2. Development and legislative approval of a program to return drugs. 3. Collaborate with contracted pharmacy to explore ways to cut costs. 4. Train nurses and physicians to understand optimal ordering practice. 5. Demonstrate medications wasted with associated financial impact to the facility.

Results

The expenditure to the facility over 11 years has gradually decreased despite increase in medication costs. In 2004, the facility spent $ 712,904 and in 2014, the expenditure was $ 584,022.

Conclusions

Awareness about costs and optimal ordering practices led to significant savings to the facility.

Disclosure of interest

The authors have not supplied their declaration of competing interest.