Tellus announces LUCIDATA™, a breakthrough cloud-based analytics tool for hospitals to understand their drug spend and save pharmacy leaders hours and effort.
Online PR News – 05-June-2017 – POMPANO BEACH, FL – Leading Experts in Medicines Management and Application Development Blend Expertise to Launch LUCIDATA, a Next Generation Drug Cost Analytics Tool.
Tellus, LLC announces LUCIDATA™, a breakthrough cloud-based analytics tool that can save millions of dollars for health systems and save Chief Pharmacy Officers countless hours and effort. LUCIDATA™, the product of a joint venture among Tellus, Visante, and Pharmacy Stars, has the power to analyze actual drug utilization spend, to quickly identify core drivers of cost variance, and to empower pharmacy professionals to take specific action to reduce drug costs. In a matter of minutes, the Chief Pharmacy Officer can answer their CFO’s question, “Is it inflation, volume, or utilization?” And how much of each accounts for the variance?
“LUCIDATA™ focuses on drug expenses resulting from actual utilization, rather than relying on purchase data from wholesaler or direct purchase reports. The software tool can quickly identify immediate areas of opportunity for the pharmacy clinician and Director to focus on without the necessity of always relying on a DUR project to determine the root cause of drug expense variation.” -David A. Kvancz, MS, RPh, FASHP, Senior Vice President, Strategic Client Relationships
Know whether it’s inflation, volume or utilization
In the battle for containing healthcare costs, one challenge has been to identify the source of drug budget cost increases in a salient way so that Chief Pharmacy Officers can both succinctly explain cost variances and accurately direct resources to reduce drug costs. The concept of viewing and monitoring the cost drivers of thousands of drugs and pinpointing variance within drug budgets in the hundreds of millions of dollars was not only an impossibility for most Chief Pharmacy Officers in the past, but completely daunting for those who had the resources to perform the heavy analysis manually. Now, in a matter of minutes, the Chief Pharmacy Officer can answer her CFO’s question, “Is it inflation, volume, or utilization?” by signing into the innovative LUCIDATA™ dashboard, which integrates actual drug usage data from the inpatient and outpatient EMR.
Data Analytics at its Best
The partnership of Tellus, Visante, and Pharmacy Stars has brought together business intelligence to empower the pharmacy to make meaningful choices to save money for the health system. LUCIDATA™ ‘taps into’ the current and prior period unit costs, patient volume and drug utilization on a granular level to create reports that elucidate the drivers of cost variance. LUCIDATA™ enables pharmacists to identify drug cost saving opportunities, creating powerful cost savings strategies for pharmacy sourcing and purchasing teams. LUCIDATA™ currently has two large hospital networks on board that will be rolling out the new program in the fall of 2017.
”LUCIDATA™ allows the pharmacy executive to identify the key opportunities to impact drug utilization within their organizations and to target the appropriate strategies to each situation,” according to Jim Stevenson, President of Hospital and Health System Services with Visante. “Despite having extremely large drug budgets, most health system pharmacy executives today lack the tools to adequately manage this substantial resource.”
Along with LUCIDATA™, Tellus, Visante, and Pharmacy Stars have also partnered to create ways to improve formulary management. Inform™ is a modern formulary management tool for ACO’s, IDN’s and large health systems. As large systems look for easier, modern and more accessible ways to manage and communicate information on formulary medications, restrictions, medication safety, and cost, INFORM™ is a powerful tool for caregivers and providers. Core tenets of the product include mobile app access, point of care/EMR access, easy multiple formulary comparison tools – including comparison with local health plan formularies; intuitive, easy-to-update, and easy access through inter/intranet
“Having developed numerous solutions that are now in use in about 1 out of 2 US acute care hospitals with over 100 beds, I can say I have a good sense of what will bring health systems real value”, says Keith Streckenbach, CEO of Pharmacy Stars. “And LUCIDATA™ really blows me away in its potency and ease of use in tackling a universal challenge – holding down drug cost.”
Tellus provides comprehensive solutions to extend healthcare beyond the hospital walls. Our tools are SaaS based applications designed to help our clients leverage the use of mobility allowing patients to interact with providers without taking a trip to the hospital. Our systems include comprehensive compliance, security and control platforms for digital health, pharmacy, electronic visit verification and long term care. Learn more at www.4Tellus.com
Visante, with offices in the US, Canada and the United Kingdom, provides medicines management consulting to a wide variety of healthcare companies, including hospitals, health systems, managed care organizations, health IT and technology firms, and pharmaceutical manufacturers. Visante helps clients optimize medication use, increasing the quality of patient care and managing costs. Founded in 1999, Visante is comprised of consultants who are pharmacists, doctors, nurses, finance and IT professionals, each with 20 or more years of healthcare experience. Learn more at www.visanteinc.com.
About Pharmacy Stars
Based in Wisconsin, Pharmacy Stars has the vision of every pharmacy employing best operational and compliance practices to ensure safe, appropriate use of medicines. Pharmacy Stars teams with “business of pharmacy” experts to convert their expertise and know-how into intuitive, powerful cloud-based software for use by all pharmacies. Learn more at www.pharmacystars.com
Tellus: Lia Sweeney at firstname.lastname@example.org
Visante: Kirsten Galloway 612-850-0897 or email@example.com
Pharmacy Stars: Susan Streckenbach 608-351-2664 ext. 107 or firstname.lastname@example.org