MEDICATION MANAGEMENT & COST CONTAINMENT
Formulary management is handled in the pharmacy information system. A CPS representative will contact the facility to alert the staff that a prescribed medication is non-formulary.
- CPS maintains a formulary as a preferred medication list and can be customized to your facility’s specific needs. Our formulary is designed to focus on medications that offer effective therapeutic response with corresponding lower cost.
- If your facility has an existing formulary, CPS can enter your formulary into our pharmacy operating system. CPS will review your formulary prior to start-up and may make suggestions to enhance clinical and/or cost-effectiveness.
- If your facility does not have an existing formulary and would like to build one, the CPS Clinical Pharmacy Department will work with your clinical leadership, executive team, and medical staff in its development. CPS prepares a routine report on formulary utilization including compliance and future cost-saving therapies.
- Formulary and therapeutic interchange program recommendations are reviewed at the quarterly QA and/or pharmacy operations meeting. Recommendations and updates to the formulary may include:
- Additions of new medications and therapies, unique formulations, new lower cost brand alternatives
- Discontinued formulations/products and changes secondary to shortages or recalls
Therapeutic Interchange Program (TIP)
Therapeutic interchange is the dispensing of medications by pharmacists that are chemically different, but therapeutically similar to the medication prescribed. A Therapeutic Interchange Program has the potential to ensure the quality of care and improve outcomes for residents at a reduced cost. If requested, CPS will work with your clinical and executive leadership to develop a specific, cost-effective therapeutic interchange program for the benefit of your residents and your facility.