Tecsys Inc. (TSX: TCS), an industry-leading supply chain management software company, today announces another significant milestone to its end-to-end Elite™ Healthcare supply chain execution platform with its end-to-end consolidated pharmacy inventory management solution. Integrating unified visibility and control from the point of reception to the point of use, Tecsys' consolidated pharmacy inventory management solution extends its best-in-class consolidated service center model to pharmaceutical supplies, lending the same sophisticated warehouse, distribution and point of use orchestration software to pharmacy operations.
"As healthcare supply chain continues to move from functional to strategic, it becomes irreconcilable to operate different legs of the supply chain with patchwork solutions that don't speak to each other," explains Chris Jellison, vice president, Pharmacy at Parkview Health.
Tecsys' consolidated pharmacy inventory management solution enables centralized strategic buying, management of pharmaceutical spend and procurement operations. By employing consolidated service center supply chain practices, the software helps to manage and mitigate drug shortages, reduces inventory and waste, and streamlines operations, all while integrating regulated processes to remain DSCSA compliant and optimize 340B programs.
"We already have multiple U.S. health systems who have selected this Tecsys platform, and several more looking to extend supply chain's reach and responsibility into pharmacy," says Peter Brereton, president and CEO at Tecsys. "For years, our customers have been honing their supply chains to ensure front-line healthcare workers are armed to deliver care that is both clinically and financially responsible, and this extension is a savvy step toward holistic management of goods within a health system. If we are serious about trying to root out blind spots in the hospital supply chain, pharmaceutical supplies is an area that stands to bridge those data gaps from an analytics and optimization lens."
The pharmaceutical supply chain typically operates in parallel to medical supply management, running siloed processes to track consumption and traceability as well as manage procurement and demand planning. To address this disconnect, progressive health systems are leveraging their Tecsys-enabled consolidated service centers (CSCs) to centralize pharmacy operations and consolidate supply chain management strategies. Tecsys software is able to reconcile these discrete datasets and procurement strategies under a common platform, providing centralized control and management of all supply chain execution supplies. Consolidated management of a pharmacy's supply chain allows for cost per case and cost per procedure analyses by factoring in pharmaceutical supplies, helping hospitals to optimize reimbursement programs and enable more strategic sourcing.
"Over the last decade, progressive health systems across the U.S. have adopted the CSC model to eliminate waste, streamline processes and tap into economies of scale," says Cory Turner, senior director, Healthcare Strategy. "Bringing pharmacy into that equation means extending much needed control and coordination to an historically bifurcated and disorganized inventory management operation. By applying the same sophistication to pharmacy as medical supplies, health systems are not only able to better orchestrate and analyze their operations, but they also stand to gain financial and clinical benefits as well."
Tecsys' consolidated pharmacy inventory management solution is embedded within the broader Tecsys Elite™ Healthcare portfolio, which combines for the most comprehensive supply chain execution system designed specifically for the healthcare industry. Optimized for the regulatory and operational complexities involved in orchestrating multiple clinical areas with differentiated clinical demands, the system provides unified visibility and control from the point of reception to the point of use.
Tecsys is a global provider of supply chain solutions that equip the borderless enterprise for growth. Organizations thrive when they have the software, technology and expertise to drive operational greatness and deliver on their brand promise. Spanning healthcare, retail, service parts, third-party logistics, and general wholesale high-volume distribution industries, Tecsys delivers dynamic and powerful solutions for warehouse management, distribution and transportation management, supply management at point of use, retail order management, as well as complete financial management and analytics solutions. Tecsys' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.