New Case Study: Signature Healthcare Improves Access to Affordable Medications and Boosts Margin with On-Site Pharmacy
Signature Healthcare partnered with Clearway Health to improve access to affordable medications, optimize pharmacy services and boost margin by opening an onsite, state-of-the-art retail pharmacy.
Signature Healthcare, which includes Brockton Hospital, a 187-bed community-based hospital in Brockton, Massachusetts, Signature Medical Group and Brockton Hospital School of Nursing, had experienced revenue margin challenges with its contract pharmacy arrangement. Since the hospital did not have an outpatient pharmacy, they were fully reliant on outsourcing. This setup was not optimal because the hospital was incurring high fees due to manufacturer 340B Drug Pricing Program restrictions.
New On-Site Pharmacy
To overcome this reliance on contract pharmacies and outsourcing, Signature Healthcare set out to open its own retail pharmacy, including a specialty pharmacy to fill specialty medications. Clearway Health partnered with Signature Healthcare to help the health system, and its patients, access affordable medications, optimize operational pharmacy services, focus on patient-centered care and offset some of the financial challenges the hospital was facing.
Expanded Patient Services
In 2022, the new retail pharmacy opened. Located at 110 Liberty Street in Brockton, Massachusetts, and staffed by licensed pharmacists and technicians who are part of the patient’s care team, the retail pharmacy provides high-touch services to patients within their medical home.
Revenue Improvements
Since opening, the pharmacy has contributed $31.7 million to the hospital’s revenue, $13 million above the original anticipated budget. A higher prescription capture rate has grown revenue at an average of 100% month over month.
Download the case study to learn more how Clearway Health partnered with Signature Healthcare to improve access to affordable medications, quality of care for patients and revenue margin with an on-site pharmacy.