David Kennedy addresses Craneware's 12th Annual Performance Summit

Pharmacy departments often face the challenge of balancing patient care with financial sustainability. At Craneware's 12th annual Performance Summit, David Kennedy, Director of Pharmacy at Madisonhealth, shared how his team has successfully navigated this balance. His insights focused on the practical use of Craneware's Trisus Financial Management Tool and the pharmacy’s expanded role beyond traditional boundaries. This post explores how Madisonhealth’s pharmacy team collaborates with finance, business office, and Revenue Cycle departments to improve denials management, reimbursements, and medication performance, ultimately driving better patient outcomes and financial results.

Expanding the Pharmacy Role Beyond Dispensing

Traditionally, pharmacy teams focus on medication dispensing and patient counseling. At Madisonhealth, the pharmacy department has taken a broader approach. David Kennedy emphasized that the team actively engages with departments such as Finance and Revenue Cycle to address challenges that affect both clinical and financial outcomes.

This cross-department collaboration helps the pharmacy team:

• Identify and resolve claim denials related to medications

• Improve reimbursement rates by ensuring accurate billing

• Monitor medication performance to support cost-effective treatment choices

  
  

By stepping into these areas, the pharmacy team contributes to the hospital’s financial health while maintaining a strong focus on patient care quality.

Using Trisus Financial Management Tool to Drive Results

A key enabler of Madisonhealth’s success is the use of Craneware’s Trisus Financial Management Tool. This software provides detailed analytics and reporting that help the pharmacy and finance teams work together more effectively.

David Kennedy highlighted several ways Trisus supports their efforts:

• Denial Management: The tool identifies patterns in claim denials, allowing the team to address root causes quickly.

• Revenue Optimization: Trisus tracks reimbursement trends, helping the team adjust billing practices to maximize revenue.

• Medication Performance Analysis: The software links medication usage data with financial outcomes, guiding decisions on formulary management and prescribing practices.

  
  

This data-driven approach ensures that decisions are based on clear evidence, reducing guesswork and improving financial performance.

Collaboration with Revenue Cycle and Business Office

One of the most impactful strategies at Madisonhealth is the pharmacy team’s close work with the Revenue Cycle department in the Business Office. This partnership helps tackle complex issues that affect both medication reimbursement and patient billing.

For example:

• The pharmacy team provides clinical insights to clarify medication-related charges during billing reviews.

• Revenue Cycle staff share denial trends that may relate to pharmacy documentation or coding.

• Together, they develop workflows that reduce errors and speed up claim approvals.

  
  

This teamwork creates a feedback loop where clinical and financial teams learn from each other, leading to continuous improvement.

Impact on Patient Outcomes and Financial Health

The combined efforts of Madisonhealth’s pharmacy and financial teams have led to measurable improvements:

• Reduced Denials: Faster resolution of medication-related denials has increased reimbursement rates.

• Improved Medication Use: Data from Trisus helps optimize medication choices, supporting better patient outcomes.

• Stronger Financial Performance: Enhanced revenue capture contributes to the hospital’s overall financial stability.

  
  

David Kennedy noted that these results show how pharmacy departments can play a vital role in both clinical excellence and financial success.

Looking Ahead: The Future of Pharmacy and Finance Integration

The experience shared by David Kennedy suggests a growing trend where pharmacy departments take on broader responsibilities. As healthcare systems face increasing financial pressures, integrating clinical and financial expertise will become essential.

Pharmacy teams that embrace technology, foster collaboration, and focus on measurable outcomes will be better positioned to support their organizations. This approach not only benefits hospital finances here at Madisonhealth, but also enhances patient care quality.