Matt Manning, Sr. Director of Operations for Health Systems at OmnicellTo meet the rising demand for drugs to treat rare and chronic conditions, the industry’s largest players (e.g., CVS Health, Cigna, and UnitedHealth Group) have moved quickly to derive two-thirds of their prescription revenues from specialty dispensing. Health systems are following suit, rapidly launching entity-owned specialty pharmacies that enable these providers to strengthen the continuity of care they deliver to patients. As providers stake out claim in the competitive $68.3 billion specialty drug market, strategic application of data analytics to provide key fulfillment insights could be the differentiator that ensures success.Challenges Associated with Entity-Owned Specialty PharmaciesA fully optimized, entity-owned specialty pharmacy is a key way for health systems to improve patient care by increasing access to specialty medications and reducing the turnaround time for prescription fulfillment while at the same time generating revenue via increased script capture. However, challenges in key operational areas prevent health systems from realizing these benefits, including:Interoperability: As seamless data exchange remains the modern healthcare standard. Pharmacies with connectivity gaps suffer hits to patient experience and care coordination due to not having the most up-to-date information to influence patient onboarding, prescribing decisions, and patient communications.As seamless data exchange remains the modern healthcare standard

Omnicell to Release Fourth Quarter and Full Year 2024 Financial Results on February 6, 2025

After scaling the company to 50 staff and annual revenues exceeding $10 million, Avantec was acquired by Omnicell (NASDAQ: OMCL) in 2015.