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OneOncology Secures Over $1 Billion in Drug Purchasing Commitments from Community Oncologists

“Less than four months after our launch, I am pleased to announce that OneOncology has secured more than $1 billion in drug purchasing commitments from community oncologists,” said Steven Kirchof, chief executive officer of OneOncology.  “This number will continue to grow as more practices learn about the value of transparency, visibility and unity in drug purchasing.”

OneOncology is an electronic trading hub that brings together oncology practices and pharmaceutical drug distributors in an efficient and impartial electronic marketplace. The trading hub uses real time reverse auction technology specifically designed for community oncology.  The platform enables oncologists to build healthier practices and reduce administrative burdens through improved drug procurement and sourcing. Similar electronic trading hubs in industries such as chemicals and fuels have seen average price decreases between 3 and 35 percent. 

Benefits that OneOncology brings to community oncology practices include:
 
•    Lowering costs by letting the open market set drug prices through a completely transparent negotiation that ensures the lowest possible price on a product line item basis
•    Freeing-up staff time spent on drug shopping, drug ordering and administrative tasks
•    Eliminating market basket and bundled contracts to give physicians greater freedom of choice in making treatment decisions and optimizing therapies
•    Improving decision-making and efficiency with an easy-to-use online order management process and an intuitive dashboard that provides benchmarks for individual practices to better manage their business 
 
"Practices large and small are struggling to stay afloat in medical oncology and the results are that patients are suffering," said Kurt H. Neumann, M.D., director and past president of the Michigan Society of Hematology and Oncology.  "Drug margins have dropped at least 32 percent since the Medicare Modernization Act was enacted, and we've had little assistance in offsetting this collapse by fairly paying oncologists and nurses for their cognitive contributions and infusion services.  In order to continue to provide quality care, community oncologists will need to join together in programs that increase transparency and decrease the costs of drug acquisitions, enabling substantial increases in efficiency that will provide value throughout their entire operations."
 
There are no fees for oncology practices to join OneOncology.com. Additional information can be found at www.OneOncology.com.
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