Have you ever stopped to think about how much your independent pharmacies are earning when it dispenses your medication? It turns out that pharmacies, particularly independent pharmacies, sometimes wind up losing money on those prescriptions. That’s largely due to the low insurance reimbursement rates middlemen, known as pharmacy benefit managers, or PBMs, pay pharmacies and […]Read More.. How Can Independent Pharmacies Deal With Underpayments?
As we gear to welcome another year, altercation in the field healthcare especially Pharmacy practice and management of medical billing and coding for the prescriptions is going to be a daunting task. Evolvement in terms of monetary gains, structured revenue cycle and speed of reimbursement shall be dealt with precision and by the hands of […]Read More.. How You Can Evolve Your Pharmacy Practice In 2018?
Altercations in the role of a pharmacist’s in the community pharmacy are impacting the highly evolving healthcare ecosystem and the trends will continue to grow in this rapidly transitioning system. The present-day pharmacies are not just your traditional drug stores, which offer you the prescribed medicines and jot it down in the medical billing, but […]Read More.. How to Make Your Pharmacy a Wellness Clinic?
The healthcare industry is complex, operates and undertakes high-stakes work where mistakes can equal any great revenue loss. That is the reason why so many hospitals are embracing the values of high-reliability organizations. The paradigm works remarkably well in the promotion of patient safety and efficient healthcare delivery. High reliability organizations are organizations with systems […]Read More.. 5 Principles for Highly Reliable Healthcare Organization
Pharmacies today are home to various financial challenges that result from their limited role, rising medication cost, complex contracts with insurance providers and ever-evolving regulatory policies that tend to work in favor of the patients. They often face cost pressures that impact their revenue cycle management. While focusing on various aspects of running a pharmacy […]Read More.. Pharmacist Reimbursement: Tips to Improve from the Leaders
A pharmacist is constantly striving to ascertain between different drugs and patients. They juggle between rules, regulations and learning in the modern health care industry. The job just became more compounded with the pharmacy claim process. Pharmacy billing has come to the forefront with increased regulations on the drugs prescribed and sold. The rules and […]Read More.. Pharmacy Billing In-house vs Outsource
Insurance verification is a critical component in any pharmacy revenue cycle management. As per industry data, more than 70% of all billing claim denials occur due to incorrect billing by the pharmacy practitioners to the insurer. There are occasions when policies are modified, employees switch plans for better benefits, policy gets terminated or expired etc. […]Read More.. MBC Launches Customized Insurance Verification Services for Pharmacy Practitioners
A pharmacist working along with a physician is the kind of teamwork visualized by the Affordable Care Act, which encourages the medical-home model. Like physicians, Pharmacists work with patients at both large integrated health systems, as well as small primary care practices. And as a result, many pharmacists find their revenue hitting the wall due […]Read More.. Pharmacy Billing – In house V/s Outsourcing