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 […]
Artificial Intelligence (AI) is disrupting the information growth and how the information is processed and implemented? Though we perceive Artificial Intelligence (AI) as a machine replacement of human abilities AI does add more value to the already set process. Pharmacy billing which has seen a trifle of innovation will need effective technology to emerge as […]
Healthcare executives majorly depends on Pharmacy when it comes increasing their revenue. Without saying it goes hand in hand. Furthermore, CMS has reduced its Average Sales price margin from 6 % to 4 % for non-pass-through. This has affected pharmacy billing and reimbursement. However, there are certain other aspects of Pharmacy Billing that can affect […]
A recent survey forecasted that the pharmacy automation market will hit $8.8 billion in the year 2018. In the year of 2011, the pharmacy market was valued at $4.7 billion and nearly 60% of the generated revenue came from automated medication dispensing system. Pharmacists believed that this pharmacy segment is expected to see a compound […]
With an effort to access and improve the healthcare industry in USA; along with managing the costs which have been the primary issue since years; the introduction of ACO (Accountable Care Organization) whereby the providers have created a comprehensive network that works for the betterment of the patients, and it is appreciated as an achievement […]
Prior Authorization for a drug is one of the foremost processes on which the financial health of a Pharmacy facility depends on. Today, with the advancement in the areas of EMR and EHR, Pharmacy billing personnel who work in-house or offshore have to guarantee in advance to their doctors about the patients insurance plan. While […]
Having a pharmacy business is no easy task considering the nature of Insurance versus out-of-pocket expense that both the patient and the pharmacist have to abide by. The pharmacy benefit manager (PBM), most of time charges their customers more than the medicine costs and pockets the leftover difference. This is where an efficient, relevant and […]
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 […]
The U.S Healthcare industry at the moment is undergoing drastic changes, as the federal government gets ready with a new bill. Eying such a gloomy scenario is it the right time for community pharmacy billing to transform its business operating model for a higher revenue numbers? What impact will it have on the payer-provider front? […]
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 […]
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