Pharmacy billing shouldn’t be a nuisance that steals hours out of your day. In fact, it should be the opposite.
You don’t want billing that’s inefficient. It will not only slow you down, but it can delay payments as well as impact cash flow. In other words, it can be downright frustrating.
What you need are the right tools and strategies to integrate your billing process. This will lessen the number of errors made and can free up your valuable time so you can focus on your patients.
These five tips can help your pharmacy billing become more efficient:
Billing Software:
When was the last time you upgraded your pharmacy software system? Are you still doing manual billing processes? If so, it’s time to improve your system. Today’s latest pharmacy software systems can automate billing, and it can help you catch mistakes before the claims are submitted so you can lessen delays.
How do you know your system is a good one? If it can automatically update inventory, verify coverage, and put together a clean claim to hand over after you fill the script. This lessens the need to manually enter information and it minimizes errors.
Be sure to take the time to compare options. All software systems are a little different.
Training Staff:
How effective is your billing process? To be honest, it is only as successful as the team members running it. If your team is well trained, they’ll spot issues early and process claims quickly. Therefore, errors are quickly resolved. Train your staff the full pharmacy billing fundamentals. This includes coding requirements and steps for resubmitting rejected claims. Set up regular team reviews or short check-ins to keep employees on the same page.
Follow Up:
Do you regularly monitor your claims, payments, and/or rejections? If not, you’re essentially missing out on potential gains or profits. If you’d like to prevent this, set up a routine for looking over your claims. Acknowledge those approved and those that still need attention.
Keep an Eye on Reimbursements:
The smallest errors can lead to missed payments or reduced revenue. Keep a close eye on claims and payer contracts. Find any and all gaps and guarantee that you get paid what’s owed. Review claims regularly. Coding errors or incomplete information might not be found. This can affects your bottom line. Review your contracts with insurance payers. Reimbursement rates and terms change. Stay proactive.
Up-to-Date Billing Changes:
Keep up with the ever-changing pharmacy billing. This includes the shifts in coding requirements, rules for payers, and policies for reimbursements. Keep up with it all and you won’t have to worry about compliance issues. Plus, it ensures your billing process is effective.
Stay in the loop of insurance providers and industry groups. You can do this by subscribing to newsletters, check out webinars, or follow the experts on social media.
A Member-Owned Company Serving Independent Pharmacies
PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy-side of their business. Founded and run by pharmacists, PBA Health serves independent pharmacies with group purchasing services, wholesaler contract negotiations, proprietary purchasing tools, and more.
An HDA member, PBA Health operates its own NABP-accredited warehouse with more than 6,000 SKUs, including brands, generics, narcotics CII-CV, cold-storage products, and over-the-counter (OTC) products — offering the lowest prices in the secondary market.
