Medical Billing for Prescription Drugs - Pharmacy Billing made Easy
Due to the sheer complex
procedures required to make the bills accurate and compliant, pharmacists were
never at easiness with pharmacy billing requirements. The problem has been exacerbated
over time by recent trends of declining reimbursements and rising DIR fees. To counteract the dual
impact, pharmacists are now providing clinical care to patients. In the
process, they have added another problem to their list, i.e., billing in
lockstep for a service that is vastly different from pharmacy medical billing.
Unlike hospitals and
clinics that have full-time billers and coders to deal with billing and coding
issues, pharmacies have to bill without the assistance of these dedicated
experts. Furthermore, billing for clinical care is a detailed and
time-consuming task that pharmacies cannot afford to spare.
In such a scenario, the
only and simple solution for pharmacies is outsourcing
pharmacy billing services to an experienced pharmacy billing
company. These providers have pharmacy billing staffs that are well-trained and
experienced in dealing with the complexities of pharmacy and clinical bills.
How
does an Outsourcing Pharmacy Billing make the Journey Easy?
Outsourcing assists
pharmacies in overcoming a variety of pharmacy billing problems. However, the
following are some common pharmacy medical billing issues that an outsourced
pharmacy partner can easily resolve:
The
Audit Specter:
Undoubtedly, if there
are too many errors in your pharmacy medical billing, the auditor’s team will definitely
come knocking on your door. No matter whether it's Medicare or another payer, they
won't leave any stone unturned in identifying flaws in your process once they reach
your doors. In fact, if you are found guilty, you will have to face the
consequences, which can range from massive fines to the cancellation of payer
contracts. So, in order to keep the auditor at bay, you must have proper
control over your process. Else, you may be forced to conduct regular internal
audits with the assistance of third-party agencies, which will be prohibitively
expensive.
A/R
is Growing Older:
A/R aging is a common
issue for almost all pharmacies. In fact, this is the most common practice in
all infusion pharmacies. This means that when the oldest accounts are more than
90 days old, they become write-offs. And as the number of them increases, you
are staring down the barrel. To make matters worse, there is no proper means or
strategy in place to deal with it. As a result, when your high-dollar Account
Receivable requires concentrated attention, you lack the resources to
implement a recovery strategy for the outstanding accounts.
Lack
of Experienced Billers:
Another issue that
pharmacies face is attrition, which forces them to hire less experienced
billers. And the costs for this are frequently exorbitant. When dealing with
inexperienced billers, you must deal with issues such as incorrect coding, inaccurate
billing calculations, wrong modifier usage, incorrect primary payer billing,
and so on. Some pharmacies believe that having a strong quality control team
will help them overcome this. However, the QC team is also prone to errors
because they are frequently asked to bite off more than they can chew.
Updates
in the Healthcare Industry:
The healthcare industry
is enacting new rules for pharmacists at a breakneck pace. By staying up to
date on these rules, you can ensure that your reimbursements are always
received on time. However, in order to do more with less, pharmacy billers
rarely have time to stay up to date on rules. For example, not being aware of a
changed drug dosage requirement can cause problems. Furthermore, your software
and billing must be up to date with the most recent federal rules and codes for
various drugs. Your employees will also require adequate training in order to
comply with the most recent regulations.
Wrapping
Up!
Pharmacies are frequently
forced to deal with spills, especially when they are short on experienced
personnel. This ultimately results in revenue loss and has an impact on revenue
inflow. As a result, your pharmacy billing success is dependent on outsourcing,
but it is also heavily dependent on the type of provider you select. Of course,
experience is the most important factor. Always look for a provider who is
equally knowledgeable about pharmacy and medical billing, such as 24/7 Medical
Billing Services. You get the best of both worlds this way. They have extensive
experience dealing with the common reimbursement issues that pharmacies face.
Contact their experts right away to learn more about their experience in
transforming pharmacy billing services.
About 24/7 Medical
Billing Services:
We are a medical billing
company that offers ‘24/7
Medical Billing Services’ and support physicians, hospitals, medical
institutions and group practices with our end to end medical billing solutions.
We help you earn more revenue with our quick and affordable services. Our
customized Revenue Cycle Management (RCM) solutions allow physicians to attract
additional revenue and reduce administrative burden or losses.
Contact:
24/7 Medical Billing
Services
Tel: +1 888-502-0537
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