OVERLAND PARK, Kan.–(BUSINESS WIRE)–Issues related to claims reconciliation emerge as a pain point for owners of independent pharmacies as they manage their business. Because reimbursement errors can be common, timely and accurate reconciliation is key to ensuring full payments. The ability to reconcile each claim drives better visibility into contract performance, which in turn drives profitability. However, many community pharmacy owners would prefer to spend their working hours with their patients and customers.
This is where a Pharmacy Services Administrative Organization (PSAO) can help by providing reconciliation support that allows pharmacies to focus on customer service. Pharmacy First, one of the nation’s leading PSAOs, recently published “The Value of Comprehensive Claims Reconciliation,” a white paper that explores how reconciliation services from a high-functioning PSAO can save pharmacy owners valuable time and money.
“In this competitive market, removing the administrative burden of claims reconciliation can have tremendous impact on a community pharmacy,” said Ashley Otte, Director of Reconciliation for Pharmacy First. “Partnering with a PSAO shifts the financial responsibilities away from the pharmacy and helps minimize reconciliation issues that can negatively affect profits.”
In “The Value of Comprehensive Claims Reconciliation,” Otte examines a PSAO’s ability to provide comprehensive, end-to-end support for all claims reconciliation and recoupment by:
- meticulously monitoring each claim and promise-to-pay amount
- contacting payers on the pharmacy’s behalf to recover funds not fully paid
- taking over as the pharmacy’s central pay center for payments and receivables
- providing visibility on fees, payments and savings opportunities
- assisting with audit requirements and minimizing those risks
Otte’s advice to independent pharmacy owners: Not all PSAOs offer the same level of reconciliation service. Look for a PSAO partner that offers end-to-end reconciliation support on all claims, so you can maximize profits, minimize losses and give your customers the time they deserve.
About Pharmacy First
Serving over 2,300 independent pharmacies in the U.S. and Puerto Rico, Pharmacy First provides services and support to keep its members competitive in an evolving market. Pharmacy First eases the administrative overhead of independent pharmacy operations by assisting with credentialing, third-party contract management and reconciliation, quality assurance, medication adherence services and more.