In light of multitude challenges standing in the way of having a profitable business, Pharmacists are struggling to remain steady.
Avoiding these challenges and improving collections is important for successful Pharmacy.
According to statistics, Pharmacists are the third largest healthcare professionals in the healthcare system with 65 percent practicing in community pharmacy settings; 22 percent in hospitals; and the other 13 percent in multiple care settings like nursing homes, clinics and physician offices. Various challenges in Pharmacy billing such as lack of potential to bill correctly, ineffective communication, demands from patients etc. are responsible for lesser payments and hence losses for the Pharmacy.
Pharmacists have been subjected to tenacious demands arising from constant changes in healthcare regulations. Fighting these challenges has been taking its toll on Pharmacists. Complexities in the pharmacy industry have been posing a challenge in ensuring revenue flow. Errors in billing can significantly affect the revenue cycle of a pharmacy bringing in losses. Quoting Jessica Parker, Sr. Healthcare Consultant, ‘understanding how the revenue cycle works in pharmacy is of utmost importance. The way in which drugs are coded and reimbursed must have a sound workflow. Tracking constant changes in medicine-related CMS regulations are a continuing challenge that results in compliance and reimbursement being at stake.’
Efficient billing management for Pharmacy brings profitable outcomes in handling patients and enhancing the Revenue Cycle Management (RCM). Integrating some of the best practices is a beneficial method of including these into the pharmacy billing for greater benefits in the long run. Complexities revolving a pharmacy are barriers in ensuring revenue flow. For a profitable business, an expertise in billing will help.
MBC has always made it its focus to reduce revenue challenges for Pharmacies and has been successful in this endeavor. The ever changing healthcare industry makes it difficult to sustain smooth flowing revenue. Various attempts are made by the team at MBC to mitigate barriers for Pharmacy reimbursement. The eBook summaries some of the best billing practices and guidelines that are essential for all pharmacies. ‘Our expertise has led to many profitable Pharmacies who have seen their way to success and have retained their profits. The most important is to strategize the workflow. Our eBook has proven instrumental in ways more than one. Along with familiarizing Pharmacists with plausible challenges that generally may not seem so over the cover, we have also mentioned the different applicable strategies that could be applied to reduce and eventually avoid these barriers.’ said Steve Martin, MD, Web Marketing.
‘The eBook has been extremely useful in providing vital information pertaining to billing challenges and strategies that would come handy in evading them.’ Greg Warren, Pharmacist.
‘Understanding the requirements and following guidelines in Pharmacy billing is of utmost importance. The eBook has well documented the pharmacy billing guidelines that help in effective billing.’ Percy Green, eBook subscriber.
‘Following an effective billing process will reduce denials thereby increasing revenue. With so many regulations and specific coding requirements for Pharmacy billing, it becomes difficult to ensure flawless billing. The information in the eBook is very well put across and has touched those areas of billing that are the most demanding.’ Natasha Paul
Thus, MBC has once again lived up to its commitment of going that extra mile for ensuring faster, better reimbursement and enhanced profits for Pharmacies. It is important for pharmacies to have an efficient billing Workflow Cycle so as to enhance Revenue Cycle Management Process. Pharmacy billing practices must be optimized in order to avoid fraud, waste and abuse. The eBook talks about the challenges and strategies for a successful Pharmacy.
MBC has an extensive experience of 16+ years and the teams’ assistance in opening revenue blockages has been contributory in every way. With a presence in all states and major cities of US, MBC is one of the leading medical billing and coding service providers that is constantly making efforts towards streamlining the revenue cycle management for physicians and hospitals in US.
Company Name: Medical Billers and Coders
Contact Person: Prerna Gupta, Media Relations
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Country: United States