On the outset the pharmacy market is a highly competitive one and getting more so each passing day. So, coming to the moot question? What can your pharmacy business do to maintain the competitive edge in such a cut-throat competition?
Healthcare providers today spend large amount of time and money to achieve transparency and optimization in their medical claims. Plus, specialty pharmacies need to make better practice management which allow consistent recovery of aging accounts and stabilize the cash flow.
Having an experienced pharmacy medical billing team by your side has changed the expedient solution for a lot of providers in healthcare industry. They ensure great practice management with the right benefits checks and insurance verification process. Experts in specialty pharmacy billing services will provide an effective understanding of credentialing priorities.
Services covered by experienced Medisys pharmacy medical billing and coding team
On-boarding the patient and data capture
This is the first and the most vital step in the pharmacy billing process. You need to capture patient data and details like medical history, medical reports, previous prescriptions, doctors visited, etc.
As a pharmacists you need to aware of pre-authorization. Experienced medical billing team can handle a variety of medicine classification and pharmacy codes with accuracy. They have designed a system to ensure that authorizations are acquired well in advance of the billing. This significantly lowers claim denials specifically when patients are subscribed to complex health plans.
Account Receivable and Follow-up
Always keep in mind that if you have not billed claims then it will directly impact your revenue cycle. However, to overcome this you need to ensure that each and every pharmacy service provided to patients is systematically billed without lapse. Aligning your priorities with experienced billers ensure error free and timely claims submission. They also follow-up with patients and providers to ensure that payments are discharged on time.
Charge entry and Posting
Charge entry and payment posting is one of the most critical part in any kind of specialty medical billing. Professional billing services in the United States who have work experience have automated what is unarguably the most labor-intensive activity in pharmacy billing services. Right from cutting the time spent on data entry to optimizing the manual payment postings, their solution will ensure that reimbursements are appropriately accounted for.
Why experienced pharmacy billers?
Experienced medical billers follow different processes for an A-rated generic medicine, brand-name, as well as non-preferred drug. Each of these regions requires a clear cut billing approach, to ensure customizing the billing solutions which will minimize rejections and let you generate statistical and analytical reports for your pharmacy business.