Pharmacists have never been at ease with pharmacy billing requirements due to the complex procedures to make the bills accurate and compliant. Over time, the problem has been exacerbated by recent trends of rising DIR fees and declining reimbursements. Pharmacists are now providing clinical care to patients to counteract the dual impact. In the process, they added another problem to their list: billing in lockstep for a service vastly different from pharmacy billing.
To begin with the process, the billing format that differs for clinical services provided by a pharmacist and a provider must be considered. Unlike medical billing, prescription billing requires prescription numbers and NDC (National Drug Codes). As a result, pharmacists must outsource pharmacy billing services to bill for medical benefits patients obtain through their insurance plans.
The Evolution of Pharmacy Billing Landscape Over the Years!
The Affordable Care Act has enhanced the count of people with health insurance, making data management even more complicated. The growing use of healthcare services, the enormous demand for prescription drugs in the United States (higher than in any other part of the world), along with the lack of a universal health plan directly impacted healthcare data management. This demands that pharmacists keep into account the following factors:
- 1. Transitional Care Billing: Once patients are discharged from a skilled nursing facility, transitional care management is a type of service for billing care in collaboration with physicians and care providers. Patients may be released from observation settings or an inpatient hospital at times, and non-physician providers such as pharmacists are frequently offered this service.
- 2. Knowledge of Drug Prices: The pharmaceutical industry is subject to market forces, and drug prices vary depending on the product and brand. When hospitals buy drugs at higher prices, cost-effective alternatives are frequently overlooked. The art of balancing revenue and expenses is critical for a long-term pharmacy billing process. Inventory procurement must be controlled and monitored, followed by storage and dispensing, and the revenue cycle must be closed. To avoid billing errors, the data should be entered precisely.
Get Accurate Pharmacy Billing with Info Hub Consultancy Services (ICS)!
Maintain Data Integrity for Assured Success
Outsourcing pharmacy billing to offshore medical billing companies like ICS would mean well-structured billing solutions for pharmaceutical companies, healthcare service providers, and leading pharmacists worldwide. The dedicated team ensures that data is filled correctly, from patient authentication to payments, and that the entire pharmacy billing cycle is monitored from beginning to end.
Our team also offers complete pharmacy billing outsourcing services, turning the efforts into quick turnaround time, a smooth workflow, consistent cash flow, and fewer claim rejections. When you choose ICS to outsource pharmacy billing services in India, our team of experts goes above and beyond to ensure that there are no errors or late submissions. Precision-driven pharmacy billing services ensure that pharmacies can improve their revenue cycle by handling data with care.
Offer Patient-Centred Care with ICS!
When you outsource pharmacy billing and coding services to Info Hub Consultancy Services, we collaborate with pharmaceutical companies to solve billing issues. We have more to offer than just billing solutions, as we have experts in charge of billing functions.
Nothing is too complicated for us to handle, from pharmacy coding to billing. We develop solutions that help you get your billings posted automatically and in a shorter time by combining advanced technology and billing professionals. We also offer medical transcription, revenue cycle management, healthcare claims adjudication, and other top services, adding the time to focus more on your patients.
To learn more about our pharmacy billing services, reach our pharmacy billers and coders, who will be happy to assist you.