Today, countless pharmacists take advantage of modern pharmacy technology to work more efficiently, offer better patient care, and grow their business.
However, some pharmacists have yet to experience the benefits that come with embracing technology and enhancing their pharmacy management system (PMS) with game-changing add-ons. Here are some of the key ways pharmacy management system add-ons can transform your pharmacy business.
The Different Types of Pharmacy Technology Add-Ons
A number of technology add-ons are available to help independent pharmacies fill in gaps and enjoy the same benefits as large chains. Different types of pharmacy technology add-ons include the following:
Patient Management Add-Ons
Pharmacy patient management add-ons enable independent pharmacists to offer a wide range of health and wellness services, from flu shots and other immunizations to diagnostic screenings, durable medical equipment (DME) sales, diabetes prevention and management, and more. Patient management add-ons also introduce opportunities for independent pharmacists to improve their U.S. Centers for Medicare & Medicaid Services (CMS) star ratings and medication adherence rates using targeted alerts to intervene when necessary.
Medical Billing Add-Ons
Medical billing software compliments pharmacy management systems by streamlining reimbursement workflows. Using this type of add-on allows independent pharmacists to work more efficiently and reduce manual, error-prone processes that lead to increased claim denials. With this approach, pharmacists can optimize their medical reimbursements with timely and accurate claims submission for clinical care services and durable medical equipment, generating increased revenue and improving their pharmacy’s cash flow.
Claims Reconciliation Add-Ons
Claims reconciliation add-ons aid independent pharmacists in identifying outstanding receivables and monitoring third-party payments. With technology to help guide the process, pharmacists can reduce time between payment receipt and claims removal. This helps them quickly and easily spot slow-paying third parties or missing and unreconciled claims. In short, that means no longer leaving reimbursements on the table or experiencing the revenue drain that comes with it.
Business Intelligence Add-Ons
Using business intelligence add-ons helps independent pharmacists pinpoint opportunities to improve their financial, clinical, and operational performance with data and analytics. These modern technology additions offer numerous reports on key pharmacy metrics such as on-time refills, missing patients, drugs sold at a loss, open claims, adherence ratings, and more. Customized daily, weekly, and monthly reporting provides accurate snapshots of a pharmacy’s performance, both from a revenue and patient care perspective.
5 Benefits to Using Pharmacy Management Software Add-Ons
Using any (or better yet, all) of the technology add-ons outlined above can benefit independent pharmacists in several ways. With pharmacy management software add-ons, pharmacists can accomplish the following:
1. Introduce More Efficient Pharmacy Workflows
There’s never a dull moment in a pharmacy—especially for smaller community stores with limited resources and a lack of corporate support. Independent pharmacists are consistently on the hunt for ways to grow their business and increase profits without adding to overhead costs.
By automating tasks that slow down clinical workflows and take away from time spent with patients, pharmacists can work more efficiently and spend more time connecting with people at the pharmacy counter. Technology add-ons help staff improve operational efficiency in multiple ways, including:
- Shifting from paper to digital records
- Moving to electronic eligibility verification
- Optimizing operations across various pharmacy locations.
2. Identify New Opportunities to Interact with Patients
Patient management and business intelligence add-ons both allow independent pharmacists to pinpoint opportunities to improve patient care. For example, after using the software for an in-depth review of medication adherence history for each patient, the pharmacist can identify which are non-adherent.
Then, they can determine the best route forward and utilize software to act accordingly, whether it’s to enroll them in a medication synchronization (med sync) program or to offer targeted intervention counseling. Additionally, independent pharmacists can use add-ons to drill into various disease states and educate patients, as well as to recommend medication regimen changes to doctors.
3. Improve Medical Billing Accuracy to Reduce Denials
Pharmacists today recognize the value-added benefits that come with offering clinical services like immunizations and diagnostic testing—but getting paid accurately and efficiently is imperative to keep the doors open and continue offering quality community care.
Armed with medical billing software, independent pharmacists can bill for the clinical services they provide without facing the administrative hassles and errors that prevent them from getting paid on time. The most comprehensive medical billing add-ons for pharmacy management software also offer clinical documentation support and education on important billing and coding changes, such as those we’ve seen throughout the COVID-19 pandemic.
4. Gain the Ability to Offer Enhanced Clinical Care Services
With the newfound ability to streamline medical billing complexities, pharmacists can also make use of add-ons to offer enhanced patient services like point-of-care testing, medication therapy management (MTM) counseling, and flu shots. This helps independent pharmacies compete with big-box retail chains by giving community stores a competitive edge and increasing their profitability.
Having the ability to offer enhanced clinical care services is even more beneficial amid the COVID-19 pandemic, during which pharmacists were given the green light to offer point-of-care testing. When a COVID-19 vaccine becomes available, pharmacists will also be poised and ready to add it to the list of immunizations they offer for patients.
5. Make Data-Driven Decisions for Better Results
These days, nearly every business makes decisions that are driven by data and analytics, and independent pharmacies are no exception. Pharmacists utilize robust reporting features for a comprehensive view of:
- Medication adherence
- Quality performance
- Areas for improvement
- Rejected and unpaid claims
- Prescription margins
- Pharmacy operations
Reporting features allow pharmacists to gain a visual, user-friendly snapshot of their pharmacy’s performance to drive growth, make clinical and operational improvements, and introduce new patient care services to increase revenue. On top of transforming your pharmacy business for the better, you can take advantage of pharmacy management software add-ons to improve the way you interact with and care for patients in your community. Sold on pharmacy management software add-ons, but unsure of how to choose the right options for your business? Download our free checklist for a guide on the key features to look for in integrated pharmacy technology add-ons.
