As an increasing number of pharmacists embrace new clinical care services, the need for accurate, timely medical billing is more important than ever before. Today’s New Era Pharmacists not only offer invaluable patient care to their communities, but they also know how to submit for medical reimbursement accurately and efficiently.
However, medical billing is complex and challenging. Although most pharmacists are already very familiar with pharmacy billing processes, medical billing is an entirely different beast. Fortunately, technology like FDS MEDBILL is available to help pharmacists get paid on time and in full for the medical services they provide.
Here are the most eye-opening MEDBILL benefits for independent pharmacists.
1. Optimizing Medical Reimbursements
Running a healthy, profitable pharmacy business requires a steady cash flow to keep the lights on and the doors open—but most pharmacists would agree that crunching numbers is not how they want to spend their time.. Not only that, but amid other daily responsibilities, there just isn’t enough time in the day for pharmacists to offer more comprehensive patient care on top of filling prescriptions and navigating medical billing complexities.
At least, there isn’t enough time without using technology for support.
A medical billing solution with the right features like FDS MEDBILL enables independent pharmacists to get paid in full for the medical services they offer for patients, allowing them to maintain a steady cash flow and run a thriving and profitable pharmacy business. MEDBILL does the heavy lifting to optimize medical reimbursements while pharmacists and pharmacy technicians focus on what they do best.
2. Accessing Point-of-Care Education
Amid the COVID-19 pandemic, the pharmacist role has expanded even further in clinical care, introducing new opportunities for pharmacies to administer point-of-care testing to make it more accessible for all Americans. Although a recent poll of community pharmacists revealed that 82 percent of pharmacies would like to offer COVID-19 testing, 53 percent of those pharmacies do not feel equipped to do so.
Recognizing this newfound need in the pharmacy community, FDS developed a point-of-care training program, included with MEDBILL’s clinical upgrade, to mobilize pharmacists as COVID-19 testers. “We’re excited to offer this important resource during what has undoubtedly been one of the most difficult times many pharmacies have ever faced, but it is also an opportunity to accelerate the role of the pharmacy in community care,” said Adam McMullin, CEO of FDS.
3. Gaining Clinical Documentation Support
Clinical documentation plays a critical role when it comes to offering patient care services and submitting for medical reimbursement. Failing to document the clinical care services that you provide for patients could mean running into unnecessary claim denials, reimbursement delays, and other billing headaches that could be avoided with the right medical billing services, technology, and support.
That said, a medical billing solution like MEDBILL offers independent pharmacists like you the guidance you need to accurately create, document, and update your clinical documentation with ease. This way, when the time comes to submit claims for medical reimbursement, you can rest assured that the process will be smooth and efficient.
4. Introducing New Pharmacy Revenue Streams
In today’s crowded industry, independent pharmacies need to introduce new revenue streams in order to maintain a competitive edge and keep up with big-box retailers. Of course, doing so involves submitting medical billing claims for reimbursement, which can certainly be daunting—at least, without the resources needed to ease the burden.
Sound all too familiar? Luckily, solutions like MEDBILL equip and empower you to take advantage of opportunities to grow your business by expanding clinical care services, and in turn, your pharmacy’s revenue streams. With complete confidence in your ability to bill for clinical care and durable medical equipment (DME), you can increase your profitability
without the administrative headache that comes with medical billing.
5. Ensuring Greater Medical Billing Accuracy
Claim errors are one of the biggest issues pharmacists face when submitting for medical reimbursement. Manual medical billing processes are typically inefficient and error-prone, often leading to claim denials and payment delays that can impede a pharmacy’s cash flow and harm their business.
Fortunately, FDS MEDBILL helps independent pharmacies minimize medical billing errors and reduce the number of unnecessary claim denials, enabling pharmacists to get paid faster and with more accuracy. Modern digital solutions allow pharmacists to improve medical billing accuracy and reconcile missing, denied, or delayed claims to stop leaving reimbursements on the table.
6. Allowing Staff to Work More Efficiently
Speaking of manual, inefficient workflows, manual medical billing processes are slow and outdated, often getting in the way of pharmacists and technicians spending one-on-one time connecting and engaging with patients at the pharmacy counter. MEDBILL helps independent pharmacies streamline error-prone, time-intensive processes, allowing staff to work more efficiently and spend more time with pharmacy patients.
7. Enhancing Your Medical Billing Reporting
Today, nearly every successful organization turns to data and analytics to make informed decisions regarding the future of their business. With medical billing solutions like MEDBILL in their back pocket, pharmacists can utilize robust reporting features to view current and historical claims. In other words, you can use MEDBILL to track your pharmacy’s medical billing profits, identify opportunities for improvements, and make adjustments when you need to—all of which can inform your next steps in terms of clinical care services and subsequent medical reimbursements.
Modern Technology Add-Ons for the New Era Pharmacist
You can transform your pharmacy business and your profitability by making smart use of advanced pharmacy add-ons that sit on top of your existing pharmacy management system (PMS). In addition to medical billing software, you can also utilize other tools to work more efficiently and grow your business, such as patient management solutions and business intelligence tools.
Curious about pharmacy technology add-ons and how they can help you grow your business? Schedule a demo of FDS MEDBILL for a firsthand look at how a pharmacy medical billing solution can improve the health of your business and your patients.