How do you identify and recover missing third-party payments and short paid or unpaid claims in the pharmacy? Approximately 95% of prescriptions are billed through a third-party payer (Number of Retail Prescription Drugs Filled at Pharmacies by Payer, 2019) for reimbursement. Payment to the pharmacy for any number of these claims can be short paid or missing which not only affects reconciliation, but negatively impacts your bottom line.
To help you monitor, identify, and recover short paid or missing payments, below are some best practice tips to help keep your pharmacy cashflow healthy.
Make sure your physical address and bank account information are up to date
These are two of the most common reasons a pharmacy may not receive payment. In order to reduce the chances of misdirected or delayed payments, ensure third-party payers and your pharmacy claims reconciliation vendor have the most up-to-date physical address and bank account information for your pharmacy. In addition, your pharmacy claims reconciliation vendor may be able to assist you with recovering missing checks or deposits. Read more >
Net-Rx™, an MHA Solution, has specialized in providing operational and software-driven solutions exclusively for pharmacies for more than 15 years. Led by industry experts, Net-Rx™ solutions drive operational excellence and optimum financial performance across reconciliation, reimbursement verification, and prescription pricing.
This post is related to:
Worker's Comp, Claims, PA Management, Adjudication
