7 Tips to Ensure Success in Pharmacy Billing with Altering Healthcare

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It is difficult to sustain a constantly altering healthcare industry and avoid losses. With the ever-changing healthcare industry and a rapidly growing relationship between physicians and pharmacists that is creating an influx of patients for both professionals, pharmacists are becoming busier by the day; as more and more patients are taking help from pharmacists in not only asking prescription-related queries but also inquiring and interacting with them on diet/lifestyle changes.

Hence, pharmacists today need to focus on the foremost and toughest things which are accounting and bookkeeping. Here are some tips that can ensure success in pharmacy billing:

1. NCPDP sign up: Pharmacists must sign up with the database service of the National Council for Prescription Drug Programs (NCPDP) which permits a pharmacy to bill. A six-digit number is provided to all pharmacies, known as the BIN, which is used for identification.

2. Insurance billing: Pharmacists must keep a 3rd party cheat sheet book. This should have a list of pharmacists who can be of help when required; should contain the state Medicaid’s BIN number; and must include the billing procedure of test strips for Medicare Part B etc.).

3. Third-Party Relationships and contracts: Insurance agencies have a third party known as the Pharmacy Benefit Manager (PBM), e.g. Medco and Express Scripts. These perform the complete auditing and verification of the prescription billed for the insurance company.

Also, signing contracts is imperative. A pharmacy cannot bill PBM unless a contract has been signed (by the third party) as this contract allocates the co-pays etc. to the pharmacy. Apply for insurance contracts (associate with local pharmacy groups and then with contracts via that group) and start billing with the complete details of the prescription and the patient’s demographics.

4. Technology: Pharmacists must use the latest pharmacy billing software – QS1. And must always verify in case of doubt (e.g. if a specific drug is reimbursable or not) with the insurance agency. The latest technology ensures a smooth and flawless billing process.

5. Financials: For financial reliability, ensure that the co-pay and amount reimbursed by the insurance agency are equal to the amount billed. Make certain that patients are aware of the cost of services, and that they are responsible for its payment if the insurance payer does not reimburse. Maintain a document of each patient and the services provided.