Price inflation is a persistent challenge in the pharmacy industry, posing significant financial pressures on pharmacies and impacting patient access to affordable medications. In this article, we will discuss strategies and best practices to help pharmacies get in front of price inflation and navigate this complex landscape.
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The use of EFT by third-party payors for the payment of pharmacy claims greatly benefits a pharmacy’s daily operational demands. The seamless transactions improve cash flow which allows for managed control of the financial aspects of the business.
Understanding the drug recall process, developing procedures, and leveraging pharmacy analytics are key for compliance and reducing disruption for pharmacies. Learn more about best practices to consider for your pharmacy’s recall procedures.
The prescription claims process significantly contributes to unnecessary, and avoidable, costs. It is critical for every LTC pharmacy business owner to have a system in place to catch and correct errors in claims before they are submitted, enabling the prevention of payer rejections and under-reimbursements while achieving workflow improvements and protecting revenue.