The pandemic has played havoc with the financial stability of many health systems. And pharmacists will have an important role in helping these facilities regain their fiscal balance.
Pharmacists will be instrumental in managing costs and increasing revenue.
Institutions are asking pharmacists to economize and stretch their resources to help provide a backstop to the losses caused by the Covid-19 pandemic. To help recovery, pharmacies need to focus on improving their data quality and the administration of reimbursement.
Health systems need to get patients back into their facilities and prioritize patients’ safety. Challenges healthcare staff face are coordinating care and increasing billing clarity and efficiency. Healthcare facilities also need to be aware of the requirements that must be met for insurance companies to provide payment for care, which is essential if health systems are going to recover. They need to make sure all of the claims meet insurance company requirements and include the necessary documentation to receive the most money possible.
This is also a key revenue component for health-system pharmacies. Everyone involved in administering medications needs to understand how the prior authorization process works. People need to know the drugs that require such authorization, have a standardized method for handling the prior authorization process, and make sure such authorizations are included on the electronic health record.
There are many different services that pharmacies can bill for to raise revenue. Pharmacists need to bring these to the attention of health-system executives to show that pharmacies can play an integral role in maintaining the institution’s financial viability.
Some of these services include wellness visits, anticoagulant monitoring, chronic care management, diabetes education, medication therapy management, telehealth, transitions of care, and administration of vaccines.
When dealing with all of the uncertainty surrounding the pandemic, pharmacists need to be innovative and adaptable to changing circumstances. Too often, when confronted with a crisis, instead of looking for new ways of doing things to handle the situation, many people fall back on well-worn practices that may not work all that well in new situations.
If your healthcare organization is looking to temporarily fill a pharmacy position, Cameron and Company is the place to go. We have almost a half-century of experience in providing pharmacists. We offer same-day service and pharmacy professionals who are qualified and reliable. Give Cameron and Company a call today.