McKesson showcased its comprehensive suite of technology and consulting solutions designed to help hospital and health systems pharmacy leaders track, manage and grow pharmacy operations at the 2018 Healthcare Financial Management Association (HFMA) Annual Conference, June 24-27, in Las Vegas. McKesson also announced the launch of its new Drug Spend Savings Calculator.
The health system pharmacy is often overlooked as a piece of the revenue cycle, and given the complexities in reimbursement, many systems are leaving money on the table – the combination of McKesson’s PAP and Revenue Recovery programs focus on the solution.
In addition to the obvious expansion into specialty pharmaceuticals and optimizing 340B opportunities, maximizing patient assistance and recovery programs are critical methods pharmacies can use to generate revenue. McKesson’s revenue recovery service can help by identifying hidden revenue and developing a customized action plan to improve cash collections.
This includes analyzing drug reimbursement by payer and identifying gaps in payment, reviewing payers’ claims and delivering validated findings to assist in claim reprocessing and reimbursement collection.
Nearly 28.5 million Americans are uninsured or underinsured, leaving them at risk for medical costs they may not be able to afford. Patient Assistance Programs help relieve financial pressures by offering free medications and devices or co-pay assistance. For these patients, and the hospitals and health systems that provide their care, PAPs also play a critical role in promoting medication adherence and a strong relationship between the patient and the pharmacist.
However, securing PAP aid requires hospitals to constantly monitor changes in patient eligibility, use valuable staff time and resources on paperwork, and collect data in a highly-matrixed environment, which can be extremely challenging for hospitals.
McKesson’s PAP Recovery team helps hospitals successfully manage the ever-evolving PAP complexities by providing recovery services, including identifying eligible patients, completing and verifying enrollment, and facilitating product recovery. Utilizing technology designed to store patient data, auto-populate required forms, and streamline and track the status of PAP applications, McKesson helps alleviate a number of these challenges and save valuable pharmacy staff time to focus more on patient care.
This results in increased patient enrollment and drug replacements for health system pharmacies, reduced strain on hospital staff resources, and improved regulatory compliance.
