PHARMACY FINANCIAL SOLUTIONS

Pharmacy Financial Services

Progressive Healthcare Solutions (PHS), offers several financial analyses service conducted by the Business Services division. Each service offers pharmacy healthcare solutions to achieve positive financial results. The following is a summation of the financial solutions services offered by PHS’s Business Solutions division and the impact the financial analysis services can have on your pharmacy.

One of the pharmacy financial solutions offered by PHS is third-party claim analysis. Third-party reimbursement represents over 90% of pharmacy’s revenue. By not monitoring this stream of revenue a pharmacy could lose up to 4% of its total gross revenue. Our third-party claim analysis will review your claims to ensure you are receiving and maximizing all of your third-party revenue.

The analysis of adjudicated claims versus the EOBs from prescription drug insurance carriers can prove to be an eye opening experience for many pharmacy stakeholders. When adjudicated claims are compared against EOBs discrepancies are often found. By identifying these discrepancies a pharmacy will be able to recoup more revenue as well as report its revenue figures more accurately on its financial statements.

The financial analyses department offers over twenty years of pharmacy financial solutions. By analyzing your net profit margins we can determine many methods to increase your percentage of revenue per $1 in sales. An efficient operation will yield higher profits from sales. Other margin analysis will include a comparison of operating costs to other high performing peer pharmacies and offer solutions to increase your pharmacy’s revenue.

Cash flow and accounts receivable (A/R) are key components that are analyzed to determine the efficacy of the pharmacy’s revenue cycle and is also an indicator as to the pharmacy’s financial strength. Healthcare Business Consulting’s financial analyses department will review your pharmacy’s cash flow and A/R and offer solutions to resolve account receivables that are 60+ days past due from customers and third-party payers. Additionally, we will recommend policy and procedures designed to increase your cash-flow and minimize A/R days outstanding.

Is your pharmacy getting the most revenue from prescription sales while offering your customers a fair and competitive price for their medication? The financial analyses department of Progressive Healthcare Solutions will evaluate your pricing tables, evaluate your wholesaler contract & services and look for efficient processes and procedures to reduce financial liability or overhead. PHS’s experts are trained to help you get the most of your pharmacy sales.

Progressive Healthcare Solutions also offers financial management reporting dash-boards. These dash-boards are designed to measure, monitor and improve the financial and operational performance of your pharmacy. By customizing these dash-boards to measure your pharmacy’s key performance metrics you’ll be able to identify any bottlenecks or problem areas and quickly resolve these issues.

Progressive Healthcare Solutions will work with you to define and/or refine your mission, vision and value statement. Once defined, our consultants will work with you to create pharmacy financial solutions, metrics dash-boards specific to these visions and goals. Progressive Healthcare Solutions works with you as the pharmacy principle to identify what needs to be measured, why this measurement is important, and what precise actions should be taken according to the dash-board results. These key components are the core of a successful dashboard specific to your pharmacy and the mission, vision and values of your pharmacy.

As a pharmacy principal you may choose some of these services or all of them depending on your needs. Progressive Healthcare Solutions offers these services with the promise of results that exceeds your expectations. This is accomplished by working and listening to you as the pharmacy principal and by putting your goals into action.

For additional information and for a confidential consultation please contact us by filling out the form below or by calling us at (800) 996-0975.

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  • More than 30 years of experience
  • One-stop pharmacy consulting firm
  • We’ll identify opportunities to increase profit margins
  • We’ll help uncover operationally bottlenecks costing you time and money
  • We’ll help build a plan to increase cash flow

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Dublin, OH 43017