Pharmacy Financial Services

Progressive Healthcare Solutions (PHS), offers pharmacy financial consulting – let’s maximize your pharmacy profits without sacrificing care.

Your tailored pharmacy financial consulting may include:

• Third-party claim analysis. Third-party reimbursement represents over 90% of a 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.
• Adjudicated claims versus the EOBs analysis.  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.
• Cash flow analysis. 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.
• Pricing Tables analysis. 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 out of your pharmacy sales.
• Net Profit Margins analysis. 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.

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.

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.