Reconciliation services for independent pharmacies help streamline the process for reconciling claims. Pharmacies can ensure they receive the correct reimbursements by relying on a third-party recon service provider. However, not all reconciliation programs are created equally. Differences in recon services have led to several myths about reconciliation and its effectiveness for independent pharmacy. Keep reading to learn the truth behind common recon myths and how you can set your business up for success.
1. Reconciliation efforts rarely yield results.
If you have paid for reconciliation services in the past or relied on recon efforts from your organizational memberships, you may have been left partially disappointed. While third-party payers are contractually obligated to pay claims, these organizations deal with millions of dollars every day. Without the right reconciliation program going after claims, a pharmacy’s money can easily get lost in the shuffle. If done correctly, a reconciliation program can actually increase the cashflow of a store, ensuring no dollar is left behind.
2. Reconciliation efforts take too long.
Reconciliation often elicits groans among independent pharmacists because the time spent chasing down money is often not worth the cost. Delayed payments can greatly impede cashflow for the pharmacy, causing financial backups. While this problem may occur with reconciliation services from some vendors, TDS offers a different approach to reconciliation. By going after payments 15 days sooner than any other recon program, we get money back to the pharmacy much quicker. Cashflow is not impeded by reconciliation, and pharmacies see the needle move much faster than average.
3. Outside reconciliation services cost too much.
Paying for reconciliation services and not seeing a return is incredibly frustrating. Even pharmacies that rely on reconciliation may experience losses on their investment. In order to see a sizeable return, pharmacies should look for reconciliation programs that do not take a percentage of the money recovered. There should be no additional costs for recon services outside of the flat monthly fee. Also, it is important to find a service that does not write off claims.
4. Reconciliation requires a lot of work from the pharmacy.
Paying a fee for reconciliation services seems wasteful when the pharmacy ends up doing most of the legwork. If your reconciliation service provider does not have the resources to commit to your business, you could be wasting money. However, trusting a reliable reconciliation provider with a knowledgeable staff keeps the busy work off your plate. With reconciliation services from TDS, you reap the benefits of our highly qualified team without having to waste valuable time.
Interested in reconciliation services for your independent pharmacy? Contact us at 800-696-8809 to learn more about the recon program from TDS.