Solutions for Infusion Pharmacy's Revenue Cycle Management
As the largest revenue cycle management partner in the United States, Prochant boasts an impressive 24 years of experience in pharmacy reimbursement solutions. Throughout this extensive journey in healthcare, one constant remains: Cash reigns supreme. Jon Love, Prochant VP of Pharmacy, reiterated this sentiment in a webinar for infusion pharmacy providers, hosted by Prochant Account Executive Lee Pratt. The Prochant experts delved into the revenue cycle reimbursement challenges and solutions for infusion pharmacies.
Nationwide, the average infusion pharmacy collects only 83% of their cash annually, a significant 12% below the established standard. This shortfall translates to thousands, if not millions, of dollars left in payer pockets.
Infusion pharmacies must confront a critical question: “Will we effectively address our ongoing revenue cycle reimbursement challenges?”
"This is just the cost of doing business" is not a sufficient response.
Jon Love emphasizes, "You can have your A/R at 10% or lower. As much as you think you can't do that, you can. You have to keep the main thing the main thing."
Tackling the Three-Headed Dragon
Pharmacies grapple with three major pain points: an enduring labor shortage (or what Jon Love calls “a forever labor shortage”), a massive lack of in-house expertise, and a heavy reliance on manual processing and reports instead of embracing technology and automation.
How to Slay the Dragon?
1) Global Workforce
In 2023, having access to a global workforce is crucial to combating the perpetual labor shortage. Prochant's revenue cycle management solutions in intake, billing, and collections significantly reduce the cost of a biller or collector by 60%, sparing you concerns about training and employee retention.
2) Expertise
On top of not wanting to spend a year and a half training someone just for them to leave for a job paying $6 more an hour, you want someone who understands your systems and revenue cycle reimbursement environment. Prochant provides highly trained full-time employees with American-led expertise, eliminating your need for onboarding and extensive training. We also hold HITRUST CSF certification, the gold standard in data security and risk management, due to working with some of the most secure VPNs and healthcare providers.
3) Prochant Pulse
Say goodbye to manual errors and overlooked KPIs. Prochant Pulse, developed based on years of experience in streamlining revenue cycle management, helps automate tasks and tracks analytics. This tool allows both Prochant and our clients to monitor vital metrics, ensuring transparency without compromising data security.
During the webinar, Jon Love reminded pharmacy providers that, “Payer partners don’t want to pay you. Don’t call them partners. They’re hoping you can’t follow up on denials. They know you don’t have the labor force.”
Prochant Pulse empowers our team to monitor essential KPIs while providing you with insights into our performance. No data leaves your system, and our reimbursement tracking tool offers alerts and drill-down capabilities to analyze trends in your DSO, Denial Rate, and more. Evaluate our infusion billing team’s productivity, quality, and turnaround time with ease.
While cash remains king in the industry, it is imperative for infusion pharmacies to confront their labor challenges directly and find pharmacy reimbursement solutions that work for them. Settling for a lack of expertise or resisting the adoption of new technologies designed to assist providers is not an option. Embracing innovation becomes paramount in navigating the evolving landscape of healthcare and infusion billing.
Prochant, with over 2,700 employees, is dedicated to resolving payer challenges. On track to grow to 5,000 employees by 2027, we invite you to grow with us and receive our unwavering support as your business expands.
Watch On-Demand Video!
For infusion pharmacy providers, this on-demand video is a must-watch. It discusses the critical aspects of revenue management and provides actionable solutions for overcoming common challenges, especially in manual billing workflows.
Prochant is the only AI-driven reimbursement service provider in the home-based care industry. We deliver focused revenue cycle management (RCM) solutions to healthcare providers with 7 wholly-owned global delivery centers. Our expertise lies in providing end-to-end RCM for home-based care, infusion, and specialty pharmacies, consistently delivering exceptional results to some of the leading healthcare providers in the country. We harness specialized automation technology and deep industry knowledge to streamline the time-consuming and expensive reimbursement process. As a result, we help healthcare providers accelerate their collections, increase revenue, and reduce operational costs while managing risk. Prochant is HITRUST certified, the gold standard for HIPAA security.