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Related Experiment Videos

Pharmacy cost reporting with an eye on the future.

Judith J Baker1

  • 1The Resource Group, Dallas, USA. jbaker@consultresourcegroup.com

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|January 26, 2006
PubMed
Summary

Hospitals should accurately report pharmacy costs to ensure fair future drug handling payments from the Centers for Medicare and Medicaid Services (CMS). Proper accounting practices by hospitals can influence CMS decisions on future reimbursement rates.

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Area of Science:

  • Health economics
  • Healthcare finance
  • Pharmacy administration

Background:

  • The Centers for Medicare and Medicaid Services (CMS) did not establish specific drug handling cost payments for hospitals in 2006.
  • Accurate accounting for pharmacy costs is crucial for potential future reimbursement policies.

Purpose of the Study:

  • To highlight best practices in reporting pharmacy costs for Medicare cost reports.
  • To inform hospitals on how their accounting practices may influence future CMS payment decisions.

Main Methods:

  • Analysis of Medicare cost reporting practices.
  • Identification of "best practice" hospital accounting methods for pharmacy costs.

Main Results:

  • Hospitals reporting costs under both "Pharmacy" and "Drugs Charged to Patients" may represent a best practice.

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  • This detailed reporting aids in the accurate accounting of drug handling costs.

    • Conclusions:

    • Hospitals employing detailed pharmacy cost reporting can contribute to the establishment of fair future drug handling payment rates by CMS.
    • Best-practice accounting ensures transparency and supports evidence-based policy-making for healthcare reimbursements.