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Pharmacy revenue cycle audits can bring unexpected returns
Douglas E Miller1, Kristin Fox-Smith
1Visante, Minneapolis, USA. dmiller@visanteinc.com
Summary
A comprehensive pharmacy revenue cycle analysis helps hospitals find and fix revenue leaks. This ensures ongoing financial integrity and accurate reimbursements for healthcare organizations.
Area of Science:
- Healthcare Management
- Pharmacy Administration
- Financial Auditing
Background:
- Hospitals often experience significant revenue loss due to undetected errors in the pharmacy revenue cycle.
- Multidisciplinary teams are crucial for a thorough examination of complex financial processes.
Purpose of the Study:
- To highlight the importance of end-to-end pharmacy revenue cycle analysis for identifying financial discrepancies.
- To outline the necessary steps for rectifying identified revenue loss issues.
Main Methods:
- Conducting an in-depth, multidisciplinary analysis of the entire pharmacy revenue cycle.
- Developing targeted remediation plans to address specific identified errors and oversights.
Main Results:
- Identification of unsuspected errors and oversights leading to substantial annual revenue loss.
- Establishment of a framework for correcting revenue cycle inefficiencies.
Conclusions:
- End-to-end analysis is vital for preventing millions in lost revenue.
- Assigning permanent accountability ensures the long-term accuracy and integrity of the pharmacy revenue cycle.
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