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Inventory information approval system certification and flexible spending account purchases
Brandon Shuey1, La Vonn A Williams
1Flex TRAX Solutions, Wichita, Kansas.
International Journal of Pharmaceutical Compounding
|August 23, 2013
Summary
The pharmacy industry saw major changes in 2009, including new requirements for Inventory Information Approval Systems (IIAS) for flexible spending and health reimbursement accounts. Pharmacists should consider IIAS certification as card use grows.
Area of Science:
- Pharmacy industry regulations
- Healthcare finance technology
Background:
- 2009 brought significant regulatory changes to the pharmacy sector.
- New requirements mandate specific systems for processing flexible spending account (FSA) and health reimbursement account (HRA) cards.
- Pharmacies explored alternative methods like the 90% exemption rule to manage costs associated with point-of-sale systems.
Purpose of the Study:
- To analyze the impact of new regulations on pharmacy operations.
- To evaluate the necessity and implications of Inventory Information Approval System (IIAS) certification for compounding pharmacies.
- To inform pharmacists about the growing trend of FSA/HRA card usage.
Main Methods:
- Discussion of the 90% exemption rule as an alternative compliance method.
- Analysis of the increasing adoption rate of FSA/HRA cards.
- Consideration of the financial and operational aspects of IIAS certification.
Main Results:
- The implementation of the Inventory Information Approval System (IIAS) became a key consideration for pharmacies.
- The 90% exemption rule offered a temporary workaround for some pharmacies.
- Projected 85% participation in FSA/HRA card usage by 2010 indicated a significant shift.
Conclusions:
- Compounding pharmacists need to assess the advantages and disadvantages of obtaining IIAS certification.
- The increasing prevalence of FSA/HRA cards makes IIAS compliance a critical issue for pharmacies.
- Strategic decisions regarding IIAS certification are necessary for future pharmacy operations.
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