In the fall of 2014, we began to serve the Long Term Care Pharmacy vertical marketplace with our automated statement solutions. Although we have been serving similar healthcare clients for years with our service, this vertical had some unique challenges that we encountered and were able to solve. They included the following…
Ninety (90) percent of the LTC pharmacies that we encountered owned the manual task of generating statements, printing them, and bringing them to the post office monthly to ensure the documents were placed in their private pay client’s hands in a timely manner to influence payment. This can be a time consuming and costly task given the amount of client’s the pharmacy serves.
- It cost on average a $1.10 to generate, print, and mail a statement to a private pay client when including the cost of labor.
- The more beds a LTC pharmacy adds to its list of clients, the more time it will take to address statements monthly and the more operating costs incurred or associated with this manual effort.
- Most pharmacies only generate and mail statements once per month. It’s important when protecting cash flow that these statements are delivered in a timely manner each calendar month.
Using the Etactics, Inc. automated statement solution, LTC pharmacies simply upload statement data exported from their Practice Management software solution into an encrypted and secured customer area. Statement data is re-engineered, printed, and delivered to its private pay clients in an automated and timely manner at a 35% to 40% monthly cost savings.
Re-engineering the Statement Data
Most Practice Management solutions do a fine job of capturing most of the relevant fields and including the same on the statement when being printed directly from their software. However, the LTC pharmacy vertical is typically serving an older demographic and formatting the data in an “easy to read” manner is most critical to influence responsible and timely payment.
The Etactics’ statement solution allows for customization of any and all received statement data ensuring the pharmacy is making it easy for their clients to read the statement and understand very clearly what amount is owed and on what due date. Pharmacies are afforded the ability to employ a “balance forward” philosophy on the statement, removing confusing “dunning” or aging columns that only encourage slow or late private pay patient payment. Inclusion of other fields (i.e. NPI provider) can also be accommodated if the field is included within the data export uploaded to Etactics.
- Higher insurance deductibles are turning patients into “payers”
- Patient payment responsibility will exceed $700B in 2015
Capture Private Pay Payments in a PCI Compliant Manner
With more private pay clients becoming the primary responsible party for a greater portion of all due charges, it’s imperative that the pharmacy provides it patients with a broad variety of payment options and methods. Capturing payment at the “point of service” for an older demographic might mean the ability to allow for a check or credit card payment to be placed and captured while serving the client over the phone. How can this be accomplished without compromising patient payment information?
The Etactics’ solution includes a fully integrated payment processing and merchant component that allows a pharmacy’s staff to receive a patient’s phone call and take check or credit card payment in a secure manner. Pharmacies, and their clients, have the ability to store account information within an encrypted and virtual wallet to be used to facilitate immediate payment against an account balance in a PCI compliant manner.
To inquire about our automated statement solution to best serve your LTC pharmacy, please feel free to contact me directly at firstname.lastname@example.org or 330-342-0568. I would be happy to assist you in any manner possible improve processes and enrich the customer experience enjoyed by your patients when interacting with your pharmacy.