Third-Party Pharmacy Solutions

Challenge

A Food/Drug Chain with 120 pharmacies processing 200 Payers was faced with accounting integrity and audit issues, high write-offs, its receivable outstanding growing faster than sales and the inability to access payer specific metrics reporting. 

Solution

“Having outgrown the capabilities of our proprietary A/R system, we were faced with either costly, time-consuming software programming or system maintenance or outsourcing.  The PRISM expertise is pharmacy receivable management.  It provides scalability through sophisticated web-based exception management reporting tools.  The PRISM solution offered us the reconciliation options we need to reduce write-offs and lower operating expense, not only is PRISM a painless conversion process, it also delivered the accounting controls we need to feel secure and confident in our audit preparedness.  The cost benefit of outsourcing was very apparent with PRISM.”                                         

 – Retail Accounting Manager

Impact

The PRISM A/R solution reduced the chain’s data processing, reconciliation, IT, and cash application resources by 100%.  Within the first six months of processing with PRISM, write-offs were reduced by 60% and unapplied cash by 90%.  Electronic remittance increased from 70% to 93%.