Third-Party Pharmacy Solutions

Challenge
 
A Regional Food / Drug Chain with 61 Pharmacies Processing 70 Payers was faced with high unapplied cash, limited reporting capabilities, and was solely focused on processing; ticking and tying

Solution

“Since migrating our third-party accounting to PRISM/Carolina Services we have been able to focus our attention to addressing those Pharmacy issues that we did not have time to look at in the past.  PRISM has been a valuable business partner as we developed our third-party processing arrangement. Whether it was IT support or Business Process Recommendations, PRISM associates are second to none in the business world.  All team members are extremely knowledgeable and fully aware of emerging trends and issues related to pharmacy receivables.  Our partnership has proven effective time and time again and we look forward to a long and prosperous business relationship.”

– Manager of Accounting Services

Impact

The PRISM A/R solution reduced the chain’s data processing, reconciliation, IT, and cash application resources by 100%.   It streamlined the process and gave the chain the ability to focus on collections and analysis.  It also provided access to industry and client trends to benchmark against retailer peers’ service fees, DSO, number of payers, percent of electronic remittance, payer exceptions, unapplied checks, tolerances, write-offs, and found money.  Electronic remittance increased from 36% to 92%