Third-Party Pharmacy Solutions

Challenge

CVS, America's #1 pharmacy dispensing retailer with over 4,200 stores in 31 states and the District of Columbia, has in place an aggressive store growth program that stretches well into the foreseeable future. These expansion plans support the company's goal to be the most customer-focused, innovative, and convenient healthcare service retailer in America. But this exciting growth has not come without some discomfort.

CVS was expending valuable resources on capturing remittance data manually — a critical step in transaction level reconciliation, and a proven step in reducing write-offs and bad debts.  CVS's solution was not meeting all of their existing needs — including:

· Receiving single data feed for all remittance information
· Reducing overhead associated with data keying and tape reformatting
· Improving remittance data input turnaround time
· Focusing on transaction-level reconciliation and collections knowledge base

Over two-thirds of pharmacy retailers today are attempting to deal with these issues in-house.  With the approaching HIPAA regulation deadlines and the uncertainty around paper-based volume, adding more IT or finance personnel in these economic times are not welcome solutions to most.  However, some retail pharmacy operations— like CVS — have discovered an alternative.  They have successfully outsourced their data capture and tape management needs. 

Solution

CVS has been outsourcing pharmacy remittance capture to Carolina Services' PRISM group for over two years.  PRISM offered CVS 99.6% accuracy and quick turnaround.  "We have been very pleased with PRISM's ability to meet our customized, payer-specific data capture needs.  Carolina Services has a quality operation that easily absorbed our significant paper remittance volume," stated Paul Graziano, CVS Third-Party Finance Manager.  He went on to say, "Carolina is a top-notch service provider that offers cost-effective solutions.  Since partnering with PRISM our third-party data quality has improved."

Impact

How can PRISM impact your business? 
 
A large chain with 12 million annual paper remittance scripts can save over $500,000 through PRISM's Remittance/Data Capture Solutions for lower operating costs.  Let us analyze your situation to determine the value to you.   

Additionally, PRISM can address your specific tape management needs, imaging and retrieval required for HIPAA compliance and much more.