POINT OF CARE DISPENSING REVENUE STREAMS
One of the biggest questions physicians ask us about point of care dispensing is how their practice will be paid. Physician dispensing with BRP Pharmaceuticals gives you up to four new revenue streams as you dispense medication to your patients:
PATIENT CASH AND CARRY
Many patients are either not covered by insurance or their insurance does not cover the prescription medication that they need. They will be paying out of pocket (private pay) for their medications whether at the point of care or at the pharmacy; allowing them to purchase these directly from you adds significantly to patient convenience, as well as confidentiality. In addition, some patients’ insurance include deductibles or co-pays that are higher than what a clinic might charge for such medications, and so choose to pay out-of-pocket for their medications.
Practices that provide patients with these benefits often see higher patient satisfaction, reduced attrition, and increased referrals and word-of-mouth patients.
In addition, your clinic will benefit from an increased revenue stream that flows straight to the bottom line. Medical practices that introduced in-office dispensing have seen profit increases of up to 50% – without taking on any additional patients, staff, or equipment.
In many cases, even patients whose insurance does cover the medication in question, they may still prefer to purchase them on a cash and carry basis directly from you. Often, the convenience and confidentiality benefits outweigh the difference in cost, especially since BRP Pharmaceuticals is able to provide you with prescription medications at an extremely low cost and many insurance programs have high co-pays. Of course, your clinic can also choose to process application prescriptions through the patient’s private insurance if desired; see private insurance reimbursement below.
There is also a further benefit of dispensing medication directly to patients instead of sending them to a pharmacy: increased compliance and better patient outcomes. On average, approximately 40% of prescriptions are not filled or the patient does not comply with its instructions. This can add significant costs, and by delaying or inhibiting recovery, lowers patient satisfaction.
It should be noted that just because your clinic decides to dispense some medications, it’s not obligated to dispense all prescriptions. Most clinics operate with a hybrid approach, dispensing common medications in-office while sending their patients to pharmacies for rarer, branded, or specialty medicines.
To review BRP’s current formulary, click here. To speak with a physician dispensing expert for a no-cost, no-obligation consultation, please call us at 877.885.0882 or begin a live chat (during regular business hours) or fill in a short contact form and we will get in touch shortly.
PRIVATE INSURANCE REIMBURSEMENT
BRP Pharmaceuticals can help you get set up so that you can offer your patients the option, where appropriate, of billing their insurance company instead of charging them full retail price in a cash and carry transaction. This is optional for your clinic; many choose to operate exclusively under other payment models, such as cash and carry.
The benefits to the patient under this system are even more enormous. They get the same convenience, confidentiality, and quality-of-care benefits from a cash and carry system, and their insurance company picks up at least part of the cost.
Your clinic’s revenue under this system comes in the form of insurance reimbursements as opposed to cash directly from patients, so there is more paperwork as well as a delay receiving reimbursement while claims are being processed.
Many clinics operate with a flexible approach, dispensing some medication through insurance where appropriate, dispensing others on a cash and carry system, and referring still others to pharmacies for low-volume or specialty medications.
To review BRP’s current formulary, click here. To speak with a physician dispensing expert for a no-cost, no-obligation consultation, please call us at 877.885.0882 or begin a live chat (during regular business hours) or fill in a short contact form and we will get in touch shortly.
WORKERS’ COMPENSATION DISPENSING
For clinics with workers’ compensation patients, point-of-care medication dispensing adds great value to the clinic and to the patient. BRP provides all the information needed to bill and collect within the works’ comp system. We work with a variety of clinics directly along with management companies
ACO / RISK BEARING ENTITIES
BRP Pharmaceuticals provides customized sector-specific solutions to support workers’ compensation dispensing and dispensing through ACOs / risk-bearing entities.
Please contact one of our experts during business hours for a no-cost, no-obligation consultation to evaluate if physician dispensing would benefit your practice. During business hours, we are available at 877.885.0882 or through our live chat system (during regular business hours) or we invite you to fill in a short contact form and we will get in touch shortly.
START EARNING MORE REVENUE TODAY WITH PHYSICIAN DISPENSING
Contact us today for more information.