Trisus® Medication Financial Management offers visibility into pharmacy reimbursement by medication so Pharmacy leaders can make informed formulary and service line decisions, take control of their revenue and expense budget targets, and quickly identify unexpected reimbursement variances that may require site of care, workflow, policy, or payor coverage rectification.
The Problem
- Pharmacy leaders have limited visibility into what they get reimbursed for purchased and administered medications, yet the pharmacy is responsible for 20-40% of a hospital's entire budget. Effective pharmacy financial management is critical to a hospital’s survival.
- For reimbursement information, Pharmacy Leadership must rely on periodical reports from Finance that often only contain gross charge or percent of charge information. For more advanced programs, customers report it takes from 3 weeks to 6 months to perform manual detailed analytics on drug reimbursement. By the time the report is complete, the data results are outdated, and it is difficult to reconcile actual Purchases vs Payor Reimbursement and ultimately margin.
“...Trisus Financial Management allows us to pull all the data in one place and review in any way and at any level we need to make better decisions. For example, with these solutions, we discovered that we were receiving 40% less than our negotiated rate on a $56,000 per drug dose.”
- Revenue Cycle Supervisor
The Solution:
- Trisus Medication Financial Management assesses purchase, billing, and remittance data sets to provide visibility into margins at the medication level, giving pharmacy leaders the insights needed to make informed business decisions on a multitude of pharmacy-related areas.
