When asked why they entered the profession, a large percentage of healthcare providers cite their desire to help others as one of the biggest reasons for choosing the industry.
So far as reasons go, it’s a noble one. However, one reason not often mentioned is that, as a pharmacist, doctor, nurse, or any other type of healthcare professional, one will get to navigate the muddy waters of medical billing. It is no shock that submitting claims for payment can often be a long, stressful process, involving more than 10K billing codes, detailed paperwork, and hard deadlines. The priority, of course, is to allow patients access to the required treatments, medications, and therapeutics. Payment is a necessity, and healthcare providers are always searching for solutions that will streamline the process and mitigate risk.
Patient affordability solutions used in the pharmaceutical industry, such as buy-and-bill services, mitigate some of the fuss on both the patient’s and the healthcare provider’s end.
Buy-and-bill processes allow a provider to purchase, store, and administer a drug or therapy to a patient. The provider then submits a claim for reimbursement to a third-party payer, such as an insurance company. The process is called buy-and-bill because the medical claim is submitted after the provider has purchased and administered the drug.
The process can feel overwhelming. Fortunately, there’s a solution. Paysign offers a variety of programs designed to mitigate the hassle and risk associated with traditional buy-and-bill programs. These solutions are tailored to meet the specific needs of specialty and retail pharmacies, hub services providers, and clinically based therapies, as well as the healthcare providers who prescribe and administer them.
Paysign’s Buy + Bill Solution uses a modern framework to deliver an efficient experience for all parties involved. It removes the patient’s financial barriers by providing instant access to drug-manufacturer-provided patient support directly from their prescriber. Prescribers benefit from a customized enrollment system that streamlines the process with pre-populated coding, automated form submission, and data that goes directly to manufacturers so they can better anticipate inventory needs. There is also less fraud risk, and manufacturers can breathe easy knowing that our Visa debit card can be activated and loaded with the patient’s name and specific benefit amount in real-time. Cards can also be reloaded for ongoing therapies.
“Our solution was designed to reduce inherent risk while boosting patient acquisition, retention, and adherence, increasing brand awareness and providing actionable data,” said Matthew Turner, Paysign’s vice president of patient affordability. “Our enrollment-and-issuance portals increase patient access to affordability products for hub service providers, specialty pharmacies, and prescribers. The result is the innovation of affordability solutions never before seen in the industry.”
Paysign’s comprehensive suite of solutions enables brands to address a wide range of affordability concerns. In addition to our Buy + Bill Solution, we offer full-service programs such as Copay Solutions, Medical Benefits Solutions, and Patient Management Expense Solutions.
We also work closely with brand marketing teams and channel partners to design and deploy the right portal for the business and offer world-class support and training after deployment.
For more information on how Paysign can tailor a solution to meet your needs, visit paysign.com/affordability.
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