Improve Pharmacy Operations with AR Audit Management
Accounts receivable (AR) audit management is a crucial aspect of pharmacy revenue cycle management, yet it’s often an overlooked and undervalued aspect of pharmacy operations. The success of a pharmacy depends on its ability to manage its finances and ensure timely payment from insurance companies and other payers. In today’s fast-paced and highly competitive environment, pharmacies face many challenges when it comes to managing their AR audit process:
- Lack of visibility into the status of their AR audits. Without proper tracking and reporting, it can be difficult for pharmacies to know where they stand with their auditors and what actions are needed to resolve any discrepancies or disputes. This lack of visibility can lead to delays in payments and lost revenue.
- High cost of manual AR audit management. The manual process of tracking and reporting on AR audits is time-consuming and labor-intensive. It also increases the risk of errors. This can result in wasted resources and cause financial loss for the pharmacy.
- Inadequate compliance with regulatory requirements. The audit process is often done as per the statutory requirement, but the lack of a proper management system can lead to noncompliance and penalties from regulatory agencies.
Intuitive audit management can help improve operations
An audit management tool can solve these issues by providing pharmacies with real-time visibility into the status of their AR audits. It also reduces the cost and errors associated with manual management and ensures regulatory compliance. These tools can automate many of the manual tasks involved in the AR audit process, such as tracking and reporting. They can also provide real-time alerts and notifications to help pharmacies stay on top of any issues or discrepancies. An electronic audit management tool can also help pharmacies maintain better records and provide transparency throughout the process, driving better communication and trust with payers.
Audit AR simplifies audit management
Audit AR is an audit management tool for pharmacies that is part of the Absolute AR®product suite. Audit AR makes the audit management process easier with several features.
- Centralized audit information gives retail pharmacies a single location to access and manage all their audit information. It’s easier to track and report on their audits while also reducing the risk of errors and inconsistencies caused by manual data entry and tracking.
- Full integration with Absolute AR allows for audit data to automatically be pulled in from the reconciliation proces.
- The ability to store all third-party audit information gives pharmacies a complete and easily accessible record of their audits.
- Managing events and linking claim-level detail allows pharmacies to track the progress of their audits and identify any issues at the claim level. They have greater visibility into their audits and it helps them resolve disputes more quickly and effectively.
- Tracking and reporting of both expected and final audit amounts allow pharmacies to monitor financial performance and identify discrepancies between expected and actual payments. This creates a more accurate snapshot of their financial performance.
- A fully customizable workflow allows pharmacies to configure Audit AR to meet their specific needs and requirements. Pharmacies can also create a workflow queue to effectively prioritize and manage their audits.
Audit management is challenging, but important
Pharmacies face significant challenges when it comes to managing their AR audit process. However, with the help of a robust audit management tool like Audit AR, pharmacies can overcome these challenges and improve their overall revenue cycle and financial performance. Get in touch to learn more.