3 Ways Medicine-On-Time’s Performance Program Can Help You Change Your Business
Every day your pharmacy staff works hard to care for the health of your patients, but it is equally important to focus on the health of your pharmacy. Being strategic about how your staff spends their time can make a big difference in your pharmacy’s profitability.
There is a lot of information available in the industry about the importance of medication adherence and quality metrics, but very little guidance on how to use this information to improve your bottom line.
That is where Medicine-On-Time can help.
Here are 3 areas where Medicine-On-Time’s performance program can help you improve your pharmacy business:
It can help you raise quality metrics and star ratings
Each year, CMS releases new star rating thresholds, setting a new standard for the year as it pertains to quality metrics and performance benchmarks. It is increasingly important to pay attention to these measures and keep an eye on how your pharmacy is performing, because higher performance equates to more financial opportunities. In Medicine-On-Time’s Performance Program, our qualified team helps your pharmacy identify patients who are keeping you from elevating your metrics in the area of medication adherence. We also provide tools and guidance to get those patients on track. This results in improved quality metrics and more financial opportunity for your pharmacy.
It can help lower DIR fees for certain plans
Strengthening your pharmacy’s performance on medication adherence metrics impact the amount of money that is taken from your pharmacy in the form of DIR fees for certain plans. There is a lot of information available as well as useful platforms and third party payer reports, but it can be difficult to make sense of it all. It can also be challenging to know where to start when you are participating in multiple plans and have a number of low-performing patients. Medicine-On-Time’s Performance Program helps you refocus your efforts and put together a plan of action that is achievable and will have the biggest impact on your DIR fees.
It can help you maximize performance payout opportunities
More and more plans are making performance programs available to reward pharmacies who are meeting high quality metrics with their members. For these plans, pharmacies who perform well can receive a bonus payout out each year for the previous business year. Identifying these programs and understanding where to start in order to maximize your payout or bonus opportunity is critical for your bottom line. Medicine-On-Time’s business professionals work with you to identify the plans that offer the biggest financial opportunities and help you maximize your payouts for the year.
Final Thoughts:
Medication adherence solutions can help you achieve a more profitable business, but it is important to have a partner who can support you and help you navigate industry challenges and opportunities. Medicine-On-Time is dedicated to our member pharmacies and we continue to offer programs that help you develop and grow your business. If you would like more information about our Performance Program or if you are interested in becoming a Medicine-On-Time pharmacy, contact us at info@medicineontime.com.
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