Workers’ Compensation Dispensing
To the extent your practice sees workers’ comp patients, or is considering offering this service, dispensing medications at the point of care and billing workers’ comp could be a good solution for your practice. The actual reimbursements vary from state to state, so if you’re interested in this service, please contact us for a risk-free consultation with one of our experts. You can offer this service alongside a cash & carry dispensing option for your non-workers’ comp patients.
Private Insurance Dispensing
Most practices initially set out on their dispensing path expecting to bill insurance. Unfortunately, the reality is that it can be very tough to manage the private insurance billing process and to generate income with dispensing when billing insurance. If you choose to bill insurance, you will be a price taker, meaning you have to accept your patients’ insurance for the medications, and you have to accept the reimbursements mandated by the PBM. Depending on your payer mix and the medications you choose to carry in the office, this can sometimes mean that the reimbursements are less than the cost of the medications. There are certain specialties where it can make sense to bill insurance but in most situations it’s better to offer cash & carry. Ultimately if your patients want to use their insurance, they can take their prescription to the pharmacy just like they do today.
Including Prescription Costs in Your Service Offering
In certain situations, such as Concierge or Direct Primary Care Medicine, it can make sense to offer a prescription medication plan or even include certain prescriptions in your standard monthly fee. This can be a way to further market your practice to patients as well as improve patient satisfaction and patient outcomes.
We’ve also seen practices in Weight Loss and Men’s Health offer an “all-included” model. For example, if you have a weight loss practice, you may offer a 90-day all-included weight loss program, where patients pay a fixed fee for their visits, nutrition plan, exercise plan, and medications to the extent they are recommended by the provider. This can be a great selling point for patients to sign up for the program, but the danger with this approach is patients may get upset if the doctor does not recommend the medications. An alternative option is to offer the medications at cost to patients, where recommended.