By Haley Brengartner, Product Manager, Emporos
Three out of every five pharmacies say that medical billing capabilities are a barrier to expansion1. It’s not surprising to hear that payments are a challenge when 71% of providers rely on paper and manual processes to bill their patients.
These outdated workflows pull staff away from more important clinical and billable tasks, increase the risk of non-compliance, and create frustrating experiences for patients and employees alike. With staffing shortages at an all-time high and today’s consumers prioritizing convenience above all else, pharmacies must evolve their payment systems.
Fortunately, technology providers are stepping up to make pharmacy commerce more modern, safe, and simple. By replacing inefficient billing processes with digital solutions that work in tandem with operational workflows, pharmacies can achieve greater efficiency, improve patient satisfaction, and boost revenue.
Let’s explore five key improvements you can make to streamline the billing, collection, and payment experience for your customers and staff.
- Mobile POS Solutions
Mobile transactions are becoming a standard part of pharmacy operations, whether outpatient hospital pharmacies need to deliver medications at bedside or retail locations look to offer curbside, drive-thru, or line-busting capabilities. However, transactions that take place away from the counter often introduce operational complexities.
Staff waste valuable time lugging around heavy equipment (like credit card readers), capturing signatures on paper, or even running a credit card cross-facility to complete the transaction on the retail POS. Modern mobile point-of-sale (mPOS) systems, like the Emporos Hilo Mobile mPOS, can help solve these inefficiencies.
Unlike traditional hardware-based solutions, cloud-based mPOS systems work on tablets and laptops and seamlessly integrate with pharmacy management systems (PMS). Pharmacies can capture credit cards with the device’s camera, securely input payment details directly into the application, and capture signatures digitally, making mobile transactions as seamless as those that take place behind the counter.
- Self-Service Payments
Think about all the time staff spends answering billing-related questions, waiting for customers to make a payment, or returning an Rx to the shelf that the patient isn’t ready to pick up yet. While each instance only takes a few seconds or minutes (depending on the issue), collectively, these activities drain hours from a day.
By offering patients the ability to pay for prescriptions and OTC items ahead of time, pharmacies can reduce time and confusion around billing. Emporos text-to-pay Patient Pay feature allows patients to view and settle their prescription bills before arriving at the pharmacy.
Pharmacies can issue text messages alerting patients that their Rxs are ready for pick up and payment. Through these secure links, patients can review their charges, choose which medications to pay for, and complete transactions using credit cards or digital wallets—all without downloading an app.
When patients arrive, they simply present a QR code to confirm payment. Patients can handle billing-related concerns ahead of arriving at the counter, and pharmacies know exactly which prescription a patient wants to pick up. Self-service payments also allow pharmacies to capture revenue earlier than if a patient waited to pay in store.
- Unified Merchant Services
Merchant services refer to a business’s ability to accept transaction payments securely using the customer’s credit card. Many pharmacies rely on a patchwork of providers for payment processing, device management, and reporting to enable merchant services.
This fragmented approach increases fees, complicates workflows, and leaves staff scrambling to troubleshoot issues across multiple vendors. What many pharmacies don’t realize is that these solutions can be consolidated under a single entity. Consolidating payment processing and unifying merchant services under one provider can help reduce costs and streamline operations.
Solutions like Emporos’ Merchant Services handle all payment needs for pharmacies, simplifying both day-to-day transactions and backend reporting, while reducing fees from disparate vendors. The time saved on managing multiple providers allows pharmacy operational staff to focus on more important issues – like patient care – instead of troubleshooting payment issues.
- Enabling Manual Entry
Manual entry, the ability to enter credit card details directly into the (POS), is often overlooked, but it can be a powerful tool for enabling mobile and remote payments. It reduces compliance risks (like writing down credit card numbers) and ensures payments can be processed seamlessly even during card reader downtime or mobile transactions (like over the phone or on the go).
For pharmacies that offer bedside medication delivery or mail-order services, the ability to input credit card information directly into the POS is critical. For example, instead of writing down credit card numbers or carting around a retail POS, pharmacists can use manual entry to securely capture payments on a mobile device or by calling someone at the counter.
Pharmacies can offer this functionality securely by partnering with PCI-certified POS providers with manual entry capabilities. This capability not only saves time but also reduces financial penalties associated with non-compliance, making manual entry a valuable addition to any pharmacy’s payment toolkit.
- Digital Accounts Receivable
Accounts receivable (AR) can be a black hole, with unpaid balances and cumbersome reporting processes draining revenue and resources. It’s difficult for staff to pull reports, check existing balances, and follow up with patients for collection.
However, digital AR tools offered via a modern POS offer a way for pharmacies to reclaim lost revenue and simplify workflows. The Emporos’ AR module allows pharmacies to manage accounts within their existing POS system. Staff can create patient accounts, set payment terms, and generate detailed reports to monitor balances and billing history.
Digital statements make it easier for patients to understand their obligations, while integrated reporting reduces administrative burdens for pharmacy staff. By making AR more accessible and transparent, pharmacies can improve cash flow and recover revenue that might otherwise be lost to manual inefficiencies.
Driving Pharmacy Payments Forward
While the healthcare industry has been slow to modernize payments, it’s an area that is becoming increasingly necessary for operational success and growth. Emporos understands this imperative and is committed to providing modern, safe solutions that streamline operations and enhance patient care.
Innovative, PCI-certified payment solutions can help make collections simpler, safer, and faster, empowering pharmacies to overcome staffing shortages and provide better service to their patients. Because ultimately pharmacists shouldn’t be billing experts, they should be focusing on what matters: caring more for their patients.
Posted originally on RXinsider: RXinsider (Repost) – Pharmacy Payments: The Next Frontier for Transformation, Efficiency Gains, and Revenue Generation
Resources
- https://www.jpmorgan.com/insights/payments/payment-trends/healthcare-payment-trends