When pharmacy customers pick up prescriptions, the pharmacy receives a co-pay upfront. The majority of the pharmacy’s income, however, comes from insurance providers. You don’t have to be in the healthcare industry to know how that insurance providers aren’t exactly easy to work with. Policies change, prescriptions get billed incorrectly, processing gets delayed, and the only way to stay up-to-date with these issues is to contact the provider yourself.
So, it should be no surprise that their reimbursements often come in several months after a prescription is picked up. If pharmacies don’t keep tabs on providers on a constant basis, there’s a chance they might not receive reimbursements at all. Delinquent payments become even more hazardous when more and more operational funding gets tied up in inventory, which is already more expensive than conventional retail items.
Pharmacies are frequently suggested to offset their elongated business cycles by implementing new services. Some have increased daily revenue by offering immunizations or disease-specific management programs. But expansion comes with a cost, which seems a lot higher when you barely have enough cash on hand to pay your bills during certain months. The same dilemma applies to investing in new technology designed to improve organization and streamline productivity.
Fundture Capital can bridge the gap while you wait for patients’ insurance firms to reimburse you. UCS has many years of experience providing Small Business Loans for Pharmacies. We can provide all types of business lending products. Contact us today for your FREE business funding consultation!
