Pharmacies receive an immediate copay when a customer picks up a prescription. The rest of a pharmacy’s income comes from insurance payments. Anyone who has received any sort of treatment knows how difficult insurance providers can be to deal with. Legal policies change all the time, billing errors are far too common, and the only way to fix these problems is to call the insurance provider and sit on the phone waiting for an operator.
Pharmacies may not be paid by the insurance provider until months after the prescription was initially picked up. If the pharmacy is not constantly checking their accounts, they may not even get reimbursed from the insurance providers at all. This can lead to large operational expenses just to assure the payment from the providers.
Many pharmacies have begun to offer other services to offset their poor business cycle. A pharmacy can improve daily revenue by offering immunizations such as flu shots. These immunizations and new services can be a large expense for the pharmacy initially. The same issue arises when purchasing new equipment to improve productivity and improve organization.
First Premier Funding can help you cover costs while waiting for insurance payments. We can provide you the funding to improve your business. Contact us today at (888) 358-8484 or apply now to see how First Premier Funding can help your business grow.