AE May/June 2021 Vol 30 No 3 - 7

and PM systems disagree. Peel and
stick the removable barcode labels
to an appointment list to use as a
check sheet to validate your daily
entries in the inventory system.
Collect and store these sheets in a
safe place to protect patient privacy
and security.
Use locking refrigerators or cabinets with key card entry to track
who is accessing your medications.
This can help you track the source
of your errors, especially if you have
multiple users.
Use an alarm system to notify
you if refrigerator temperatures
are high. If your electricity goes
out overnight, you can lose a lot
of money on expensive inventory.
Remember to dispose of wasted
medications in the proper medication waste receptacle-not down
the drain or in the trash.
LOOK FOR ERRORS AND
CORRECT THEM PROMPTLY
Ideally, do this daily. You will
not find errors if you do not look
for them.
Receive orders correctly. Verify
the type, quantity, and cost per
dose. Compare invoices to received
orders. Making corrections during
the receiving process is easier than
fixing it later. Pay special attention
to the cost per dose, as pricing for
some medications fluctuates.
Compare assignments in your
various systems daily. Medications
assigned in your inventory system
must match those logged in your
EMR or billed in your PM system.
The best inventory systems will
check this for you and give you
an action list for corrections. In
particular, look for unassigned or
unbilled medications. Use the daily
sticker sheet as a reference when
needed. Best practice is to have

your employees correct their own
errors to discourage making the
same errors again.
Run an out-of-storage meds
report. If your system uses RFID
tracking, it should be able to tell
you if any meds unassigned in
your system are not on your shelf.
Checking this daily will help you
find assignment errors and prevent
leaving meds out overnight.
Use reserved medications on the
correct patients. Charity and specialty pharmacy medications are for
specific patients only. Many inventory systems will have notifications
when there is reserved medication
on hand. Insurances that require
use of specialty pharmacies to
supply medications for patients
will not pay for a regular dose. This
type of error can be costly.
Run an on-hand report that
shows you the count you are supposed to have on the shelf. If you
have less on the shelf than in your
system, you have medications that
you did not assign to patients. If
you have more on the shelf than in
your system, then you assigned a
medication that you did not use or
you placed an order to use without
receiving it into your system.
Run an expiring meds report.
Place any meds about to expire in
easy reach. If possible, return any
expired meds to your manufacturer
for a credit. If you must dispose
of medication, use proper waste
disposal bags.
VALIDATE YOUR SYSTEM
REPORTS AT LEAST MONTHLY
Even though you are looking for
errors daily, running monthly
reports can catch anything you
missed. Validate your assignments, order totals, unit prices,
and quantity on hand. Compare

your medications assignments to
medications billed. Compare your
accounts payable to orders received.
RECOUP YOUR MEDICATION
COSTS AND DETERMINE YOUR
MARGINAL PROFIT
Not only do you want to file a
claim on every medication; you
also want to turn a profit. This
is where knowing the cost of the
medications is important. Identify
underpayments as soon as possible.
If the amount paid plus the amount
still owed on a med claim is less
than your cost, you will lose money.
Underpayments can occur if you
fail to bill secondary insurance or
write off the patient portion of
the bill.
Don't get stuck with the bill.
Maximize your pre-authorization
processes and sign patients up for
charity programs. Charity programs provide free medication
or pay all or some of the bill.
Many drug manufacturers have
charity programs.
Differentiate your marginal profit
from your cost reimbursement. Any
money collected over the cost of the
medication is marginal profit. You
can treat marginal profit like other
professional fees but be sure to set
aside money to cover your cost of
medication. You do not want to be
short if you spent your medication
reimbursement on something else!
Perfecting your inventory is good
for the bottom line. AE

"

You will not
find errors if
you do not
look for them.

Melissa Hartig, MSHA,
COE, CMCO (512421-8547, mhartig@
austinretina.com), is the
financial director and
compliance officer at Austin Retina
Associates, Austin, Texas.

www.asoa.org // AE

7


http://www.asoa.org

AE May/June 2021 Vol 30 No 3

Table of Contents for the Digital Edition of AE May/June 2021 Vol 30 No 3

AE May/June 2021 Vol 30 No 3 - Cover1
AE May/June 2021 Vol 30 No 3 - Cover2
AE May/June 2021 Vol 30 No 3 - 1
AE May/June 2021 Vol 30 No 3 - 2
AE May/June 2021 Vol 30 No 3 - 3
AE May/June 2021 Vol 30 No 3 - 4
AE May/June 2021 Vol 30 No 3 - 5
AE May/June 2021 Vol 30 No 3 - 6
AE May/June 2021 Vol 30 No 3 - 7
AE May/June 2021 Vol 30 No 3 - 8
AE May/June 2021 Vol 30 No 3 - 9
AE May/June 2021 Vol 30 No 3 - 10
AE May/June 2021 Vol 30 No 3 - 11
AE May/June 2021 Vol 30 No 3 - 12
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AE May/June 2021 Vol 30 No 3 - 58
AE May/June 2021 Vol 30 No 3 - 59
AE May/June 2021 Vol 30 No 3 - 60
AE May/June 2021 Vol 30 No 3 - Cover3
AE May/June 2021 Vol 30 No 3 - Cover4
https://www.nxtbook.com/ygsreprints/ASOA/ae-may-june-2021-vol-30-no-3
https://www.nxtbook.com/ygsreprints/ASOA/ae-march-april-2021-vol-30-no-2
https://www.nxtbook.com/ygsreprints/ASOA/ae-january-february-2021-vol-30-no-1
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https://www.nxtbook.com/ygsreprints/APTA/g52750_apta_25ada
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https://www.nxtbook.com/ygsreprints/ASOA/asoa_mayjune2015
https://www.nxtbook.com/ygsreprints/ASOA/asoa_marapr2015
https://www.nxtbook.com/ygsreprints/ASOA/asoa_janfeb15
https://www.nxtbook.com/ygsreprints/ASOA/asoa_novdec14
https://www.nxtbook.com/ygsreprints/ASOA/asoa_sepoct14_AE
https://www.nxtbook.com/ygsreprints/ASOA/asoa_julaug14
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_MayJunAE
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_MarAprAE
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