In this series, we will identify and elaborate on three ways that a pharmacist can be helpful in generating revenue and reducing costs within a practice.
The first is the Chronic Care Management Pharmacist.
Medicare is rewarding new processes aimed at improving patient care and reducing healthcare expenses. One new program that became eligible for physician reimbursement is a program intended to monitor certain patients with multiple chronic conditions.
As of January 1, 2015, Medicare is paying for a non-face-to-face care coordination service through use of billing code 99490. The Chronic Care Management Services may be provided by phone or tele-health by a qualified health care professional under the physician’s general supervision.
The service is usually offered as a 20 minute contact once every calendar month. An estimation provided by this CCM calculator shows that just 50 enrolled patients could equate to an additional $25,560 in revenue for the practice each year.
This is a relatively new program that an entrepreneurial pharmacist could easily implement for multiple physician groups in their area for a fee.
What do are your thoughts? Would this be a viable business model in your area? Leave a comment below.
In Part 2, we will discuss the use of incident-to billing codes for pharmacist-led MTM.
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