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ProLogic Redemption Solutions, a Bloomington, Ind.-based provider of coupon receivables management services to grocery retailers and wholesalers, yesterday launched a new family of services for pharmacy receivables management.
The new services will enable grocery and pharmacy chains to collect significantly more of their pharmacy accounts receivables, thereby reducing write-offs and increasing revenues and profits.
“This direction makes very good sense for ProLogic and its customers,” said Herb Dotterer, retired CFO of Springfield, Mass.-based Big Y Foods. “Most grocery chains with pharmacy operations have difficulty fully collecting their pharmacy accounts receivables, and ProLogic is well positioned to help them maximize the collection of these receivables, just as it does for their coupon receivables.”
According to ProLogic, it’s difficult for many grocery and pharmacy chains to maximize their collections of pharmacy accounts-receivables, and 2 percent to 4 percent of these claims typically go unpaid. The result of these unpaid claims is increased write-offs and aging receivables, which lead directly to lower profits and operating margins.
Compounding this problem is the difficulty of reconciling pharmacy claims to payments and remittance advice forms, which often use different formats and provide no clear way of matching payments to claims. Without a proper reconciliation of claims and payments, pharmacies can’t provide payers with the justification required to receive full payment for the claims.
ProLogic’s new solution es this problem by using an extensive database of business rules to successfully reconcile a pharmacy’s claims to payments received from payers. Armed with this information, pharmacies can confidently approach payers and demand full payment for their claims.
“We believe that we can provide the same value in maximizing our customers’ collection of pharmacy receivables that we do in helping them receive full value for their coupon receivables today,” noted ProLogic president Paul Cooley.
To offer this service, ProLogic teamed up with Tranquilmoney, a New York-based provider of pharmacy-receivables management services with over 10 years of experience in the industry. Tranquilmoney manages pharmacy receivables for one of the nation’s largest retail chains, with over 400 pharmacies.
“Our partnership with Tranquilmoney provides our customers with a proven solution in the pharmacy receivables industry,” continued Cooley. “Tranquilmoney has extensive experience managing pharmacy receivables and has the scale to enable pharmacy chains of any size to maximize the collection of their receivables.”
Further information on ProLogic’s pharmacy-receivables management solution, including a white paper and complete case study featuring a major national pharmacy chain, is available on ProLogic’s Web site at www.prologicredemption.com/pharmacy-receivables-management.html.