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Unlocking Access: How RevenueRx Transforms Drug Assistance for Hospitals

Unlocking Access: How RevenueRx Transforms Drug Assistance for Hospitals

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 Unlocking Access: How RevenueRx Transforms Drug Assistance for Hospitals With Host Kevin Chmura, CEO of Panacea Healthcare Solutions and Guest BreAnn Meadows, President, Revenue Integrity Services In this episode of Beyond the Bottom Line, Kevin Chmura is joined by BreAnn Meadows to discuss Panacea’s latest healthcare solution: RevenueRx: Drug Assistance Program designed to help hospitals streamline access to free drugs, co-pay assistance, and charitable foundation support programs. Kevin and Bre delve into this new service, what it offers to hospitals, why the solution is being introduced now, and what sets RevenueRx apart from other programs. They also share specific examples of how it can deliver measurable benefits and meaningful impact for your healthcare organization. Episode transcript available below. Kevin Chmura Welcome to Beyond the Bottom Line: Let’s talk healthcare, finance, revenue cycle and compliance. I’m your host, Kevin Chmura, CEO of Panacea Healthcare Solutions. Whether you’re a healthcare executive, a finance professional, or simply curious about how these essential pieces of the healthcare puzzle fit together, you’re in the right place. The goal is simple: Give you actionable insights and expert perspectives that can help you optimize your operations and drive strategic growth. In today’s episode, we’re talking about a topic that’s becoming a real game changer for hospitals and health systems, patient drug assistance. Joining me is BreAnn Meadows, president of Revenue Integrity Services here at Panacea Healthcare Solutions. Bre and her team just launched RevenueRx, a service that’s helping hospitals streamline access to free drugs, co-pay assistance and charitable foundation support programs. Welcome, Bre. Bre Meadows Thank you. Kevin Chmura So let’s start with the basics. What is RevenueRx? And it’s probably a good place to start. And why did we decide to launch this at Panacea now? Bre Meadows So RevenueRx is a comprehensive tech enabled service that helps hospitals and cancer centers manage the manufacturer-sponsored drug programs. And then also the foundation assistance. So, as you said, we do include services based around the manufacturer free drug programs, the co-pay assistance programs, and the charitable foundation funding we launched RevenueRx because hospitals are still continuing to face growing pressures. The cost of drugs just continues to go up, and the payer policies get more and more difficult to manage, along with patients out-of-pocket and coverage determinations always being really challenging. So there’s a lot of roadblocks when a patient gets a diagnosis where they have to go to a cancer or infusion center to start one of these treatments. And the reason we launched this program is to really help hospitals clear those roadblocks so patients can get access to care without being financially destroyed by their diagnosis. So it’s a great program that really benefits the facility financially as well as the patient, to give them access to these drugs that could save their life. Kevin Chmura Wow. So real win/win, right? You’ve got better access for the patients and operational relief and revenue, most importantly, for hospitals and health systems, which is great. It’s always nice when everybody gets a win out of it. So great rundown on the on the benefits of it. But can you walk us through what is the actual deliverable of RevenueRx? Bre Meadows Sure. So RevenueRx is almost set up a little bit differently than some other services that are out there that even though we’re technical, we still really focus on the service and really working closely with the organization and their patients. So what we manage is everything, soup-to-nuts, starting with the application process. So we do all the screening of patients looking for all the programs that the patient could qualify for, completing the application and making sure the patients get approved for not just the primary drug that they may be receiving for that service, but any and all drugs to minimize their out-of-pocket as much as possible. The second piece that we do is making sure that after the application is approved, that everything gets followed through on behalf of the patient and the organization. So when we talk about “free drug,” we handle the ordering and try to get everything ordered as prospectively as possible. And we could talk a little bit more in depth about the advantages of that and billing compliance, but making sure that also the patient has confidence as they’re coming in for these visits. They know that we’ve taken care of it. They know their drug is sitting there waiting for them and that they’re not going to be getting a bill after they leave the center. And then the third part is on the co-pay and foundation programs. Again, after a patient is approved, we do all the tracking to make sure that the funds get loaded for the patient and then make it...
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