End of year risk and compliance reviews should be conducted by all businesses, especially pharmacies. As the regulations, like HIPAA, certifications, such as those required by your PBMs or Pharmacy Benefit Managers, and other related statutes that your pharmacy must adhere to, change on a regular basis, it’s crucial to do these end-of-year reviews. In addition to staying within operating regulations, your pharmacy also has to look for ways to minimize risks in the new year.
The good news is that all of these things can be managed in a year-end risk review. Here’s what yours should consist of.
Are You Within HIPAA Compliance?
HIPAA, also known as the Health Insurance Portability and Accountability Act, protects patients’ information. Medical practitioners, yes, even pharmacists and pharmacy assistants, need to do everything in their power to keep each of their patients’ private medical information from leaking to the public.
If HIPAA is breached, your business, as well as your pharmacist and their employees, could be in trouble. Thankfully, there’s HIPAA compliance insurance designed to cover the fees and settlement costs that may result from a breach. At the end of each year, check with your insurance agent to ensure that your HIPAA compliance policy is properly in place.
Audit Your PBMs and Have Them Get Recertified
Every pharmacy has a PBM that they work with. These crucial employees connect the pharmacy and its patients with the insurance companies to ensure that the process of filling a medication goes smoothly. Your PBMs need to check their certifications at the end of the year, going through the certification process if necessary, so they can keep working in the new year. This is a good time to audit them as well, looking for things that slipped through the cracks.
Conduct a Multi-Step Safety Review
Does your pharmacy follow all of the required safety procedures? Are medications properly counted and audited to avoid discrepancies? Is additional safety training needed for new employees or those who have gotten complacent? By conducting a review, you can find and prevent possible safety issues before they happen. Plus, you may uncover some changes that your pharmacy can make in order to lower your insurance premiums. Saving money is always a good thing!
Check Your Insurance Policies
On top of your HIPAA insurance, there are many other policies that your pharmacy needs to have in place to protect the business. These include things like business property insurance, general and umbrella liability policies, and every other special policy designed for pharmacies and similar businesses. Spending some time with your insurance agent at this time of year can ensure that your policies are up to date and include the amounts needed so that your business can properly operate.
Have Questions? Contact Charlotte Insurance
Want to learn more about HIPAA compliance and insurance policies for your pharmacy? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your pharmacy needs.