Pharmacy compliance audits can be placed into two categories:
1. Third Party Provider Audits – Every pharmacy that is a contract provider of prescription services is subject to a clause in its provider agreement that allows an audit of the pharmacy’s records, including hard-copy prescriptions, signature logs, computerized records of refills, and invoice records.
2. Regulatory Agency Audits – Pharmacies obviously are subject to audits conducted by state or federal licensing agencies such as the DEA,State Board of Pharmacy, FDA, and EPA.
The word “audit” makes every pharmacy owner, manager and staff member nervous!!! Every licensed pharmacy is required to be inspected by their Board of Pharmacy every year or two. Yet many pharmacies are caught off guard and aren’t prepared or in compliance, resulting in an unfavorable and an expensive outcome. In addition to the Board of Pharmacy inspection there are DEA inspections or audits by PBMs that you have to worry about too. Too often, the audit results in thousands of dollars in chargebacks or fines from large chain pharmacies to small independent pharmacies. How does a pharmacy prepare everything involved in a pharmacy inspection?
Telo-Revers Audit & Compliance Program can help make sure that when the time for a compliance audit does arrive, you are ready!
Managing a pharmacy is an important part of almost every pharmacy owner’s responsibilities. The day-to-day management of just the pharmacy’s personnel, inventory, customers, vendors and store maintenance issues always seem to take up a majority of an owner’s day…and the list sometimes seems endless. Then add in such critical functions as ensuring that your pharmacy’s policy and procedure manual is kept up to date, that your drugstore is ready for any compliance or regulatory audits or inspections, that your employees are properly trained, and it can be overwhelming.
Here are some, but not all, of what's included:
· Mock Inspections: Identification of areas of weakness and concerns with recommendations
· PBM Audit Assistance: On-site Representation
· Policy and Procedure Manuals
Telo-Revers Audit & Compliance Program will work with you to correct areas of concern and develop risk mitigation strategies to prepare your pharmacy for the unexpected, but inevitable, audit.
An ounce of prevention is worth a pound of cure!
Contact us today to schedule a one on one consultation with our VP of Operations.