Ark Unveils SmartPay+… A Revolutionary Cash Pay Program

On April 6th, 2013, posted in: Press Release by

Ark has created, Ark SmartPay+, a revolutionary cash pay program that provides the best elements of traditional cash pay program and group discounts to pharmacy owners/operators.

Pharmacy owners tend to prefer quicker cash pay programs, rather than waiting extended periods for manufacturer refunds or credits. However, traditional cash pay program are often vague, leaving most blind to exactly what they are signing up for. Though they provide some key benefits, particularly a quick initial payment,  pharmacies often pay a high premium to reverse distributors who offer low payout on their estimated returns value (erv).

Working with their roster of clients and outside consultants experienced in crafting benefits programs, Ark has been able to create a new kind of cash pay program that combines the quickness and convenience of a traditional cash pay program with all the advantages of a loyalty or benefits offering. Like all other Ark service offerings, this program was created from the ground up, rather than simply duplicating other cash pay programs that tend to favor companies at the expense of the pharmacy, to provide maximum benefit to pharmacy owners.

How does it work?

The SmartPay+ program’s:

– ERV payout is among the industry’s highest

– Disbursement and processing are expedited

– Discounts on operations expenditures all pharmacies make and auxiliary services provide tangible savings that get to the customers bottom-line

Ark is also offering their estimated returns value (erv) accuracy guarantee to give customers absolute peace of mind about the value of the program they are enrolling in.

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IRS delays start of tax filing season to January 30

On January 10th, 2013, posted in: Business Services, News by

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WASHINGTON (Reuters) – The Internal Revenue Service said on Tuesday it will begin accepting 2012 tax filings on January 30, eight days later than originally planned, meaning millions of early-filing taxpayers will have to wait until February at the earliest for a refund.

More than 120 million households should be able to start filing tax returns on January 30, the agency said. Read Entire Article

 

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Medical Billing: Reasons to Outsource

When it comes to medical billing, healthcare providers always have an option either to operate an in-house department to take care of the billing procedures or simply outsource it to a third party. Where many physicians approve of the in-house billing department, a number of physicians oppose the view. According to the later, outsourcing medical billing service is the most cost effective as well as efficient way to cater to the medical billing needs of a practice.

There are various reasons why physicians prefer outsourced medical billing service. Specialized expertise is one of those. Since the medical billing specialists are trained to solely optimize billing procedures, ensuring utmost quality and accuracy is never a problem for them. Moreover, having the medical billing outsourced, providers have ample time to concentrate on their core responsibility of engaging patients rather than worrying about revenue collection.

’Since physicians specialize in providing healthcare, they should focus on patient centric issues rather than being involved in billing issues. Simply outsource your billing to a third party and focus on your core responsibilities’, says a Chicago based physician.

Another important reason to outsource medical billing service would be cost reduction or cost effectiveness. To run a in-house billing department, physicians would either have to hire a resource dedicated solely to billing procedures or would have to train the already existing staff, not only does this accumulate to higher monetary costs but also ends up wasting valuable time. Moreover, with few of the renowned medical billing services available in the market, who would only charge as much as 3% of the claims, physicians would surely not want to get into the hassles of operating an in-house billing department.
There have been instances where in-house billing departments have resulted in numerous claim denials. According to statistical surveys, outsourcing medical billing service can significantly reduce the number of denials. A supporting evidence of this statement would be reduced number of coding errors.

No doubt, outsourced medical billing service alleviates the burden from physicians and reduces the stress level amongst them. More interestingly, the established medical billing service companies also provide physicians with financial reports ’ helping them assess the financial health of their practice and also providing them with strategies to increase practice productivity.

 

Source: MEDCITYNews.com

 

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Pharmaceutical manufacturers press for stricter control of compounding pharmacies

On October 10th, 2012, posted in: Rx Returns by

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A national fungal meningitis outbreak linked to contaminated vials of steroid injectables from a Massachusetts compounding operation has reignited the debate over the safety of compounded drugs and the need for stiffer FDA regulation of these activities. Last week, the Centers for Disease Control and Prevention (CDC) reported 7 deaths and 91 ill, with the numbers rising daily. Thousands of individuals have been exposed to some 17,000 vials of methylprednisolone acetate produced by the New England Compounding Center (NECC) and shipped to 23 states in recent months.

Such a large volume of drug compounding and marketing to such a broad geographic area runs counter to FDA policy, especially for a drug that is available from regulated manufacturers. Compounded sterile injectables have been associated with serious adverse events, and NECC has been cited by FDA and state regulators for a range of violations in recent years. In April 2012, FDA and the CDC warned against use of a contaminated product used in eye surgery from Franck’s Pharmacy in Florida. FDA inspectors found fungus in several NECC lots last week; the firm instituted a broad recall and shut down operations. Read Entire Article

 

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The importance of 2012 year-end tax planning for individuals

The end of 2012 may bring unexpected and adverse changes formany taxpayers due to the scheduled December 31, 2012, expiration of a number of tax cuts. Because most of these tax cuts have been in effect since 2001, many taxpayers have become accustomed to their existence and may not realize the effect that expiration may have on their personal tax bills. Although it is possible that Congress may act to extend a portion or all of these tax cuts, there is significant uncertainty surrounding whether such Congressional action will occur. In addition, new taxes and tax changes under The Patient Protection and Affordable Care Act (PPACA) will affect taxpayers beginning in 2013. As a result, taxpayers, with the assistance of their tax advisors, should undertake a careful review of their personal tax situation to take advantage of any year end tax planning opportunities for 2012. Read Entire Article

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Estate Planning Pitfall: Your family doesn’t know where to find your records

On October 5th, 2012, posted in: News by

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If you died today, would your family members know where to locate your will, trusts, life insurance policies and other critical estate planning documents? What about bank and brokerage accounts, IRAs or other qualified retirement plans, mortgages and other loans, real estate documents, tax records, and automobile titles?

The last thing you want is to force your heirs to search for key papers at such a traumatic time. Here are some tips for keeping your important documents secure and accessible:

  • Ask your accountant or estate planning attorney to keep your original will and other documents, and provide your family with his or her contact information.
  • Store documents in a fireproof lockbox and let your loved ones know where you keep it — and the key or combination.
  • Rent a safe deposit box, let your family know where you keep the key and follow the bank’s procedures for authorizing them to open it. If you’re uncomfortable keeping the key at home, consider leaving it with a trusted advisor.
  • To ensure that powers of attorney, living wills or health care directives are readily accessible, consider giving signed “duplicate originals” to the people authorized to make decisions on your behalf. In the case of health care documents, ask your physician to keep duplicate originals with your medical records.
  • Make sure your family has access to digital assets, such as online banking and brokerage accounts, electronic bill-paying services and e-mail accounts. If you’re uncomfortable keeping a list of user names and passwords, consider an online service that stores this information for you and provides it to your representative when you die or if you become incapacitated.

Source: Adler Pollock & Sheehan P.C.

 

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Meningitis outbreak sickens 35 in 6 states, kills 5

On October 4th, 2012, posted in: News by

The Centers for Disease and Control and Prevention (CDC) and Food and Drug Administration (FDA) announced today they are advising medical professionals not to use any products manufactured by the New England Compounding Center in Framingham, Mass., due to an outbreak of fungal meningitis tied to some medications made by the company. Three lots of the company’s preservative-free methylprednisolone acetate that go back to July 2012 have been recalled and are believed to be the cause of the recent outbreak. Thirty-five cases of fungal meningtitis in six states have been identified, with five deaths. The majority of the cases, 25 in total, have been discovered in Tennessee.

Source: CBS

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Rx returns and services firm, Ark Business Services, launches its new website

On October 1st, 2012, posted in: Press Release by

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Ark Business Services (Ark BS) is proud to announce our new website. In addition to our new website design and easy navigation, you will benefit from its high functionality and convenience.

Ark BS is always dedicated to providing the highest level of service and our new website is a platform to launch future convenience and service capabilities. Some that will be introduced in the first quarter of 2013 include service demos, video updates, video support and e-file which will enable you to view account related documents in a secure online workspace.

For question, contact (347) 590-2779 or email info@arkbs.com

 

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