AuditScore™ is a truly revolutionary service that gives pharmacies a clear and simple indication of their audit health
Data experts at PharmPilot Inc. are tasked with analyzing large pools of pharmacy data, assisting with audits, valuations, and compliance issues. The resulting data analytics reports are usually complex and information-dense. It may be difficult for a busy pharmacy owner to assess the information and be able to understand whether the risks presented are significant or not. This is why we have developed AuditScore™ to give pharmacy owners a simple way of understanding where their stores stand in terms of overall audit health.
The underlying concept of AuditScore™ is familiar to everyone. At its core, it is very similar to an individual’s credit score from the three major credit agencies, or D&B’s business credit score. Just like credit scores, AuditScore™ takes into account many factors. Continuous subscription to the AuditScore™ service will allow the pharmacy to see how it is doing over a period of time.
When calculating AuditScore™, we take into account at least twenty different metrics. Examples of what affects AuditScore™ include such considerations as amounts and types of shortages observed; the overall store volume compared to other pharmacies; the pharmacy’s geographical location; the composition of wholesalers; length of time between audits; percentages of claims for high audit alert drugs; outliers in terms of claim amounts and number of claims; use of exotic NDCs; correlation between claims and prescribers; PBM mix; associations with sanctioned providers; amounts paid per NDC in comparison to others; and many more.
There are many benefits to establishing your AuditScore™ history and consistently incorporating AuditScore™ into your practice. Naturally, by referring to AuditScore™, you can quickly gauge the level of your pharmacy’s operational risk and probability of having an audit. Working on raising your AuditScore™ will surely yield a much more compliant pharmacy and will lead to fewer and fewer audits. Also, by presenting your AuditScore™ to partners, vendors, and potential purchasers of your pharmacy, you can assure them that they are dealing with a compliant, properly operated pharmacy that can be trusted.
AuditScore™ is a vital tool that helps pharmacies operate efficiently and profitably. AuditScore™ is offered as an additional component of the AuditPilot™ comprehensive audit mitigation and prevention solution. Subscription to AuditScore™ marks the pharmacy’s long term commitment to compliance.
To learn more about AuditPilot™ and AuditScore™, please contact our data experts today.
This post is related to:Consulting & Compliance (Retail/Independent)