Ask the Expert: Cathy Fox of Drug and Device Register, LLC 1/5/2016
ECRM and Cathy Fox the Regulatory, Registration, and Reimbursement Strategist at Drug and Device Register, LLC took a look at some of the emerging challenges that the home health care industry faces along with strategies that help to resolve those issues.
Please describe your company and your role there.
Drug And Device Register, LLC is a multifaceted medical drug and device registration firm. By keeping time with the ever-changing needs of today’s healthcare systems, we assist our clients by developing strategies which yield profitable reimbursement with Third Party Payors. Our four-pronged approach to client services includes successful interface with pharmacy, third party payors, retail ventures along with hospital and long term care facilities. On the cutting-edge of medical technology for over 34 years, our strong network ties ensure maximum success for our growing global clientele.
My role is a Regulatory, Registration, and Reimbursement Strategist. My responsibilities as a consultant includes expertise in the arenas of drug and device registration, pharmacy formularies, business development and managed care contracting.
Where do you see opportunities for suppliers to innovate reimbursement strategies?
There are a multitude of opportunities for suppliers to innovate around reimbursement strategies. If Home Healthcare (DME) products are setup through the 5 major channels of reimbursement the opportunity for the supplier to increase revenues and increase volume movement is tremendous.
These five channels for product registration are:
- DGR Codes (Disease Related Group Reimbursement for hospitals/clinics)
- IDC-10 Codes and CPT Codes for Physician Offices
- HCPCS (Health Care Procedure Coding System)
- Pharmacy UDI Codes (Unique Identifier Codes - formerly known as NHRIC Coding [National Health Related Item Code] )
- FSA/ HSA – Flexible Spending Accounts, Healthcare Spending Accounts
Where do you see the industry headed and how are you planning for it?
Suppliers are likely experiencing some of the lowest reimbursement rates in recent memory. Alternative Reimbursement is the key to keeping time with the ever-changing needs of the healthcare arena. Developing a sound Alternative Reimbursement strategy that includes such elements as FSA, HSA, and TAR revenue – in addition to cash business – is the key to keep reimbursement revenues intact.
Please join us for the 2016 Home Health Care Efficient Program Planning Session (EPPS) where Cathy will take a deep dive into the alternative reimbursement strategies for DME on Wednesday, February 24 from 8:00am -8:40am. Cathy will also act as an event ambassador where she will moderate a round table discussion that focuses on UDI (unique device identifiers) and their impact on home health care industry. The roundtable discussion will take place on Tuesday, February 23 from 4:30pm – 5:45 pm.
Other Articles that May Interest You:
- Trends in Health and Wellness 2016
- Industry Trends: Home Health Care
- Product Showcase: Home Health Care
Other ECRM EPPS Events: