DALLAS and MEMPHIS, Tenn., Aug. 19, 2014 (GLOBE NEWSWIRE) -- OmniSYS, a nationally recognized leader in Medicare Part B claims reimbursement and compliance services for pharmacies, and Comprehensive Pharmacy Services (CPS), the leader in 340B management for covered entities, today jointly announced a collaboration to provide retail pharmacies with proprietary data-powered 340B management solutions to improve financial results, increase staff productivity, and strengthen compliance.
OmniSYS, which is in more than 70% of large chain pharmacies in the U.S., brings expansive expertise and relationships in the retail pharmacy sector, and will offer the CPS 340B-SmartLink software through the OmniSYS OmniCONNECT retail web portal solution. The joint solution will provide retail pharmacies an effective way to manage their 340B business. CPS has been involved with 340B since its inception in 1992 and manages more 340B covered entity pharmacies than any other company. It will serve as the software engine and compliance experts for OmniSYS's 340B retail pharmacy customers.
"OmniSYS and CPS are combining forces to provide the rapidly growing 340B retail pharmacy market with an effective way to manage their 340B business end to end," said Tricia Fringer, CEO of OmniSYS. "OmniSYS brings an unrivaled understanding of the retail pharmacy market, and CPS brings pioneering expertise and proven technology solutions that simplify the complexities of the 340B government program for retail pharmacies."
340B-SmartLink will be offered as a module within the OmniCONNECT platform and is highly configurable to meet retail pharmacies individual needs. 340B-SmartLink is a proprietary rules-based software platform that simplifies and automates prescription data coming into the pharmacy from multiple covered entities, regardless of the software they are using, and provides the appropriate order information to the pharmacy's financial and inventory systems. 340B-SmartLink helps control inventory and improve cash flow, while keeping the customer in compliance with the 340B program. The integrated system also produces fully automated reports and customizable reports that give retail managers unprecedented visibility into 340B operations.
"Since the beginning of the 340B program, CPS has been at the forefront of helping entities achieve the goals of the program efficiently and compliantly," said Don Nickleson, CEO of CPS. "We look forward to combining our 340B-SmarkLink tools and expertise with OmniSYS's retail pharmacy marketplace knowledge to help improve financial and operational performance for this growing segment of the 340B market."
The federal 340B Drug Discount Program requires drug manufacturers to provide outpatient drugs to eligible health care organizations/covered entities (such as hospitals) at significantly reduced prices in order to reach more patients in need. The covered entity hires a contract pharmacy to dispense their prescriptions, for which the contract pharmacy receives a dispensing fee.
About OmniSYS:
OmniSYS, headquartered in Dallas, TX, offers a comprehensive product portfolio that streamlines medical claims management for Medicare, Medicaid and Commercial Insurance for pharmacies, DME providers, managed care organizations, and commercial retiree plans. OmniSYS' proprietary billing system and comprehensive audit and compliance services are supported 24/7/365 by a world-class call center. OmniSYS exclusively offers a high touch patient prescription adherence program for Medicare beneficiaries, OmniLINK Advantage™, proven to increase adherence and improve medical outcomes through a series of patient interactions including customer care calls, refill reminders, and educational mailings. OmniSYS' current programs support more than 35,000 DME suppliers nationwide, processing over forty million Medicare claims annually.
About Comprehensive Pharmacy Services:
Employing over 1,900 pharmacy professionals, CPS is the nation's largest provider of pharmacy services to more than 400 hospitals and healthcare facilities leading to increased quality, reduced readmissions and lower costs. CPS services include pharmacy consulting, inpatient and outpatient pharmacy management, telepharmacy and medication related transition of care services. For more information, visit cpspharm.com.