PBM Cash Management Services
Progressive Pharmacies will implement rigid PBM Cash Management processes to provide you with the security and financial controls similarly found in a large chain operation. We utilize industry accounting standards where applicable in order to comply with strict auditing practices. We have implemented checks and balances to alleviate potential errors and improve compliance to those generally accepted accounting principles and standards of practice. (GAP)
- Utilize one of nine strategically located and nationally recognized Regional Wholesale Lockbox Service processing Hubs.
- Provide Detailed and Summary level reporting for all “Funds Transferred Report” into your designated Accounts, to include Check numbers received, Vendor/Payer Name, Check Amount and Date of export on a daily basis. Detailed Pharmacy Remittance reports will also be included.
- Provide monthly the Summary “Check Status Report” for all monies transferred to you and your store.
- Provide Automated Clearing House (ACH) Payment services, directly depositing your Insurance plans, PBM’s and/or other third parties contract payments into your designated Bank Account.
- Track, Monitor, and Archive all received from the Insurance plans, PBM’s and/or other third parties contracts, being managed under our NCPDP Affiliation Code.