ALEXANDRIA, Va. The National Community Pharmacists Association on Wednesday announced a new service — the FSAok AutoCopay — that enables community pharmacies to continue serving patients who use flexible spending account debit cards within new IRS regulations.
As of July 1, those regulations precluded customers from using their FSA debit card at drug store retailers that had not secured an Inventory Information Approval System, a point-of-sale system that’s able to identify eligible health care FSA purchases by comparing the purchased items’ UPC or SKU number against a pre-established list of eligible items; keep a separate total for the eligible items; and charge the FSA card only for the eligible items total, and request another form of payment for any remaining items.
“We were pleased late last year when, after meeting with NCPA, the Internal Revenue Service extended the deadline [for the new requirement] from January 1 to July 1, 2009,” stated Bruce Roberts, NCPA EVP and CEO. “During that time, NCPA responded to the needs of our members by collaborating with Finpago’s FSAok AutoCopay service to offer a low-cost solution requiring no special software or POS system so that they can continue to serve their patients’ with FSA accounts with an automated copayment claims service and real time substantiation of eligible over-the counter transactions.”
For pharmacies without point of sale systems, AutoCopay makes it possible to accept payment from patients who use FSA debit cards in accordance to IRS regulations.
“The average pharmacy sells more than $60,000 per year to customers with flexible spending account debit cards,” stated Finpago CEO Fred Hawkins.