Inventory Information Approval System Certification and Flexible Spending Account Purchases: A New Year Brings Changes

Author(s):  Shuey Brandon, Williams LaVonn A

Issue:  Mar/Apr 2010 - Compounding for Men
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Abstract:  There is no question that 2009 was a year of change within the pharmacy industry. Several new requirements were implemented, including the need for an Inventory Information Approval System for accepting flexible spending or health reimbursement account cards. Some pharmacies relied on the 90% exemption rule, which is discussed within this article, or an alternative method to avoid the expense of a point of sale. However, with flexible spending or health reimbursement account card participation expected to reach 85% in 2010, now may be the time for compounding pharmacists to weigh the pros and cons of Inventory Information Approval System certification.

Related Keywords: Internal Revenue Service, IRS, flexible spending accounts, health savings accounts, inventory information approval system, health reimbursement account

Related Categories: BUSINESS, TECHNOLOGY

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