What is the definition of "self-pay" in pharmacy billing?

In pharmacy billing, "self-pay" refers to the scenario where the patient pays the full cost of their medication or pharmacy services out of pocket, without any financial assistance or coverage from a third-party payer, such as an insurance company. This means that the patient is responsible for the entire amount charged by the pharmacy and does not submit a claim to an insurance provider for reimbursement.

This concept is important because it can impact the pricing strategies employed by pharmacies and influence patient access to medications. Understanding self-pay is crucial for pharmacy professionals, as it helps in managing patient expectations regarding costs and providing appropriate financial counsel.