BIN (Bank Identification Number)
Definition
The Bank Identification Number (BIN) is a six-digit identifier used in pharmacy claims processing to route prescription drug claims to the correct pharmacy benefit manager (PBM) or processor. The BIN appears on insurance cards and is used by pharmacies to submit claims to the correct payer.
In the 340B context, BIN numbers are relevant to the claims processing infrastructure of contract pharmacy arrangements. TPAs use BIN numbers to route claims correctly and to identify which claims are subject to 340B processing. Understanding BIN numbers helps covered entities evaluate their TPA and contract pharmacy claims processing configurations.
BIN numbers are used in conjunction with PCN (Processor Control Numbers) and group numbers to fully identify the plan and processor for a specific claim.
Frequently Asked Questions
Why BIN (Bank Identification Number) Matters
BIN numbers are part of the pharmacy claims routing infrastructure. Correct BIN configuration in TPA and contract pharmacy systems is necessary for accurate claims processing.
How Virtue 340B Uses It
Virtue 340B references BIN numbers in the context of evaluating TPA and contract pharmacy claims processing configurations.