What is the 340B Program??
The 340B Drug Discount Program is a U.S federal government program created in 1992 that requires drug manufacturers to provide outpatient drugs to eligible health care organizations/covered entities at significantly reduced prices. The intent of the program is to allow covered entities to “Stretch scarce federal resources as far as possible, reaching more eligible patients and providing more comprehensive services.” Maintaining services and lowering medication costs for patients is consistent with the purpose of the program, which is named for the section authorizing it in the Public Health Service Act (PHSA) – Thanks to Wikipedia!
340B Solutions for Covered Entities, Specialty Pharmacies and Contract Pharmacies
Increased Productivity and Increased 340B Savings
Common Business Challenges of 340B Program
- Inferior 340B Data Quality Standards.
- Unable to meet 100% Audit compliance for HRSA Program Integrity.
- Redundant Interfaces Increases CTC.
- Business Expansion due to lack of predictive Analytics.
- Delay in adopting HRSA regulatory compliance.
- Unable to replenish Inventory Accurately.
- Inaccurate Invoices.
- Many more..
Intuitive Pricing Module
- Address Drug or NDC Pricing Discrepancies,
- Determines the NDC or Drug Price Change over the period of time, Determines the Write off for backfilled or Slow Moving Drug to the 340B Drug Manufacturers
Inventory and Invoice Module
- Track Drug Utilization based on the claims.
- Identify and Track Slow Moving Drugs.
- Both Adhoc and Periodic Replenishments of Drugs to maintain effective inventory.
- Synchronize the Purchase Orders based on the Claims and Inventory balance.
What is Cloud 340B?
“Cloud340B is a Java-based product for 340B Automation for both Hospitals and Contract Pharmacies. It’s a cloud-based 340B management software helping leading healthcare customers who are participating in the 340B program to streamline their operations and lower their operational budget. Cloud340B addresses major challenges in providing accurate & on-time invoices, tracking inventory across multiple procurement platforms, and identifying pricing discrepancies. We’ve been able to create hand-in-glove cloud-based 340B management solutions that help our customers save time, attention, and money.”
340B Auditing and Compliance Module
- A Complete Audit Trail for each change to the data elements.
- Able to keep track of all 340B claims for several years. The Cloud340B Audit reports help Auditors who conduct 340B Program Pre-Audit, Onsite Audit, Desk Audits, and Post Audits.
- Our Dedicated Audit Specialists are highly specialized pharmacy professionals who provide the deep expertise needed to understand the impact of the 340B program, monitor performance, and prepare for audits.
- Proactive Automatic Notifications for any major changes to the in-house 340B database.
Built-in Components of Cloud 340B
- Intuitive Pricing Module
- Inventory and Invoice Module
- 340B Auditing and Compliance Module
- Analytics and Business Intelligence Module
- Security Module
- Reporting Module
Analytics and Business Intelligence Module
- Access preformatted charts, maps, and reports of 340B and revenue flow.
- Compare summary 340B data by key program or geographic area.
- Connect to 340B data from third-party applications through map and web services.
- Create custom maps and reports.
- Download data for research and analysis.
- Embed widgets on 340B BI and Dashboard website to provide access to its customer.
- Interact with and export data in a variety of formats.
- Locate health care and other HRSA-supported programs and services.
- Capture Revenue flow historically and potentially able to identify the revenue loss and gain.
- Identify potential business opportunities in other geo-locations within the United States.