What is the 340B Drug Pricing 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 program intends to allow covered entities to “[s]tretch 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
The Healthcare Industry is being experienced with an unparalleled change driven by varieties of Healthcare trends and challenges. Some of them are as follows.
- Prescribers start to feel the financial pinch from CMS’s regulations
- Technology advancements such as Big Data, Master Data Management, Cloud, Fitness Devices, etc.,
- Interest in population health management.
- Growth in specialty pharmacy.
- Migration of clinical services.
- Increasing complex regulatory environment.
To survive with the above challenges and trends, pharmacies need to strengthen their data management techniques to simplify the complex process to get paid, streamline eligibility verification, seamless inventory management, identify any missed payments or under payments. Hence they need a strong data management partner who embraces the above challenges and can help them drive a successful business.
Our 340B Data Integration Solutions Overview:
Automate both inbound and outbound data – Our lightning speed data management procurement solutions gather data from several sources that include data from Covered Entities, Payer, Prescribers, Patients, drugs, Fees, and Controls. Our solutions are built to operate within the existing pharmacy workflow and seamlessly integrated across the network. These techniques help improve our customers’ operational efficiency as they can research, monitor, track, and troubleshoot the process for maximum efficiency and productivity.
Optimize Monthly Invoice Generation and Reimbursement – Our integration solutions help to standardize the data and enrich them. This process helps to onboard any new pharmacy data, expand medication access to more patients while maintaining compliance with evolving legislation. Also, our industry-leading, online, and batch mode eligibility service can help save lots of human resources and reduce claim denials. Also, our proprietary data integration solutions help generate customizable invoices, auto-generated invoices, and automated invoice alerts.
Manage Procurement, Inventory, and Replenishment – Our data integration solution loads the data into a huge data warehouse where our customers can have several advantages such as building ad-hoc reports, dashboards, able to generate invoices for historical periods, able manage procurement, inventory, and replenishment. Based on the quantity dispensed, we maintain chronological changes to the drug inventory where customers can replenish the drug on time properly. Based on the report content, pharmacies can able to track drug cost savings with comprehensive reporting that shows the cost and new 340B benefits by NDC, location, prescription types, etc.,
Benefits to Speciality Pharmacies:
- Being the data as an asset, our pharmacies build a closer relationship with the covered entities helps to facilitate better patient care.
- A dashboard that we delivered as a part solution helps identify potential opportunities with a specific geological location (ZIP) to drive more customers. Also, it helps to highlight key data, including processing volume, revenue, 340B rate, and net benefit.
- Proper invoicing reversal can easily identify slow Moving drugs
- Drug Inventory is replenished automatically, which helps inventory expenses and hassles.
- A dedicated team of data integration professionals guides you throughout the entire process to setup up your 340B contract pharmacy business process.