What is 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 intent of the program is 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 Wikipedia
The Healthcare Industry is being experienced with unparalleled period of 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 speciality pharmacy.
- Migration of clinical services.
- Icreasing 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, seemless 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 to 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 includes data from Convered Entities, Payer, Prescribers, Patients, Drug, Fee and Controls. Our solutions are built to operate within the existing pharmacy workflow and to be seamlessly integrated across the network. These techniques help to improve the operational efficiency of our customers as they can able to research, monitor, track and troubleshoot the process for maximum efficiency and producivity.
Optimize Monthly Invoice Generation and Reimbursement - Our integration solutions helps 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 man power and reduce claim denials. Also our proprietery data integration solutions helps to generate customizable invoice, auto generated invoices and automated invoice alerts.
Manage Procurement, Inventory and Replishment - Our data integration solution loads the data into a huge data warehouse where our customers can several advantages such as building adhoc reports, dashboards, able to generate invoice for historical periods, able manage procurement, inventory and replenishment. Based on the quantity dispensed, we maintain chronolgical changes to the drug inventory where customer can able to properly replenish the drug ontime. Based on the report content, pharmacies can able to track drug cost savings with comprehensive reporting that shows cost and new 340B benefits by NDC, location, prescription types, etc.,
Benefits to Speciality Pharmacies:
- Being the data as an assset, our pharmacies build a closer Relationship with the covered entities helps to facilitate a better patient care.
- Dashboard that we delivered as a part solution helps to identify potential opportunities with a specific geological location (ZIP) for driving more customers. Also it helps to highlight key data, including processing volume, revenue, 340B rate and net benefit.
- Slow Moving drugs can be easily identified for proper invoicing reversal.
- Drug Inventory are replenished automatically that helps inventory expenses and hasssles.
- A dedicated team of data integration professionals guide you through out the entire process to setup up your 340B contract pharmacy business process.