What is 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 Wikipedia
What is 340B Program Business Flow and How Cloud340B plays a role effectively?
What are the common 340B Program Business Challenges?
- 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.
What is Cloud340B?
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.
340B Auditing and Compliance Module:
- A Complete Audit Trail for each changes 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.
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 heath 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 United States.
- Security Module will provide the authentication and authorization services to ensure secured access to the application. This would also ensure data integrity.
- 360 Degree of Auditing
- Enable Role based Authorization to Cloud340B
- Standard / Daily / Monthly Reports for all Data Elements.
- Compliance Auditing and Exception Reports.
- B1B2 Reports for Claim Reversal Verification.
- Switch Provider Raw Data Reports.
- Standard Invoices per Covered Entity and / or Contract Pharmacy.
- Inventory Replenishment Order reports.
- Purchase Orders Synchronization Reports.
- Top 20 / Top 50 Drug / NDC Sales Reports.
- Daily Load Status Reports.
What are the Benefits of Cloud340B to our customers?
- Track all drug activity from the pill to the purchase to the patient to the payment all from a single, SAAS-based platform solution designed to manage the full procurement cycle. Cloud340B Software provides detailed tracking of all drug activity at the 11-digit NDC level for a complete audit trail and new insights into your pharmacy operations.
- Locate and address pricing discrepancies where the contracted price and invoice price match or where the price you paid is higher than the national average for an NDC.
- Effective management of procurement and inventory across multiple ordering platforms, wholesaler accounts and pricing contracts.
- Identify unmapped revenue items and resolve as that can result in lost revenue and impact your bottom line.
- Detect drug cost by monitoring the ratio of purchases to dispatch.
- Drill down your data with robust and customizable reporting that helps you surface the most relevant insights.
- 100% audit compliance with a built-in audit assistance from our audit support specialists.
- Engage automated decision processes guided by configuration options you choose based on your 340B program parameters.
- Find lower-cost alternatives and nominally-priced items based on the NDCs you typically order.
- Forecast your drug spend based on historical data and what-if scenarios.
- Ready to Market Solution.
- Significant cost savings in the range of 50 to 60% (for 3 years).
- Very low per claim processing cost.
- Significant First pass rate improvements – potential to deliver 99% FPR.
- Automated Inventory Replenishment ensure High availability of drugs at stores.
- Reduced pricing discrepancy ensures repeat processing of invoices (up to 99% accuracy).
- Simple Integration with any 3rd Party Pharmacy Software.
- Realtime Invoice Generation Process.
and many more
Flexible options are included at no additional charge
Dispensation cost report:
- Track average weighted drug cost by dispensation, and filter on a number of criteria
Drug spend reports:
- See your drug spend by department or account (340B,GPO or WAC)
Drug Cost Monitor Report:
- Identify pricing discrepancies and track resolution.
Drug Cost Analyzer:
- Analyze current purchases, project drug costs, and model what-if scenarios
CDM and NDC Mapping Reports:
- Pin point mapping and ratio errors that could be resulting in lost revenue
How Cloud340B designed? Can you show us the Technical architectural diagram of Cloud340B?
Absolutely. Transparency is our corporate culture. Following architectural diagram clearly illustrates how the Cloud340B is designed and developed. Please reach us out if you have any further questions.