340B program as a federal program presents a valuable opportunity for eligible providers, covered entities and hospitals by providing access to life saving medicines at affordable prices for patients who un-insured and underinsured, who come from low-income backgrounds. Currently though, a majority of these entities fail to fulfill compliance requirements, or lack the focus to navigate through the challenges involved in the process. There is something that is coming in the way of achieving the objectives of the program.
The truth is there’s a single, underlying threat to the majority of federal programs that often goes unnoticed. Majority of health entities largely rely on manual processes, most of these processes are resource-intensive & error-prone and that introduces lots of challenges, and among, compliance is one of the most important issue, if you have this problem, you’re likely to face problems in accurately meeting current and future challenges.
The manual approach to 340B program doesn’t help healthcare entities to keep track of every detail as required by the compliance requirements. Getting into compliance trouble doesn’t happen overnight, and it is not any different when it comes getting out of that mess, and often there are times when circumstances can put you in deep trouble that can completely go beyond control.
Lots of healthcare providers are facing troubles when it comes to managing challenges in ensuring 340B compliance , they start missing info, digging through files and disparate systems to look for information. While manual approach may have enabled providers to bring some sort of standard, giving them the needed confidence that they can manage the processes. But as they grow and add more patients to the list and a heavier workload, conventional processes to compliance program start to feel chaotic and might turn out to be difficult to handle. With a growing list of compliance and faster pace of a processing, information gets lost in disparate systems and quickly outdated. It all comes to a point, where it is realized that relying on age old processes becomes much more expensive.
Do these problems sound similar to the issues facing your business today? If that is so, then your business needs to invest in 340B technology solutions that can help track 340B eligibility, inventory, replenishment and audit compliance which enables covered entities to save on administration costs and effectively manage and administer the 340B program.
340B Technology Solutions
Your business needs robust 340B services and partner to navigate today’s complex 340B compliance requirements. Backed by a team of highly experienced and committed experts in 340B space with years of multi vertical industry experience, Prime is the best choice to provide your organization with 340B services including IT services, technical services, and application enhancement services needed to achieve savings and reduce compliance risk.