340B program is a federal program that enables eligible providers, covered entities and hospitals access to life saving medicines at affordable prices for outpatients who are underserved, who come from low-income backgrounds and who lack insurance.
If we understand one thing, 340B should be a boon for eligible providers who serve needy outpatients. But what should be a boon is turning out as a significant challenge for hospitals participating in the 340B program. Thanks to 340B, eligible providers spend up to 80 percent of their time wrestling with challenges of complying with complex regulatory, audit and inventory requirements. And that means organizations are unable to capitalize on the benefits of 340B savings.
One of the biggest hurdles that hospitals face today is they are unable to replenish inventory accurately. In the absence of an effective system it can be difficult to manage when drugs can be ordered and replenished. The existing approach is resource intensive and depends heavily on reports collected and created by manual resources that makes the entire process time consuming and error-prone. As a result managing inventory and getting drugs in the stores on time has always been fraught with challenges.
Manually managing inventory control and purchasing decisions despite of so called semi-automation tools have always been a complex and critical process. Hospitals that don’t have an integrated pharmacy inventory system might run the risk of not being able to supply patients with lifesaving drugs when they need it most.
The overall success and long term viability of a pharmacy is largely decided by the way it manages its inventory. Running a pharmacy is no ordinary task, as a small mistake is all it takes to ruin the credibility and impact the revenues. From processing, fulfilling, tracking and dispensing to replenishing, pharmacy management can be difficult to manage because it requires lot of diligence and careful handling. In the absence of an integrated inventory system it can be difficult to track 340B eligible drugs that have been dispensed at the pharmacy. As a result it is increasingly becoming inevitable for contract pharmacy arrangements to have a system that can help manage the flow of inventory, information and payments between covered entities, pharmacies and wholesalers.
Managing regulatory compliance is proving to be a challenge for pharmacies. For covered entities participating in the 340B program, this challenge even gets bigger as they have to navigate through a slew of challenges.
Selecting a good partner to help you navigate through the challenges of 340B program is key to a successful and smooth 340B transition. A good partnership will help you build out solutions and manage your 340B programs effortlessly and ensure 340B compliance.
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.