Are your 340B program efforts not yielding desired results?
Tired of trying so hard to get nowhere. The answer could be in your approach that manages 340B program requirements. It comes as no surprise that conforming to 340B standards can make or break your business. Are you confident that your hospital is meeting 340Bcompliance standards?
340B program presents a valuable opportunity for health care providers, covered entities and healthcare organizations participating in the program to deliver outpatient drugs at highly discount prices. Currently though, many of these entities are unable to take full advantage of this program or lack the mechanism required to derive true advantage. So where’s going wrong?
As a health care provider responsible for overseeing every aspect of your pharmacy business, you are most likely pressed for time on a regular basis, which means that the thought of achieving 340B compliance can cause moments of stress among everyone involved in it. Managing regulatory program can be complex and difficult and many companies face these challenges because they may have deployed legacy systems that offer little automation that is not sufficient to meet the stringent compliance requirements.
Ensuring the highest standards for meeting 340B compliance and quality systems is imperative for any pharmaceutical company looking to capitalize on the benefits of this drug discount program. An audit of this program necessitates a thorough review of accuracy and authenticity of data surrounding 340B.
The challenges of 340B program are increasing and not without a reason. Complex regulations and legacy processes amplify compliance issue. Understanding and following standards & regulations is a critical aspect of managing compliance in healthcare organizations. The consequences of non-compliance can make organizations stuck between regulators and patients. Both are seeking answers that only the health care providers can answer but there won’t be a single answer because both have different needs.
One of the challenges facing healthcare providers participating in 340B program is correctly configuring 340B split billing software program that is according the expectations of the organization’s requirements and functionality that will suffice their needs. If the software is not built according their practices of entity and 340B requirements, then there is a high chance of hospital provider’s running risk of being non-compliant.
More so lack of appropriate controls that can prevent diversions can lead to a lack of confidence in the hospital providers. You need a software solution provider who can help you understand and support these guidelines. Managing split billing can be complex and difficult. Many healthcare providers face these challenges because of lack of automation. More organizations are realizing how setting up split billing to manage procurement, inventory and replacement enables them to tackle the challenge of 340B compliance.
Did you know that hospitals with complete 340B management are more likely to enable covered entities to save on administration costs and effectively manage and administer the 340B program?
If 340B split billing is all you are looking for, Prime 340B Split Billing provides covered entities a compliant and customizable end-to-end solution for claims qualification and inventory management of their in-house pharmacies.
Did you know that when it comes to 340B compliance program, Prime offers highly differentiated technical expertise within the 340B domain enabling you to build out solutions and manage your 340B programs seamlessly?
