What are the biggest challenges facing healthcare organizations participating in 340B PROGRAM? According to a study, more than 60 healthcare providers are participating in the 340B drug pricing program. In this increasingly digital-centric landscape, 340B journey means more than eligible prescription identification, dispensing, maintaining compliance and realizing savings. When these companies participate in 340B program, they do so with the following things in mind: stretching scarce federal resources as far as possible, reaching more eligible patients and providing more comprehensive healthcare services. Despite understanding the need to maintain program requirements accurately, only a few healthcare providers can say they have what it takes to completely align with regulatory expectations.
The need of the hour: Highly differentiated technical expertise within the 340B domain
Poor 340B user adoption should be taken very seriously as this will prevent organizations from getting full value from their program savings. Organizations might experiment with different adoption strategies on their own, but it is those experts who’re highly differentiated technical expertise within the 340B domain that bridge the gap and to develop solutions that manage 340B programs seamlessly. Doing this will help organizations reach success much faster, and will help them overcome challenges standing in the way of getting full value from the program.
Biggest challenges facing contract pharmacy services
Among the other challenges facing contract pharmacy services are 340B eligibility, inventory replenishment, and audit compliance. Additionally, tracking investment, cost, complexity, and ROI versus the maintenance of old systems. And the biggest dilemma that is truly worth discussing is striking a balance between short term problems versus long term benefits.
Implementing a 340B should complement existing processes
Implementing a 340B should complement your existing processes. Things may not go according to plan and teams involved in the process may become frustrated. Moreover managing multiple integration environments can be complex and difficult. For example, multiple departments make use of data for a variety of purposes and face a variety of data integration challenges. Adding to the complexity, many organizations have departments that have deployed their own individual data integration strategies. More hospitals are discovering how data from multiple data sets increase the challenge of maintaining 340B compliance and realizing a maximum of 340B savings.
Narrowly focused tools can’t meet the complexities of today’s increasingly stringent regulatory
Healthcare providers are realizing that 340B program management can be intensively arduous effort if they choose tools that only focus on specific use cases. Many of the tools currently in use were not designed to meet today’s increasingly stringent regulatory environment, as a result, it can be tricky to know how to address the unique challenges facing these complex processes and environment.
340B solutions should support the evolving needs of healthcare providers
Many solutions in the market today are point solutions and come with limitations that do not evolve with the ever-changing requirements of 340B. These point solutions may do more harm than good because they are not built to support the evolving needs of healthcare providers.
Investing in 340B solutions and adding software is the easy part. Creating a fully-functional and customized solution is where it gets tricky, especially if organizations don’t have a plan or the expertise to execute that plan. This is where an experienced 340B technology solutions player is critical. The domain knowledge and highly differentiated technical expertise have been at the core of Prime 340B technology solutions.
Prime has over 15 years’ experience in building and maintaining 340B solutions and has worked with many TPAs building and maintaining Contract Pharmacy, Split Billing, Discount Cards, 340B Audit Systems, and other core functions, enabling TPAs to be nimble, competitive and flexible in the 340B space.
