Bottlenecks within healthcare organizations is a tell-tale sign of inefficiency that can impede your business operation’s natural workflow. This is especially true when it comes to your 340B program since hurdles can negatively impact your program benefits. Legacy systems and obsolete methods in the 340B program process slow down your business growth, leading to non-compliance and consistent revenue loss.
However, the good news is that by adopting a few changes in your 340 process, and by leveraging 340B technology solutions, you can overcome these issues. Technology solutions such as a 340B audit management tool, split billing tool, and virtual inventory management solution and more are all viable solutions in today’s marketplace. By adopting these tools, you can easily eliminate many challenges such as saving administration costs which in in turn boosts productivity. However, you need to be able to effectively anticipate what the challenges are and come up with a game plan to solve them.
What are typical challenges? Here are some common types and ways to overcome them:
Patient Eligibility Identification
There can be nothing more unacceptable than delivering patient care to a wrong patient or processing fraudulent claims and duplicate records which burn valuable time and resources. Such efforts are futile and negatively impact operations.
In this regard, it is not always easy to reduce medical errors, eliminate duplicate and redundant medical records since your business might be leveraging legacy systems that were not designed to deal with digital-age challenges. What can you do?
With an automated approach to your 340B program, a Patient Eligibility System will identify patients that qualify for the 340B program. This greatly reduces the errors that existed with your legacy system. Prime provides this functionality.
Auditing
Many healthcare companies are letting traditional legacy systems stand in the way of managing audits. What if HRSA suddenly schedules a 340B program audit on short notice? Will you be ready to do the audit? Now, if you are unsure on how this can be achieved, the only way to do it is by having an automated approach to a 340B program audit.
Prime through its proprietary 340B Audit Management Tool offers the required audits to ensure that the HRSA patient eligibility requirements are met to reduce or eliminate diversion of 340B drugs to non‐eligible patients.
By using the 340B Audit Management Tool, healthcare organizations can now demonstrate how automated solutions can help entities in auditing at different levels such as 340B claims, orders, and financials channels. Prime’s 340B Audit Management Tool collects data from Covered Entities, Pharmacies and Manufactures to run both internal and external audit processes based on the audit program configuration and the audit schedule.
Inventory replenishment
Inventory management is an important function that directly impacts overall pharmacy performance. Inefficient and out-dated pharmacy systems to manage inventory may cause wrongful administration of 340B purchased drugs. It should be noted that bottlenecks in inventory do not just happen at the very outset of the inventory process. Usually, they occur anywhere along the way, in inefficient and out-dated pharmacy systems.
Virtual replenishment, which is otherwise known as a replenishment model, is an automated inventory system which closely tracks 340B eligible drugs that have been dispensed at a pharmacy. Leveraging the virtual replenishment model can help reduce or eliminate the burden on the pharmacy; this also can lead to savings of shelf space and other inventory-related expenses. Prime offers leading-edge inventory replenishment to covered entities for effective inventory management.
Prime is an ideal 340B technology solutions partner
By having a partner such as Prime with expertise within the 340B domain, you take the guesswork out of effective 340B program management. As a domain expert with decades of experience, Prime has helped many covered entities save on administration costs and effectively manage and administer their 340B program.
For more information on how to get started with Prime, click here
