3 Strategies to Better Manage Your 340B Program
The 340B discount drug program was designed to alleviate the large financial burden of costly pharmaceuticals on hospitals and health systems for patient assistance. While the program can be hugely beneficially, keeping up with changes to the program’s rules and regulations can be stressful. Health systems typically worry about their 340B audit, and ensuring that their program is as fiscally effective as it can be.
These three strategies can help your health care organization make the most of your 340B program and staying complaint with the rules and regulations.
1.) Independent Audits of Your 340B Program
Getting started with your tracking systems is vital to the success of your 340B program but often times, pharmacy leaders don’t go back and verify that the data is collecting the right information. Conducting your own independent audit of your 340B program can ensure that your healthcare system is staying on track with the rules, regulations and results.
2.) Supply Chain and 340B
The second strategy marries your hospital or healthcare system’s supply chain with your 340B initiative. You should run monthly, or weekly, reports to verify that you are not missing out on key opportunities for your organization.
3.) Communication and Compliance
Your hospital or healthcare organization should be committed to clear communications and program advocacy. If your organizations fails to communication with your 340B program, then compliance can be at risk. Without regular dialogue, you may not be able to rely important program notifications and changes.
The 340B discount drug program is constantly changing and complex for hospitals and healthcare organizations. But, if managed correctly, the 340B program can offer benefits for both your organization and your patients.