The 340B drug pricing program provides significant savings to eligible healthcare providers serving low-income patients and those in rural areas. To maximize these savings, health centers must take proactive steps to ensure they are effectively utilizing the program. The following are some tips for health centers to maximize 340B savings.
1. Comprehensive Program Management
Effective management of the 340B program is key to maximizing savings. Health centers should establish a dedicated team to manage the program, with clear roles and responsibilities. Regular audits should be conducted to ensure compliance with program requirements and identify areas for improvement. The use of a 340B Pharmacy Management Consultant can help reduce the burden of the 340B program management for the health center.
2. Expand Covered Entity Eligibility as Much as Possible
Expanding the eligibility of covered entities is a critical component of maximizing 340B savings. Health centers should work to expand their eligibility to include as many providers as possible, such as Federally Qualified Health Centers (FQHCs) and Ryan White grantees.
3. Optimize Medication Purchases
Health centers can maximize their savings by optimizing their medication purchases. This can be achieved by negotiating better prices with manufacturers, wholesalers, and pharmacies, as well as using a group purchasing organization to pool purchasing power.
4. Expand Patient Services
Health centers can also maximize their 340B savings by expanding patient services. For example, health centers can use savings from the 340B program to fund new patient care initiatives, such as expanding access to specialty care services, transportation for patients, and expanded outreach efforts to target deeply under-served patients.
5. Conduct Meaningful Data Analysis
Meaningful analysis of the data can help identify areas of cost savings, as well as improve the health center's ability to provide beneficial healthcare services. Data analysis can be used to identify problem areas that are driving up unnecessary healthcare costs, and identify innovative ways to create cost savings.
The 340B drug pricing program is critical to the financial sustainability of health centers and the continued access to affordable medications for low-income patients and those in rural areas. In order to maximize savings, health centers need to take a proactive approach to program management, expand covered entity eligibility as much as possible, optimize medication purchases, expand patient services, and conduct meaningful data analysis. By putting these tips into action, health centers can significantly improve their bottom line and better serve their patients.