September 2023
By: Dennis Killian, PharmD, PhD, 340B ACE
As the headwinds pick up for 340B program participants, some covered entities are innovating to stand firm.
How?
We tell you in this article from 340B Report. Earlier this month, we shared the latest insights from the field, telling editors and readers how covered entities are faring amid mounting pressures. The news is encouraging: Covered entities thinking creatively are finding more savings.
Here’s a peek at what’s working for them, and what might work for you:
- Growing in-house, entity owned pharmacy and specialty pharmacy services. Some hospitals are building and growing in-house specialty pharmacy services to circumvent contract pharmacy restrictions and better serve patients. It’s a strategy delivering results: Care teams are happier, more 340B savings can be captured, and patient outcomes are markedly better. The strategy is working so well that some are even adding to their specialty pharmacy strategy. Several of our partners have rolled out chronic disease management pharmacy programs to help patients with more common chronic conditions – like diabetes and asthma – navigate therapy. Properly investing in how patients get and adhere to therapies could be a wise place to find 340B program savings.
- Evaluating data to optimize 340B ESP usage. Other hospitals are finding opportunity within their 340B ESP platform usage. Some are using the reporting to review and evaluate data. Many are finding previously-hidden savings opportunities. For example: One of our partners recently recovered nearly $3 million in less than 6 months just by working with us to optimize 340B ESP workflows, reporting, and submission.
- Streamline referral capture to bolster 340B program impact. Covered entities are working to avoid patient leakage, which can complicate 340B pricing and care coordination. Some have wisely established referral capture programs to expand 340B eligibility out-of-network. What makes this possible? Technology that can help ensure compliance.
If you’re eager for more creative ideas to identify savings, check out the full article on 340B Report’s website. Want to see how much you could save?