What are the most significant roadblocks for healthcare organizations participating in the 340B program?

As per a study, more than 60 healthcare providers are participating in the 340B Drug Pricing Program. In this increasingly digitized landscape, the 340B journey means more than eligible prescription identification, dispensing, maintaining compliance, and realizing savings.

When these companies participate in the 340B Program, they extend scarce federal resources as far as possible, reaching the more eligible patients and providing more effective healthcare services.

Despite understanding the need to maintain program requirements, only a few providers can say they align with regulatory expectations completely.

Let’s understand the components of the 340B Program

• Eligible Entities – The covered entities consist of a diverse range of healthcare providers committed to serving the underserved. From hospitals to community-based clinics and other stakeholders in a variety of programs.

• Discounted Drug Pricing – Pharmaceutical manufacturers offer outpatient drugs to covered entities at discounted prices to support the program’s mission to improve patient access to essential medications.

• Program Oversight – The HRSA monitors the program, ensuring compliance with regulations and safeguarding its integrity through audits and guidance.

• Patient Benefits – Savings from the program are meant to be reinvested by covered entities to improve services, enhance patient care, and address the unique needs of their communities.

The need of the hour

In the system explained above, there is a need for highly differentiated technical expertise within the 340B domain. The poor 340B user adoption is required to be taken into notice as it prevents organizations from getting complete value from their program savings. Organizations have to experiment with different adoption strategies. However, only some experts with differentiated technical expertise in the 340B domain can help bridge the gap. Only they can develop solutions that help manage 340B programs seamlessly. Doing this will help organizations reach success faster. Also, it will help them overcome challenges standing in the way of getting value from the program.

The 340B Drug Pricing Program in the United States faces various challenges, and technology can play a crucial role in addressing them. Let’s understand what are the major tech advancements in the 340B Program.

Technological Applications

Compliance – Ensuring compliance in accordance with the program requirements and preventing any diversions of discounted drugs for ineligible patients and entities has always been a significant challenge. However, the implementation of data management and real-time analytics can help covered entities monitor and ensure compliance. Automated auditing tools can help identify discrepancies and potential areas of non-compliance.

Data Accuracy – Maintaining accurate and up-to-date data on eligible patients, prescriptions, and covered entities is challenging. EHR and data management systems can help simplify data sharing and reduce errors.

340B Auditing & Reporting – Meeting requirements, preparing for audits, and conducting audits can be time-consuming and resource-intensive. Therefore, implementing automated reporting tools can streamline the process of generating required reports. Also, implementing domain expertise to develop systems that help process claims for 340B drugs helps ensure that discounts are applied effectively.

340B Drug Pricing Transparency – Ensuring transparency in drug pricing and preventing instances of overcharging and undercharging is significant. Blockchain and other secure, transparent technologies can be used to create an auditable and transparent record of drug transactions, ensuring fraud prevention.

Implementation of AI – AI applications help in drug inventory, ensure real-time compliance monitoring, improve split billing accuracy, extract insights with NLP, verify patient eligibility, support stakeholders through chatbots, detect fraud patterns, provide instant reporting, and adapt continuous program changes.

340B Chatbot– AI can be leveraged to develop the most potent chatbot that is specifically designed to help with any questions related to 340B regulations, operations, best practices, etc.   This chatbot can understand user intent and answer the questions accordingly.

Complexity of 340B Program – The 340B Program has become complex, and covered entities may struggle with understanding and navigating the program regulations. Providing educational resources and training through online platforms can help covered entities stay informed about program changes. Additionally, decision-support tools within tech platforms can guide entities in making compliant choices.

As we can see, the 340B Drug Pricing Program, with its noble objectives, continues to evolve with the implementation of technology. This dynamic synergy promises to simplify the program’s administration and strengthen its impact on healthcare accessibility for those who need it most. As technology continues to advance, the 340B Program stands at the intersection of innovation and compassionate care, charting a course toward a more inclusive and technologically empowered healthcare future.

At this stage, a technology partner who understands the critical importance of optimizing resources is essential. Only they can ensure that every dollar invested translates into enhanced patient care will help –

• Elevate 340B Savings for 340B eligible hospitals who are looking to increase their savings and take control of their financials.
• Learn how the 340B contract pharmacy framework can increase annual savings.
• Enables end-users to verify 340B Program eligibility easily, trace claims, fasten audits, etc.

In summary, a technology partner is instrumental in leveraging innovative solutions to address challenges in the 340B program. From compliance, split billing, and data accuracy to communication, technology plays a crucial role in optimizing the program’s efficiency and effectiveness for covered entities.

47Billion, with its technical expertise, helps in evolving the 340B Program landscape. Derive value and optimize your processes. Connect at – hello@47billion.com