PharmD On Demand + 340B
Unlocking Significant Savings for Rural Hospitals
WATKINSVILLE, GA / ACCESSWIRE / January 10, 2025 / Did you know there is a channel available that can strengthen a rural hospital’s financial health, improve patient care and optimize resources, all at once?
That channel is the 340B Drug Pricing Program, a non-taxpayer-funded, federal program that allows eligible hospitals and clinics to purchase drugs at significantly reduced prices. While the criterion for eligibility is detailed, two key factors include not-for-profit hospitals that serve a disproportionate share of uninsured or under-insured patients and federal funded clinics. The intent of the program is to help the hospitals and clinics as well as help the patients who need care in those areas.
Ways It Can Strengthen Facilities
The 340B program has the potential to make a significant difference for healthcare facilities and the communities they serve. It enables eligible hospitals and clinics to offer increased financial support to underserved communities by controlling the escalating costs of prescription drugs.
Through 340B, pharmaceutical manufacturers who participate in Medicaid must offer discounted prices on outpatient drugs to qualified health organizations serving uninsured and low-income patients. The savings on prescription drug costs allow these clinics and hospitals to reinvest funds into essential resources, preserving their ability to care for patients.
For instance, a rural hospital might be able to purchase new equipment or offer enhanced services, which means patients no longer are forced to look elsewhere for care. A different facility might use the cost savings to help recruit clinicians to their rural area by offering more competitive salaries. In a world where money is often tight, the additional funds via 340B can be critical.
Why Facilities Hesitate
Despite recognizing the potential benefits, many rural healthcare leaders hesitate to participate in the 340B Program or maximize its potential, due to the complexities, effort and maintenance involved. Specifically, they have concerns about tasking their already-stretched-too-thin pharmacy staff with the additional burden of 340B ordering, compliance and reporting. Beyond this, there are other apprehensions that may be looming, such as questions related to integrating 340B with existing technology systems.
The good news is that facilities and pharmacy staff don’t have to go it alone. PharmD On Demand, a company focused on pharmacy solutions for hospitals and clinics, has deep knowledge related to 340B, along with a framework just for applying, starting up, and implementing the program, and can help eligible hospitals capitalize on the full advantages of the program.
PharmD: 340B Experience + Custom Solutions
PharmD’s 18 years’ experience allows its team to serve as trusted guides, becoming an extension of a pharmacy team already in place.
They begin by helping determine if a hospital qualifies and from there, customize their services and technology to what is best for an organization. Here are just some of the reasons facilities choose to partner with PharmD On Demand to gain benefits from 340B:
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EMR Integration Support: The PharmD On Demand team has in-depth knowledge of 340B regulations and software, helping ensure a pharmacy remains compliant. They will help ensure an Electronic Medical Records (EMR) system communicates effectively with the 340B software-a crucial first step, as most hospital and clinic pharmacies do not segregate 340B drugs from non-340B drugs, making accurate communication between systems essential.
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Drug Ordering and Optimization: PharmD On Demand can oversee the purchasing process, helping to ensure that drugs are ordered in compliance with the program. They also can review all prescription ordering, to optimize the use of the 340B account and determine if there are any missed opportunities.
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Risk Management: PharmD utilizes a robust auditing methodology to minimize the risk of non-compliance, provide transparency into a program, and help hospitals and clinics understand and manage compliance risks effectively.
Peace of Mind – and Cost Savings
Ongoing support means a hospital gains peace of mind knowing they will be able to reap the full benefits from the program while allowing their pharmacy staff to stay focused on patient care.
With every client PharmD serves, they gain new insights. They then take that knowledge and use it to continually improve and streamline their technology and services. That means hospitals receive all the benefits of a full-time 340B account manager (and then some) for a fraction of the cost.
CONTACT
706.389.9500
info@pharmdondemand.com
PharmD On Demand
SOURCE: PharmD On Demand
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