Recently I attended a Health Care Compliance Association event that addressed compliance concerns for physicians, pharmacies and hospitals. While this conference was not exclusively focused on 340B Program participants, the complexities and frustrations around 340B compliance was echoed by everyone.
With that in mind I'd like to share what I see as five great reasons why 340B participants need to be using a robust software solution for managing their 340B programs.
HIPAA COMPLIANCE - A good 340B software vendor can provide assurance regarding data security, processing integrity and confidentiality. They can validate solid internal processes and controls while helping the entity maintain a culture of compliance.
340B COMPLIANCE - The GPO Prohibition, Duplicate Discount Prohibition and Orphan Drug Exclusion are prevalent and confusing even with a good software solution. Being able to prove eligibility is easier and less time consuming with program management software.
340B COMPLIANCE - Current and reliable audit reports are required in all stages of compliance. Trying to manage these reports manually can be nearly impossible once your 340B activity reaches even a modest record count.
340B COMPLIANCE - Patient-level tracking of outpatient dispenses filtered by Medicaid is essential for maintaining auditable records. This can only be done with program management software especially if your program includes contract pharmacies.
340B COMPLIANCE - With more accurate claims editing you’ll increase time spent in operational efficiencies and decrease time spent in accounts receivable.
In the end, compliance is the most important part of any day in the health care industry. Your compliance means less headaches, more time focusing on your patients, and in the end, more benefits for your organization. And the quickest and most reliable way to get to all of those things is with the help of software.