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How to use the 340B program to aid in financial recovery efforts

May 12, 2020

By Erica Cooperrider and Kathleen Borisch

The federal 340B drug prescription program provides much needed revenue to qualified healthcare entities.

Whether you’ve never heard of the 340B program or you’ve been a covered entity for years, this is a good time to enroll in, expand or optimize your program. Many hospitals and clinics have taken a huge financial hit during the COVID-19 pandemic. Government grants and loans have helped, but there is opportunity for increased revenue from the 340B program to help your hospital or clinic recover faster.

Here are four ways to leverage the 340B program:

  • Enrollment: If you’re recently eligible or if you have a newly eligible site, you should enroll in the program. The Health Resources and Services Administration (HRSA) has indicated that it may consider immediate enrollment based on COVID-19 related need.
  • Contract pharmacies: To fully leverage the 340B program, it’s important to begin taking advantage of contract pharmacies or expand your contract pharmacy program.
  • Optimization: If you have a current 340B program, it’s critical to look at how you can maximize the positive impact of the program. This includes actions such as implementing a process to capture referral prescriptions, eliminating from your program NDCs that are creating a loss, or creating compliant procedures for hospital outpatient 340B drug use.
  • Compliance: The 340B program has numerous and stringent compliance requirements. Analyzing your current program to make sure you are compliant can help you reduce the risk of manufacturer repayment in the case of a HRSA audit.

How Wipfli can help

If you’re not sure whether your organization is eligible for the 340B program, let Wipfli help you determine your situation and assist with the enrollment process. Our team can also offer guidance on improving an existing program and increasing your 340B savings, as well as helping to ensure you’re compliant with 340B program requirements.

Lastly, Wipfli can help you navigate the complicated world of pharmacies and third-party administrators. We can provide advice and project management services to get your new pharmacies up and running as quickly as possible.

To learn more, contact:

Hospital contact: Kathy Borisch | kborisch@wipfli.com
Clinic contact: Erica Cooperrider | Erica.cooperrider@wipfli.com

Author(s)

Kathleen M. Borisch, CMA
Manager
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