The 32-year-old 340B drug discount program is reforming with AI
A Program Driven for People: Since its establishment, 340B Program has supported America’s public health safety net, empowering providers to stretch limited resources and reach more patients. Originally focused on “safety net hospitals,” the program now faces challenges as it expands, with well-funded hospitals benefiting from the profits of drug sales. However the program expansion has raised concerns, especially around loose criteria for rural hospital designation and expanded use of contract pharmacies. HRSA has introduced new rules through the Administrative Dispute Resolution (ADR) process to resolve disputes, but drug manufacturers worry that these rules could favor covered entities. Today, with evolving rules and regulations, compliance management is necessary. The covered entities need highly differentiated technical expertise within the 3420B 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 to reach success faster. Also, it will help them overcome challenges standing in the way of getting value from the program. With the rise of AI 340B, entities can now automate the submission and reconciliation of prescriptions and claims, transforming a traditionally time-consuming process into a seamless experience. Here’s how AI is making a difference – Automated Claims Submission AI-based solutions can automatically verify claims, reducing the chances of human error and speeding up the reimbursement process. Real-Time Tracking Interactive dashboards help analyze the claim review and verification processes, ensuring that every claim is monitored in real-time. They provide insights into claim status and identify issues before they become problems. Streamlined Processes With AI solutions, entities can efficiently reconcile claims against patient prescriptions, saving time and resources while ensuring compliance. By using AI, covered entities can improve their operational efficiency and patient care by ensuring timely access to medications. On this 32nd anniversary of the establishment of the 340B program, we look forward to a more streamlined and compliance-driven program. Ready to simplify your prescription and claims management processes? Talk to us – thehistroke.com
8 Proven Ways to Future-Proof Your 340B Program
Future-proofing the 340B program means ensuring it remains adequate and relevant despite changes in healthcare and regulations. This involves anticipating challenges and taking proactive steps to maintain its benefits. The program, offering discounted drugs to qualifying healthcare facilities, has encountered obstacles. For instance, in 2020, it faced criticism over drug pricing transparency. To secure its future, actions like strengthening compliance and operational efficiency are crucial. Currently, over 40% of all U.S. hospitals participate in the program, demonstrating its significance. In recent years, it has saved hospitals billions annually, aiding in their ability to serve vulnerable populations. As healthcare evolves, the program must adapt. Integrating technology and fostering partnerships with pharmacies and stakeholders are vital strategies. By continuously improving and staying responsive to changes, the 340B program can continue its vital role in supporting underserved communities. Here are some strategies for future-proofing your 340B program: To sum up, future-proofing the 340B program is imperative to its longevity and efficacy in serving vulnerable populations amidst evolving healthcare landscapes. Through strategic partnerships, data-driven decision-making, seamless integration with electronic health records, expansion into specialty pharmacy services, clinical integration, advocacy for program integrity, revenue diversification, and a commitment to continuous quality improvement, organizations can fortify their 340B programs for the challenges ahead. With a significant portion of healthcare providers participating in the program and substantial annual savings, the 340B initiative remains a cornerstone in ensuring access to affordable medications for underserved communities. By embracing innovation, collaboration, and adaptability, organizations can ensure the sustained impact and relevance of the 340B program, thereby continuing to uphold its mission of equitable healthcare access for all.