Full 340B Participation Includes Contract Pharmacy
Eligible hospitals can experience significant benefits from contracting with Community/Outpatient pharmacies in their area to extend their 340B participation, which increases the hospital’s ability to aid underserved or uninsured patients in its community in keeping with its Safety Net Mission.
In this relationship, the Community/Outpatient pharmacy is dispensing, billing, and collecting payments for 340B eligible medications provided to patients of the Covered Entity on its behalf.
For Covered Entities, this agreement can improve many factors including continuity of care, patient satisfaction, and 340B benefits maximization.
For Community/Outpatient pharmacies, this agreement can improve many factors including patient loyalty, profit margins, and front-end purchase potential.
Both stakeholders need to place compliance and 340B integrity at the forefront of their relationship, and to do this requires attention to detail and a third-party compliance software partner with contract pharmacy experience.
“With 400 audits coming in 2013, 340B stakeholders really need to evaluate their compliance, analyze their vendor’s documentation capabilities, and perform regular self-audits.”
Michael J . Sovie, Pharm. D., MBA
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340B Contract Pharmacies by Michael J . Sovie, Pharm. D., MBA