Secure 340b maximizing Profits with 340b claims – Monthly Mastermind May 2024
Lisa Faast and Amanda from Secure 340B discussed the importance of optimizing 340B programs for independent pharmacies. Lisa highlighted the need to diversify revenue streams and improve patient care post-DIR fee apocalypse. Amanda explained Secure 340B’s tools, including the 340B Navigator and Counter Fill, which help pharmacies track and maximize 340B claims. They emphasized the significance of accurate data, inventory management, and financial impact analysis. Amanda shared real-world examples, such as a $222 profit per prescription and a $53,000 inventory discrepancy, to illustrate the benefits. They also discussed the challenges of maintaining inventory and the importance of understanding 340B qualifications and contracts.
Action Items
Contact Heidi Brook at the local covered entity to confirm whether the pharmacy’s existing 340B contract is active, understand how it is currently being run, and discuss any changes needed.
Reach back out to Amanda from Secure 340B, consult with her partner, and decide on next steps for evaluating and potentially reactivating 340B programs at the Oklahoma and Louisiana pharmacies.
Budget
- Secure 340B offers free discovery calls and performance-based pricing adjustments.
Competition
- TPAs and third‑party administrators like SunRx were mentioned; Secure 340B is not a TPA.
Objections
- Manufacturer restrictions limiting multiple contract pharmacies were cited as barriers to program expansion.
- Inventory swell and replenishment delays can decimate cash flow and block program benefits.
Need
- Cash flow pressures from DIR fees and low reimbursements were highlighted as major challenges.
- Complexity of 340B operations and lack of staff bandwidth to manage the program.
Questions
- Lisa asked how to evaluate whether 340B is available and the first steps to pursue it.
- Kate asked for the Office of Pharmacy Affairs website URL to find covered entities.
- Kate asked what pharmacies must do to qualify as contract pharmacies.
Sentiment
- Overall tone positive, with appreciation for data, praise for Secure 340B, and intent to follow up.
Introduction and Overview of 340B Program
- Lisa Faast welcomes everyone to the monthly mastermind meeting and highlights the importance of looking ahead after the dir fee apocalypse.
- Lisa emphasizes the need to grow and build pharmacies again, diversify revenue streams, and optimize patient care and monetization.
- Lisa shares her personal experience with 340B, initially doing it wrong and later learning to do it right.
- Lisa introduces Amanda from 340 Secure, highlighting the team’s expertise and the importance of understanding 340B.
Amanda’s Introduction and Team Background
- Amanda introduces herself as a pharmacist and director of clinical operations for the Academy of Independent Pharmacy in Georgia.
- Amanda shares her experience with 340B, including working with 3B administrators and the challenges faced in the industry.
- Amanda explains that 340 Secure is not a TPA but works with all TPAs to ensure pharmacies benefit from 340B participation
- Amanda mentions the team’s extensive knowledge in 340B and their goal to provide high-level overviews and solutions.
- Challenges and Benefits of 340B Program
340B Navigator and Counter Fill Tools
- Amanda introduces the 340B Navigator tool, which provides clarity on 340B claims and their financial impact.
- Amanda explains the Counter Fill tool, which overlays 340B margins for claims to provide accurate financial data.
- Amanda demonstrates how the tools help pharmacies understand their true margins and make informed decisions.
- Amanda highlights the importance of accurate data and the impact of 340B on pharmacy revenue and patient care.
- Case Studies and Real-World Examples
- Amanda shares real-world examples of how 340B has positively impacted pharmacies, including increased revenue and improved patient care.
- Amanda explains how the tools help identify issues, such as inventory swell and financial challenges, and provide solutions.
- Amanda discusses the importance of accurate data and the role of 340B in ensuring pharmacy profitability.
- Amanda emphasizes the need for pharmacies to understand and leverage 340B to improve their financial and operational performance.
Q&A and Audience Engagement
- Mike Vesely asks questions about the role of TPAs and the process of auditing 340B claims.
- Amanda explains how 340 Secure works with TPAs to ensure accurate data and provide auditing services.
- Amanda discusses the importance of tracking inventory and the role of 340B in managing pharmacy inventory.
- Amanda provides guidance on how pharmacies can evaluate their 340B participation and make informed decisions.
Conclusion and Next Steps
- Lisa Faast thanks Amanda and the team for their presentation and emphasizes the importance of 340B for independent pharmacies.
- Lisa shares her personal experience and the potential benefits of 340B for her pharmacy.
- Amanda offers to provide a free discovery call to help pharmacies evaluate their 340B participation and make informed decisions.
- The meeting concludes with a commitment to continue exploring 340B opportunities and providing support to independent pharmacies.