Secure 340B | Maximizing Profits with 340B Claims

Secure 340B | Maximizing Profits with 340B Claims

Website: Secure340B.com
Email: support@secure340b.com
Phone: 888-270-8628

Summary:

Lisa Faast and the 340B Secure team discussed the importance of the 340B program for pharmacies, emphasizing its potential to improve cash flow and patient care. Lisa shared her initial missteps with 340B and highlighted the need for proper management to avoid negative impacts. Amanda, a pharmacist and director of clinical operations, explained the benefits of 340B, including increased revenue and better patient access. They introduced tools like the 340B Navigator and Counter Fill to help pharmacies optimize their 340B claims and inventory management. The discussion also covered the challenges of maintaining inventory and the importance of understanding true margins.

Action Items

@Lisa Faast – Contact Heidi (primary contact at the clinic) to discuss current 340B program status and pharmacy services.
@Lisa Faast – Follow up with pharmacy staff to determine if they’re aware of any 340B activity or claims processing.
@Lisa Faast – Discuss with business partner to confirm whether he has knowledge of any existing 340B arrangements.
@Lisa Faast – Reach back out to Amanda after gathering information about current 340B status.

Outline

Introduction and Overview of 340B Program

Lisa Faast welcomes everyone and discusses the current industry landscape, emphasizing the importance of looking ahead after the DIR fee apocalypse.
Lisa highlights the need to grow and build pharmacies, diversify revenue streams, and optimize patient care and monetization.
Lisa introduces the team from 340B Secure and shares her personal experience with 340B, noting the importance of understanding and managing the program correctly.
Lisa emphasizes the potential benefits of 340B for pharmacies, including increased revenue and improved patient care.

Amanda’s Introduction and 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 her initial reluctance to engage with the program and her eventual realization of its importance.
Amanda explains that 340B Secure is not a TPA but works with all TPAs to ensure pharmacies benefit from the program.
Amanda outlines the goals of 340B Secure, which include helping pharmacies understand and optimize their 340B participation.

Overview of 340B Program and Challenges

Amanda provides a high-level overview of the 340B program, including its benefits and challenges.
She explains the process of how 340B claims are handled, from the pharmacy filling the prescription to the covered entity replenishing the inventory.
Amanda discusses the financial challenges of 340B, including the impact of dispensing fees and inventory management.
She highlights the importance of understanding the true financial impact of 340B claims and the need for proper inventory management to avoid issues like inventory swell.

340B Navigator and Counter Fill Tools

Amanda introduces the 340B Navigator tool, which provides clarity on 340B claims and their financial impact.
She explains how the tool helps pharmacies understand the true margin of 340B claims and identify issues with inventory replenishment.
Amanda introduces the new Counter Fill tool, which overlays 340B margins for claims to provide detailed financial information at various levels.
She provides examples of how these tools can help pharmacies make informed decisions about filling prescriptions and managing their inventory.

Case Studies and Real-World Examples

Amanda shares case studies and real-world examples to illustrate the impact of 340B on pharmacies.
She provides examples of how pharmacies have benefited financially from 340B programs, including cases where pharmacies were able to save or generate significant revenue.
Amanda discusses the importance of understanding the true financial impact of 340B claims and the need for proper data analysis to make informed decisions.
She emphasizes the role of 340B Secure in helping pharmacies navigate the complexities of the program and optimize their participation.

Q&A and Audience Engagement

Mike Vesely asks questions about the role of TPAs and the process of verifying 340B claims.
Amanda explains that 340B Secure audits the data provided by TPAs to ensure accuracy and helps pharmacies resolve any discrepancies.
Mike inquires about the minimum volume required for pharmacies to benefit from 340B, and Amanda responds that there is no specific threshold, but the program is particularly beneficial for higher volume pharmacies.
Lisa Faast shares her experience with 340B and discusses the potential opportunities for her pharmacy to participate in the program.

Conclusion and Next Steps

Lisa Faast thanks Amanda and the team from 340B Secure for their presentation and emphasizes the importance of understanding and optimizing 340B participation for independent pharmacies.
Amanda offers to provide a free discovery call for pharmacies interested in learning more about 340B and how it can benefit their business.
Lisa expresses her appreciation for the information and plans to follow up with her partner to explore potential 340B opportunities for their pharmacy.
The meeting concludes with a commitment to continue exploring ways to optimize 340B participation and improve pharmacy operations.