HIT Think: Why data will grow in importance for drug pricing
by Holly Russo, RN, MSN, MS, ECS, PatientCraft CEO
The 340B drug pricing program, enacted in 1992, provides discounts on outpatient drugs to safety-net providers (called 340B covered entities) who meet certain qualifications. Covered entities use the savings from the program to stretch scarce federal resources and invest in patient care. With new requirements around Medicaid managed care patients who are also 340B eligible, this a good time to make sure you understand how your 340B solution is managing important program compliance elements.
Many hospitals and health centers that participate in the 340B program would not be able to keep their doors open without the savings from 340B. While 340B program management does come with certain complexities, it is well worth the time and effort to work through them with your software vendor in order to capture eligible drug cost savings that you can use to expand care to your patients.