As chronic illnesses become increasingly common in the United States, the number of specialty medications for managing these conditions has skyrocketed. From a financial perspective, the number one reason a 340B hospital should consider an onsite specialty pharmacy is the significantly increased potential for generating 340B savings — and for passing-along those savings to patients in need. Some covered entities generate as much as 600% in revenue from 340B specialty drugs as they do in traditional retail / outpatient pharmacy 340B prescriptions.
Streamlining 340B patient care
Onsite specialty pharmacies in 340B hospitals offer a seamlessly efficient approach to caring for the “sickest of the sick” patients they serve. By streamlining care delivery, 340B hospitals’ onsite specialty pharmacies can effectively manage complex medication regimens — while minimizing the risk of medication errors.
Enhancing medication adherence among 340B patients
Medication non-adherence is the number one cause of unnecessary patient readmissions. Onsite specialty pharmacies can play a pivotal role in improving medication adherence among patients at the greatest risk of burdening hospitals with costly, unnecessary, compliance-related readmissions.
Onsite Specialty Pharmacists can engage patients in one-on-one counseling, providing them with essential information about their medications’ purposes, potential side effects, and proper administration. This personalized education empowers and incentivizes patients to take a much more active role in managing their health.
Expanding access to specialty medications for 340B patients
The number one reason for medication noncompliance is the prohibitive cost of prescriptions, followed closely by the limited availability of those prescriptions. Onsite specialty pharmacies in 340B hospitals can significantly reduce these barriers to patient compliance, by procuring specialty drugs at discounted prices through the 340B program.
Improving patient satisfaction
Onsite specialty pharmacies can contribute to higher patient satisfaction in several ways. By reducing wait times and offering tailored medication services, patients enjoy enhanced levels of care and attention. Moreover, affording patients affordable access to specialty medications improves their confidence in their treatment plans — leading to greater trust in the healthcare system and, again, greater levels of compliance.
Facilitating clinical research and innovation
Onsite specialty pharmacies can serve as valuable resources for 340B hospitals that conduct clinical research. With access to a wide range of specialty drugs and patient populations, these pharmacies can participate in drug trials — contributing to the advancement of medical knowledge, and the development of new treatment options.
Leveraging data analytics and patient outcomes
The integration of onsite specialty pharmacies within 340B hospitals enables the collection and analysis of comprehensive patient data. Pharmacists can leverage data analytics to monitor medication adherence, identify potential drug interactions, and assess treatment efficacy. By harnessing the power of data-driven insights, 340B hospitals can continually improve their patient care protocols and optimize treatment outcomes.
Overcoming 340B ESP and drug manufacturer restrictions
There is a workaround for 340B hospitals forced to select a single pharmacy for manufacturers’ 340B pricing — and it’s legal in many states. Hospitals can operate specialty pharmacies alongside their retail pharmacies. As long as the two operations are physically in their own spaces (working under separate Pharmacists-In-Charge), and there is no procedural, functional or personnel overlap between the two.
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