Contract pharmacies play a critical role in optimizing the potential savings and revenue that eligible hospitals can generate with a well-managed 340B program. They’re also an important extension of a 340B hospital’s overall care of, and for, its outpatients. Increasing the number of independent pharmacies serving as contract pharmacies enhances a hospital’s ability to offer … Read More
A 340B Contract Pharmacy is a retail entity that provides prescription drugs to patients of 340B-eligible covered entities under the 340B Drug Discount Program. To determine if your health system is 340B-eligible, visit the HRSA.gov site, or click here for our post — “Understanding The 340B Program Requirements.” According to a Fact Sheet by the … Read More
What Is The 340B Drug Pricing Program? The 340B drug pricing program was created by Congress in 1992 to help fill revenue gaps experienced by healthcare providers operating on very low, or negative, margins — by providing significant discounts on prescription drugs. In a March, 2023 Fact Sheet, The American Hospital Association (AHA.org) noted, “The … Read More
The 340B Drug Pricing Program is a federal health care law that provides significant discounts and reimbursements on prescription drugs for many healthcare providers, including several categories of hospitals. This article discusses how to determine if your hospital qualifies as an eligible entity, and what you should know about each category of hospital in order … Read More
The 340B drug pricing program was created by Congress in 1992 to provide significant discounts on prescription drugs for certain health care providers. Its purpose is to help reduce costs and fill revenue gaps for those providers. The program allows eligible hospitals, clinics, pharmacies, nursing homes, home healthcare agencies, hospices, dialysis centers and long-term acute … Read More
Since 2019, ProxsysRx’s 340B team has generated over $500 million in 340B revenue for the health systems we serve. During that time, we’ve developed any number of strategies and tactics for overcoming 340B ESP and other manufacturer restrictions. Below are the seven key elements of our process. 1. Establishing communications between health system providers and … Read More
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 … Read More
Opening an onsite specialty pharmacy is extremely challenging — particularly given the effort required just to get access to purchase specialty meds, and then to get “In Network” with PBMs. That said, ProxsysRx has developed a proven process for meeting those challenges. Owning a successful specialty pharmacy starts with optimizing your 340B program (For an … Read More
Since 2019, ProxsysRx has generated more than $500 million in 340B savings and revenue for the health systems we serve — and yes, we’ve learned to overcome many of even the toughest manufacturers restrictions. We work with hospitals to unlock pharmacy’s potential throughout the continuum of care. We optimize revenues from their 340B programs and … Read More
Below are highlights of an in-depth roundtable discussion outlining how eligible health systems can ensure the success of their onsite specialty pharmacies. To watch videos of that discussion, organized by topic, Click Here. You can also find a curated transcript of the entire discussion here. Nurture strong pharmacist / provider relationships It’s critical that you … Read More
