The automated approach to optimizing 340B savings & patient care while overcoming manufacturer restrictions NOTE: The purpose of this article is to highlight features and functionality any 340B platform needs to optimize a health system’s 340B savings and revenue. That said, we determined that the easiest way to report those features was to describe the … Read More
Drug Manufacturer Restrictions
340B Outlook For 2024: Change. Change. And More Change.
What we’ve learned. What it means for your 340B program. Between late 2019 and the end of 2023, ProxsysRx’s 340B Support program went from Zero to more than $500 million in savings generated for the hospitals and health systems we serve. In spite of the drug manufacturer restrictions that have devastated many hospitals’ programs, every … Read More
Enhancing Patient Care and System Revenue: The Case for Onsite Specialty Pharmacies in 340B Hospitals
Why a Specialty Pharmacy? (Overview) As chronic illnesses become increasingly common in the United States, the number of specialty medications for managing these conditions has skyrocketed. According to a report by The American Hospital Association, the number of Americans with chronic medical conditions will grow by a projected 9% between 2020 and 2030, an increase … Read More
The Best 340B Program Is More Than Just A 340B Program. Much More.
Congress established the 340B program in 1992 to help non-profit hospitals fill-in the significant revenue gaps inherent to their business models. What the bill’s supporters did not foresee, and what very few eligible health systems realize — even today — is that 340B can function as the central hub of a multi-point program. One that … Read More
Leveraging Partnerships With Drug Manufacturers To Overcome 340B Restrictions On Specialty Drugs
It’s no secret that the 340B Drug Pricing Program has been a lifeline for eligible health systems, enabling them to fill-in the massive revenue gaps inherent to the non-profit-hospital business model (and, in the process, support their mission of providing quality care to our nation’s most vulnerable patients) through access to discounted prescription refills. At … Read More
Your Hospital’s 340B Contract Pharmacy Network Is Not What It Should Be.
Based on our experience, it’s a claim we can make with 100% certainty. Since 2019, when ProxsysRx launched its 340B Support Services division, we’ve managed the 340B programs of 18 health systems. Altogether, we’ve generated more than $500 million in 340B Savings and Revenue for those health systems — $98M in the first 10 months … Read More
How ProxsysRx Quadrupled One 340B Entity’s Savings & Revenue In A Single Quarter
In late 2022, ProxsysRx’s team initiated 340B Program-Management support for a 198-bed, full-service, community and regional non-profit medical center located in the Northeast. After weeks of laying all the necessary groundwork to manage its 340B program, we began actively submitting eligible prescriptions this past January. By the end of Q1, the hospital’s 2023 340B savings … Read More
Drug Manufacturers’ 340B Restrictions Generate New Round Of Media Scrutiny & Criticism
In the past week, no less than three articles have called attention to the restrictions drug manufacturers have imposed to evade their legal responsibility to honor 340B program prescription discounts — as well as the impact those restrictions have had on 340B-eligible nonprofit entities’ ability to serve their patients and communities. “Don’t believe drug companies: … Read More
The 2023 Guide To Implementing An Effective 340B Program
The 340B-program landscape has changed dramatically. For the 340B program’s first 28 years after its 1992 inception, the basic list of Best Practices for eligible entities (the 340B basics, if you will) remained largely unchanged — aside from the dramatically-increased importance of using specialized software. But since the June, 2020 introduction of 340B ESP — … Read More
Why 340B Hospitals Should Now Build Their Own Specialty Pharmacies
340B ESP and drug manufacturer restrictions are only part of the reason As we noted in a previous post, for 340B-eligible hospitals dealing with increasingly squeezed bottom lines, an in-house specialty pharmacy offers enormous savings and revenue potential. Some covered entities generate as much as 600% in specialty pharmacy revenue from 340B drugs as they … Read More