Understanding the 340B Program
The 340B Drug Discount Program is a US federal program that requires drug manufacturers to provide outpatient drugs at significantly reduced prices to qualifying covered entities. This allows the covered entities to stretch scarce federal dollars, reach more eligible patients—including the under-insured and uninsured—and provide comprehensive services to the most financially vulnerable in our society. These covered entities range from hospitals and health centers to Ryan White grantees and specialized clinics, among others.
The Health Resources and Services Administration (HRSA) oversees the 340B program, ensuring covered entities remain compliant with the various rules and regulations by conducting regular audits to identify discrepancies relating to virtual inventory, HIPAA compliance, unmatched patient claims, accounts reconciliation, applied discounts, and more. While HRSA functions as the regulatory agency for the 340B Program, the responsibility for implementation of the program relies on a coordinated effort between covered entities, pharmacies, manufacturers, administrators, and wholesalers.
340Best understands the complexities, challenges and nuances of the 340B Program. Our expertise coupled with our proprietary software—InfoPoint®—aids stakeholders in establishing a viable and successful 340B Program. As a result, our clients are better able to serve their communities while ensuring HRSA regulation compliance.
The 340Best approach includes:
- An assessment of your current program—including use of other third-party administrators—conducted by our team of 340B experts;
- Clearly defined next steps to address recommended program adjustments, and;
- When requested, integration of our InfoPoint platform for administration and compliance services access.
Our implementations are conducted with benchmark speed and precision and include six fundamental stages:
Benefits of Working with 340Best
We operate ahead of the curve.
340Best’s InfoPoint® platform is a state-of-the-art, secure, cloud-based system capable of automating complex processes and time-consuming tasks required to manage a total 340B program as well as generating precise results in real time.
InfoPoint was built by expert technologists with extensive experience in the healthcare industry who were seeking a way to modernize the 340B administrator experience. Launched more than 10 years ago, the platform has since proven to deliver on its promise, standing as the industry’s most robust platform capable of in-depth analytics, audit and compliance reporting, and easy program management — all within a secure, HIPAA-compliant environment.
Rest assured that 340Best is committed to providing the informed edge necessary to simplify and optimize your program.
New to the 340B program? Our team will work with you to implement a comprehensive, successful, and bespoke program to meet your needs. Visit our Services Section to learn more.
Our 340B administrator is built on InfoPoint®, 340Best’s advanced cloud-based platform. Access automated processing and powerful reporting tools capable of managing all critical 340B program elements through a secure, HIPAA-compliant portal.
Expanded audit tools and services provide valuable HRSA-ready reports and steady program monitoring. Gain autonomy through the ability to effectively prepare for and clear audits without the need for cost-prohibitive consultants.
The 340B program can be complex and costly. 340Best advisors serve as your trusted partners—providing expert counsel as part of your day-to-day support. Learn the nuances of the 340B program and ramp up quickly with services needed to effectively manage it.