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340B

How SectyrHub helps health systems and consultants manage 340B

For more than 100 years, New Brunswick, N.J.-based Saint Peter’s University Hospital has served people across central New Jersey. Founded in 1907, Saint Peter’s is now a 478-bed teaching hospital that is part of the Saint Peter’s Healthcare System, a non-profit, acute care facility sponsored by the Roman Catholic Diocese of Metuchen, N.J. The Children’s Hospital at Saint Peter’s University Hospital operates one of the largest and most advanced neonatal intensive care units in the country as part of the hospital’s state-designation as a Regional Perinatal Center. Along with joining the 340B Drug Pricing Program in 2014, St. Peter’s University Hospital is also a Disproportionate Share Hospital, which the U.S. Health Resources and Services Administration defines as serving a significantly disproportionate number of low-income patients. “We’re in Middlesex County, which has a poverty rate about… Read More »How SectyrHub helps health systems and consultants manage 340B

Five value pillars of 340B Program compliance

For 340B Program directors, knowing in real time if their employer complies with the U.S. Health Resources & Services Administration’s requirements (and could pass a HRSA audit) is top of mind, all the time. That’s because maintaining their employer’s 340B Program benefit directly correlates to profitability. Complying with the program means focusing on ever-changing guidelines and regulations. Along with protecting profits and monitoring changing requirements, 340B Program managers also hear politicians, pharmaceutical makers and the press call for more oversight by the federal government. Drug makers are concerned how rapidly the program has grown. For example, in 2000 there were 8,100 participating hospitals and pharmacies. By 2020, the number participating soared to 50,000. According to HRSA, discounted purchases under the 340B Program hit $44 billion in 2021, a 16-percent uptick from 2020. While healthcare CFOs… Read More »Five value pillars of 340B Program compliance

Do you have real-time situational awareness of 340B financial risks?

Nearly every healthcare CFO whose organization participates in the 340B Drug Pricing Program is familiar with (and understands) the risks associated with non-compliance. What most misunderstand is the severity of the cost of non-compliance. For example, the U.S. Health Resources & Services Administration requires 340B Program participants to ensure pharmaceutical makers aren’t giving duplicate discounts on drugs provided to 340B covered entities. If a 340B covered entity unwittingly submitted such claims the organization would have to pay back, potentially, millions of dollars to the drug maker. A penalty hurts for two reasons: 1) the possible size of the repayment, especially since most covered entities run on a thin profit margin, hovering around three percent, and 2) the time lapse between the claim error and discount repayments (i.e., the covered entity has generally closed its books… Read More »Do you have real-time situational awareness of 340B financial risks?

How to take the complexity out of 340B Program compliance

Whether you’re a veteran 340B Program manager or entering the field, the 340B landscape is complex and constantly changing. Keeping up with new requirements, regulations, and technology is one part of the job. Accounting for the status of an organization’s level of compliance is another piece. But monitoring 340B compliance status should not be a manual process. If that’s happening, 340B Program managers can fall behind on what really matters–directing their team, spotting risks, and finding opportunities for the program. Sectyr’s SectyrHub 340B software serves as the “air traffic control” for a 340B compliance program. With ever-changing 340B Program requirements, a 340B Program team can be overwhelmed by handling paperwork and records to maintain compliance. Increased scrutiny of the 340B Program by media, Congress, and drug makers only makes keeping up with requests and, potentially,… Read More »How to take the complexity out of 340B Program compliance

The 340B Program problem:  Achieving around-the-clock compliance

When asked what’s top of mind for a 340B Drug Pricing program manager, she said, “Knowing if I’m compliant today and if I would survive a HRSA audit without issue if that occurred next week.” The program manager went on to say that “Maintaining and protecting our 340B benefit is extremely important to our profitability.” Maintaining compliance every day and guarding profitability takes a complex balance of foresight and fortitude. Navigating the requirements requires equal parts insight and resources. To help bring that insight, we’re launching a 10-part blog series today that aims to examine not only the challenges to complying with the 340B Program but also strategies and tactics for making it easier to do so. Continually complying with the U.S. Health Resources and Services Administration requirements is a linchpin for avoiding the financial… Read More »The 340B Program problem:  Achieving around-the-clock compliance

Tackling 340B Duplicate Discounts

To say the link between Medicaid and 340B is complicated would be an understatement. By federal law, a covered entity’s 340B program and Medicaid program get discounted drugs for patients with Medicaid, but only one entity can legally receive the discounted drug. This leads to, among other things, administrative stress because covered entities must ensure drug makers aren’t charged two discounts for one drug, otherwise known as duplicate discounts. Everyone from physicians to lawmakers seem to be weighing in on this issue. In December 2022, Pennsylvania distributed a medical assistance bulletin effective Jan. 1, 2023, that seems to indicate the commonwealth will no longer offer Medicaid reimbursements for 340B drugs dispensed by contract pharmacies. Specifically, the bulletin states, “The MA [medical assistance] Program is unable to identify 340B-purchased drugs dispensed by contract pharmacies, therefore, contract… Read More »Tackling 340B Duplicate Discounts

Saint Peter’s University Hospital maintains its 340B Program using SectyrHub 340B Software for Continuous Program Compliance

At the recommendation of a leading 340B consulting firm, Fatimah investigated SectyrHub 340B compliance software and moved forward with implementing the tool in 2018. Saint Peter’s recognized how the solution provided oversight and organization for their complex program and appreciated how it addressed 340B-specific elements with guided workflows.

Sectyr SectyrHub 340B Video Overview

Do you worry about millions of dollars in paybacks waiting to be found in a HRSA audit? What if you could make compliance easy while minimizing the risk of costly paybacks and continue to grow your program using an intuitive and automated application? You can… with SectyrHub® 340B. Leveraging the SectyrHub® platform, SectyrHub 340B is a comprehensive, cloud-based solution that combines best practice and rules-based guided workflows to support audit readiness and Continuous Program Compliance®. SectyrHub 340B creates a Pro-active compliance environment and multidisciplinary collaboration center with workflows, documentation, and ultimate visibility into your program management. Easy-to-use features include: • centralized audit workflows using machine learning,• smart data aggregation of all your 340B data from TPAs, auditors, and continuous updates with the latest program information,• detailed guided workflows for HRSA audits, mock audits and recertification,•… Read More »Sectyr SectyrHub 340B Video Overview

Sectyr SectyrHub 340B Quick Intro

Do you worry about millions of dollars in paybacks waiting to be found in a HRSA audit? What if you could make compliance easy while minimizing the risk of costly paybacks? You can… with SectyrHub® 340B. SectyrHub 340B creates a proactive compliance environment and multidisciplinary collaboration center with workflows, documentation, and ultimate visibility into your program management. Be confident your audit preparation is already done while maintaining Continuous Program Compliance®.