Master the 340B Maze How to Avoid Common Pitfalls in 340B Implementation
Stepping into the realm of the 340B Drug Pricing Program can be a transformative move for any independent pharmacy, but it can cost you if you’re not careful. As someone who’s navigated these waters myself, I want to share my insights
on how embracing this federal program can substantially bolster your operations, provided you approach it with the right strategy. THE NEED TO UNDERSTAND 340B FIRST First, let’s talk about what 340B actually is. This federal initiative mandates that drug manufacturers provide outpatient drugs at significantly reduced prices to eligible health care organizations. This setup primarily aids safety-net providers, including hospitals and clinics, allowing them to extend more comprehensive care to vulnerable patient groups. For pharmacies, participating in the 340B program can turn what are typically low-margin or even loss-making medications into profitable products, enhancing your bottom line significantly. MY OWN (ROUGH) JOURNEY WITH 340B Diving into 340B was not just a business decision but a learning curve. Many years ago, when I first integrated 340B into my pharmacy, I was pretty much flying blind. I mistakenly thought
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