Building the Case for Dedicated 340B Program Management

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Finance guys like myself often have the reputation of being unwilling to spend money. However, we can always be convinced to invest in activities with a high likelihood of return.

The financial pressures of the last year have underscored the importance of the 340B program and its impact on hospital finances. Against the backdrop of cost-cutting measures across the organization, it may seem counterintuitive to ask for an investment in more staff to run your 340B program. Yet, based on our experience with covered entities that have a dedicated 340B program manager, versus those that don’t, we believe it’s possible to justify the cost in a way that will resonate with your senior finance leaders. (Spoiler alert: an ROI of 150 times an employee’s salary makes a pretty convincing argument!)

There are several advantages to a program manager focused on optimizing the performance of your 340B program. In our new e-book, we look at five tangible ways your program benefits from a dedicated 340B program manager who can identify and address challenges that are preventing you from realizing full program value. We’ll show you how this role can help you:

  1. Realize 340B savings faster
  2. Achieve sustainable program optimization
  3. Account for and recoup losses
  4. Access manufacturers’ best pricing
  5. Eliminate eligible program leakage

With 340B-related news drawing attention to the important role the 340B program plays in health system finance, there’s never been a more opportune moment for a dedicated 340B program manager intentionally focused on preserving program value. To prepare you to build a business case for this role, our e-book provides examples of projects that can add value to your program, covered entity case studies, a sample job description and a four-step approach to making your pitch to senior leadership. Download it here

Kevin O’Connor, Sr. Director 340B Finance & Accounting, can be reached at kevin.oconnor@omnicell.com.

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