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TIP: The key to unlocking the full potential of your program starts with complete understanding of your data.
Having a firm understanding of your data is essential to effectively managing a 340B program, especially for covered entities with smaller teams or just one individual managing the program. The more comfortable and knowledgeable you are with your data, the easier it will be to access and interpret it, allowing you to move more seamlessly through your EMR and TPA, and enabling you to identify any discrepancies or potential issues in real-time. This also adds an extra layer of validation to your accumulators – ensuring your 340B savings are being optimized and utilized at an efficient and appropriate rate.
Other data elements that may be appropriate to monitor include business rules, NPI lists, price files, NDC blocks, and payor blocks. These critical components may seem complex, but they can be instrumental in maintaining a compliant and optimized program.
Familiarity with these data elements can help you better communicate the value of your 340B program to internal and external stakeholders. By having clear, accurate data that demonstrates the impact of the program, covered entities can build trust and support for the program, ultimately leading to its continued success.
Austin Shady is the Senior Director of Client Success at RxStrategies. He can be reached at ashady@rxstrategies.com
