Expert Tip from Sectyr, LLC

As manufacturers continue to impose restrictions and covered entities struggle with rising costs, it is imperative to protect your 340B program. The best way to do this is to create transparency and visibility to other stakeholders in the organization. While 340B is something that is on the forefront of our minds, it might surprise you to know that we have had conversations with hospital leadership outside of pharmacy who had no idea of their annual drug savings and the impact of a manufacturer payback requirement or program termination.

Interestingly, when executives understand the value and consequences of non-compliance, they often become champions of the program in their facilities. Providing data around the annual program benefit, resource needs with maintaining compliance, community benefit, and current status can help a program leader be successful.

Providing the right level of information and education can help you:

• Enlist other 340B champions
• Gain resources
• Quantify risks
• Identify savings opportunities

In order to achieve sustainable compliance programs, executives must ensure sufficient resources are devoted to people, processes and technology. Technology tools, like smart auditing and guided workflows, can enable efficient use of resources to protect both program benefits and the covered entity’s bottom line. Ultimately it is making sure that leadership knows the value of the program, what it takes to be successful, and the consequences of non-compliance.

Sectyr has this information readily available. We provide a single source of visibility into 340B compliance status and our software solution serves as a hub for collaboration between your team and your auditors before, during and after an audit. Learn more here.