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The world of 340B has been in a state of dynamic change for several years. The covered entities navigating it with the most success have comprehensive pharmacy strategies. This helps them maximize both the value of their participation and the opportunities provided by pharmacy services and the 340B program.
In this article, we’ll review what goes into creating a comprehensive pharmacy strategy, including important questions to consider, pharmacy enterprise development, and performance optimization.
3 Key Questions to Consider
Launching your strategy beyond contract pharmacy and split billing requires answering critical questions for your entity:
- What is the right mix of pharmacy services for your health center, hospital, or health system?
- How can you improve the performance of the services you have?
- What else can you offer that supports your patients and creates financial value?
Through our consulting services, Hudson Headwaters 340B works with covered entities to help them answer these questions. Working with a consultant can help you identify the correct solutions for your organization and ensure your pharmacy services perform at their best.
Conducting a Pharmacy Strategy Assessment to Develop Your Pharmacy Enterprise
Many covered entities frequently ask themselves whether it makes sense to open a new pharmacy, open an infusion suite, or expand their clinical pharmacy programs. A pharmacy strategy assessment identifies opportunities in each area of the pharmacy enterprise: retail, mail, infusion, specialty pharmacy, and more.
For some, an entity-owned pharmacy could be the best way to improve margins and protect against disruptions in the 340B program. For others, partnering with another organization or a slate of clinical pharmacy services may deliver the most value.
Not all pharmacy services are ideal for all entity types. Determining the correct scope and scale of services is essential to a successful pharmacy strategy. An assessment will offer strategic recommendations for a pharmacy enterprise tailored to your organization and its context.
Optimizing Your Pharmacy Performance & Supporting the Needs of Your Patients
Pharmacy services are not a field of dreams – a successful strategy takes you well beyond opening day. Optimizing the value of your pharmacy services is necessary to achieve your clinical and financial goals.
Your pharmacy strategy should integrate with the healthcare you provide to your patients. At Hudson Headwaters 340B, our strategy assessments outline how to deliver complementary services, improve capture rates, and meet the needs of your patients and community.
Consulting Services from Hudson Headwaters 340B
The 340B program is a lifeline for covered entities, and making the most of your participation requires a comprehensive pharmacy strategy.
Hudson Headwaters 340B’s consulting services identify the correct solutions for your organization and ensure your pharmacy services perform at their best. Our team can help you design a strategy that improves population health, expands patient access, optimizes financial value, and helps your organization adapt to the evolving trends in pharmacy and 340B.
Nate Awrich, principal consultant at Hudson Headwaters, can be reached nawrich@hudson340b.com or visit us at Hudson340B.com.
