The 340B Drug Pricing Program is a critical resource for Federally Qualified Health Centers (FQHCs), enabling them to stretch federal funds and provide comprehensive care to underserved communities. However, effectively calculating and tracking 340B savings is essential to ensure compliance and maximize program benefits.
In this article, we’ll discuss the importance of tracking 340B savings, key methodologies, and best practices for optimizing your program’s impact. For additional insights, be sure to watch “Calculating & Tracking 340B Savings.”
Properly tracking 340B savings allows FQHCs to:
To effectively track 340B savings, FQHCs should focus on these essential financial and compliance metrics:
1. Enhance 340B Compliance Monitoring:
Leverage Excel and data visualization software to facilitate regular internal audits, verify eligibility, and evaluate compliance risks effectively.
2. Conduct Regular Internal Audits
Monthly or quarterly audits help identify discrepancies early, ensuring smooth HRSA compliance and preventing financial losses.
3. Train Staff on 340B Compliance & Savings Utilization
Ensure that pharmacy teams, finance departments, and leadership understand how savings are calculated and reinvested.
4. Leverage Data Analytics for Decision-Making
Analyzing trends in 340B savings can reveal opportunities for better contract pharmacy negotiations and improved patient access strategies.
Accurately tracking 340B savings is not just about compliance—it’s about maximizing your health center’s impact. By implementing strong tracking systems, conducting regular audits, and leveraging data analytics, your FQHC can ensure long-term sustainability while continuing to provide high-quality care to underserved populations.
Need expert guidance on 340B compliance and savings optimization? Contact our team today to learn how we can support your health center's success.
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FQHC 340B Compliance is the dedicated partner for Federally Qualified Health Centers seeking assistance with the 340B Program. Their mission is to provide the necessary resources to secure and optimize the 340B Program, enabling health centers to offer more comprehensive services to those in need. With a focus on improved compliance and oversight, they act as more than just consultants or automated systems, tailoring their services to meet your health center's unique needs. Visit their website, call (760) 780-7469, or email info@fqhc340b.com to learn more about FQHC 340B Compliance and how they can help your health center thrive.
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