Bottom Line: Better Outcomes. Better Incomes.
The ultimate Win-Win in healthcare is increasing the quality of patient care, and getting paid to do it. From a financial perspective, the number one reason a 340B hospital should consider an onsite specialty pharmacy is the significantly increased potential for generating savings — and for passing-along those savings to patients in need.
Today, hospitals and other 340B covered entities can acquire many specialty drugs for as little as 1¢ — which happens when a drug has hit its 100% Medicaid rebate cap. What’s more, some covered entities generate as much as 600% in revenue from 340B specialty drugs as they do in traditional retail / outpatient pharmacy 340B prescriptions.
Streamlining 340B Patient Care
Onsite specialty pharmacies in 340B hospitals offer a seamlessly efficient approach to caring for the “sickest of the sick” patients they serve. These pharmacies are uniquely equipped to dispense medications tailored to specific medical conditions, such as cancer, chronic diseases, and rare disorders. With specialized expertise, pharmacists at your onsite specialty pharmacy can collaborate closely with your health system’s providers — ensuring that those patients receive personalized treatment plans and appropriate drug therapies.
Enhancing Medication Adherence Among 340B Patients
Medication non-adherence is not only a persistent challenge in healthcare (particularly among patients with chronic conditions), it’s the number one cause of unnecessary patient readmissions. Onsite pharmacies (particularly when supported by robust Meds To Beds programs) can play a pivotal role in improving medication adherence among patients at the greatest risk of burdening hospitals with costly, unnecessary, compliance-related readmissions.
Onsite Specialty Pharmacists can engage patients in one-on-one counseling, providing them with essential information about their medications' purposes, potential side effects, and proper administration. This personalized education empowers and incentivizes patients to take a much more active role in managing their health.
Expanding Access to Specialty Medications for 340B Patients
The number one reason for patient noncompliance with medication protocols is the prohibitive cost of their prescriptions, followed closely by the limited availability of those prescriptions. Onsite specialty pharmacies in 340B hospitals can significantly reduce these barriers to patient compliance, by procuring specialty drugs at discounted prices through the 340B program.
Improving Patient Satisfaction
Onsite specialty pharmacies can contribute to higher patient satisfaction in several ways. By reducing wait times and offering tailored medication services, patients enjoy enhanced levels of care and attention. Moreover, affording patients access to specialty medications at reduced costs improves their confidence in their treatment plans — leading to greater trust in the healthcare system and, again, greater levels of compliance.
Overcoming 340B ESP and drug manufacturer restrictions
The overwhelming majority of 340B-eligible medications under access-restrictions are the most expensive and profitable drugs (translation: Specialty Drugs) in the restricting manufacturers’ product lines. That said, there is a workaround for 340B hospitals forced to select a single pharmacy for manufacturers’ 340B pricing — and it’s legal in many states. Hospitals can operate specialty pharmacies alongside their retail pharmacies. As long as the two operations are physically in their own spaces (working under separate Pharmacists-In-Charge), and there is no procedural, functional or personnel overlap between the two.
ProxsysRx is here to help, if you have questions.
This article offers just a brief overview of the benefits of having an onsite specialty pharmacy. For more information on how we can help your health system build and fund a specialty pharmacy by first optimizing your 340B savings & revenue, visit our website.
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