By Brad MacLiver
Authorship and profile at Google
The U.S. Department of Health and Human Services provides a program for discounted prescription drugs to qualified Federally Qualified Health Centers (FQHC), Disproportionate Share Hospitals (DSH), and other qualified entities. When these facilities don’t have their own pharmacies they are allowed to contract with a local NV pharmacy. The drug pricing program is often referred to as 340B, named after the section of the law that established the program.
Section 340B legislation was enacted to provide indigent and uninsured populations access to deeply discounted medications. Since the program was enacted to assist certain populations there are restrictions and regulations in how the program operates and who the medications can be dispensed to.
Pharmacies can be contracted by a FQHC, or similar 340B qualified entity, to manage and dispense the medications. Patients from these entities provide additional traffic in theNevada
Pharmacy owners participating in a 340B pharmacy program need to manage their business consistent with customary business practices. In the event of an audit theNevada
Along with the additional record keeping a pharmacy owner will need employees who understand the various state and federal rules and regulations, which govern the 340B program. The pharmacy will also need to have a location for the 340B inventory, which is separate from their normal inventory, or have a software management system to track the separate inventories.
A system of separating the inventory is required due to the drug inventory used for the 340B pharmacy program is owned by entity that contracted the pharmacy. Since the 340B inventory is not “owned” by theNevada
Since customers participating in a 340B program can only purchase the designated medications from a pharmacy contracted with a 340B entity, this allows a pharmacy to have a market niche. A contractedNevada
With the current economic situation and high unemployment, many people have lost their insurance benefits. This will likely expand the need for 340B pharmacy programs and provide additional 340B customers to a participating pharmacy.
However, when a pharmacy owner is weighing the potential benefits of a 340B program, they should also take the other aspects of their business and the current market conditions of the pharmacy industry into account. What goals does the pharmacy have over the next couple years? A younger pharmacy owner that has long term objectives benefits from the many years of added customers. However, a NV pharmacy owner who considers selling their business within the next few years should note that acquisition values are based on the customer files and, currently, buyers are often unwilling to include 340B customer files in their offers. This has the result of lowerNevada
If a pharmacy owner is considering the benefits of participating in a 340B program, or is considering selling the pharmacy in the couple years, it is advisable to discuss the options with the NV pharmacy industry expert.
Authorship and profile at Google
The U.S. Department of Health and Human Services provides a program for discounted prescription drugs to qualified Federally Qualified Health Centers (FQHC), Disproportionate Share Hospitals (DSH), and other qualified entities. When these facilities don’t have their own pharmacies they are allowed to contract with a local NV pharmacy. The drug pricing program is often referred to as 340B, named after the section of the law that established the program.
Section 340B legislation was enacted to provide indigent and uninsured populations access to deeply discounted medications. Since the program was enacted to assist certain populations there are restrictions and regulations in how the program operates and who the medications can be dispensed to.
Pharmacies can be contracted by a FQHC, or similar 340B qualified entity, to manage and dispense the medications. Patients from these entities provide additional traffic in the
Pharmacy owners participating in a 340B pharmacy program need to manage their business consistent with customary business practices. In the event of an audit the
Along with the additional record keeping a pharmacy owner will need employees who understand the various state and federal rules and regulations, which govern the 340B program. The pharmacy will also need to have a location for the 340B inventory, which is separate from their normal inventory, or have a software management system to track the separate inventories.
A system of separating the inventory is required due to the drug inventory used for the 340B pharmacy program is owned by entity that contracted the pharmacy. Since the 340B inventory is not “owned” by the
Since customers participating in a 340B program can only purchase the designated medications from a pharmacy contracted with a 340B entity, this allows a pharmacy to have a market niche. A contracted
With the current economic situation and high unemployment, many people have lost their insurance benefits. This will likely expand the need for 340B pharmacy programs and provide additional 340B customers to a participating pharmacy.
However, when a pharmacy owner is weighing the potential benefits of a 340B program, they should also take the other aspects of their business and the current market conditions of the pharmacy industry into account. What goals does the pharmacy have over the next couple years? A younger pharmacy owner that has long term objectives benefits from the many years of added customers. However, a NV pharmacy owner who considers selling their business within the next few years should note that acquisition values are based on the customer files and, currently, buyers are often unwilling to include 340B customer files in their offers. This has the result of lower
If a pharmacy owner is considering the benefits of participating in a 340B program, or is considering selling the pharmacy in the couple years, it is advisable to discuss the options with the NV pharmacy industry expert.
