Is your 340B pharmacy model working for you?
We’ve spent the past few months highlighting ways that FQHCs can optimize their revenue cycle, since implementing improvements early in the year will generate maximum financial return and facilitate practice expansion. Over the next few months, we’ll be looking at ways to create new (or increase existing) revenue streams and expand your patient base.
This article focuses on 340B pharmacy since it’s a “power house” of an FQHC’s service – but how do you know if your current model is working for you? Ask yourself:
- Do you have a 340B pharmacy solution in place, and is it profitable?
- Where are your patients currently filling their scripts (and are they filling them)?
- Are your capture rates low?
- Is your formulary meeting your patient needs?
These are some of the questions we ask when working with clients, because the answers can reveal some surprising insights. Pharmacy is a critical component of the patient care cycle, and it should be a source of profitable income. It’s also very complex, and often doesn’t get the attention it deserves.
Read our latest FACT SHEET where we highlight four areas where change could make a big difference to your bottom line and improve patient compliance. Need some help reviewing your existing model?