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340B Inventory Management Solution

340B Inventory Management System

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340B Inventory Management

The 340B Inventory Management Program is a federal government program initiated in 1992, which obligates drug manufacturers to provide outpatient drugs to authorized healthcare organizations and bodies at considerably reduced prices. Healthcare providers participating in this program must safeguard program integrity and preserve accurate records complying with all 340B program compliance. Through automation and analysis tools, the pharmacy inventory management tracks and dispenses prescriptions in a streamlined fashion and with high-security protocols. This is executed through features, such as automated filling of prescriptions, segmented workflows, IVR, etc. OSP offers customized, powerful, and efficient custom 340B software variant healthcare organizations. It handles the most complex situations, such as 340B virtual inventory management, with ease. It ensures that your pharmacy can withstand the audits you are exposed to from payers, 340B suppliers, and others.

THE GROWING CHALLENGES

The common bottlenecks which might slow down your business growth

Patient Eligibility Identification

Difficulty in identifying patients eligible for the 340B program.

Complex medical billing Procedure

Inventory Management

Inefficient and outdated pharmacy systems to manage inventory.

Policies and Procedure

Unable to update changes in policies and procedures in real-time.

Complex Industry Structure

Auditing

Difficulty in managing audits because of traditional legacy systems.

Dispensing and Replenishment

Outdated systems to track dispensing and replenishing of medicines.

Tedious Rectification Systems

Reporting

Old and obsolete methods to report the performance of the 340B program.

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HOW OSP WORKS

340B Inventory Management Process

A cloud-based 340B process automation to optimize your 340B savings in pharmacy inventory management.

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Solutions

Real-time Prescription Data

OSP can assist healthcare organizations in designing and creating a fully automated 340B prescription management system, which will process and qualify prescription data in real-time and provide data analysis to ensure adherence to 340B program compliance. This software solution can also be customized to display the number of prescriptions, prescriptions dispensed by pharmacies, and the medical costs on a daily, weekly, and monthly basis. The data collected in real-time can assist healthcare organizations in building a robust and effective 340B inventory management system and playing a key role in reducing the growing misuse of the 340B program. The system will meet the end-to-end operational requirements to provide a comprehensive 340B prescription management system. OSPs tailor-made inventory management systems that can eliminate much of the cost and end-user maintenance for an enterprise pharmacy solution.

Compliant Inventory Management

We have helped vendors and organizations participating in the 340B inventory management program build a system, which ensures compliance with 340B guidelines and practices. This solution can be designed to maintain multiple inventory centers as it is necessary for an inventory management system to be capable of assimilating dispersed inventories into the pharmacy workflow. This system can also be customized to support direct Electronic Data Interchange (EDI) interfaces, enabling the inventory and order management system to connect to suppliers directly and instinctively download and access their updated directories. It can also be integrated with other 340B management systems such as auditing, reporting, supply chain, etc. for data exchange and identifying best practices to ensure compliance.

Patient Identification System

Our team of experienced developers and engineers can help design a 340B software that can help identify patients eligible for the 340B program. This 340B database system can be integrated with other databases where the data of 340B eligible patients is stored. It will ensure that drugs obtained under the 340B program are restricted to outpatient use and given to individuals who meet the existing patient classification requirements. When an individual applies for 340B drugs, it can be designed to explain why that individual is eligible for the use of the drugs on an outpatient basis and display records that can establish compliance with 340B program requirements. OSP addresses challenges in the current scenario by offering an empowering and user-friendly inventory management program designed to simplify the process of medication dispensing, management of inventory, and sales-related processes.

 

Training and Development

We can design and build self-learning applications for staff involved in managing the 340B program. These applications can provide all the information related to 340B inventory management and update the changes to policies and procedures in real-time. It can include information about:

  •    340B basics
  •    340B and Medicaid
  •    Eligibility
  •    Program integrity and audit preparedness
  •    Policy and implementation
  •    Pricing

Our customized inventory management system will ensure that the staff is self-sufficient, and there is no dependency on any third party or individual. They will be able to find answers to their questions through these applications. At OSP, we create a pharmacy management system geared to address specific requirements and eradicate complexities specific to the organization in question. Our custom solutions aim to address operational system complexities and holistic development of the pharmacy for increased revenue generation and streamlined processes.

Auditing System

OSP can assist healthcare providers in building an audit software inventory management system, which covers all the dimensions of 340B program compliance. It also provides an understanding of areas where the program performance can be enhanced and improved. This system will focus on 340B policies and procedures for comprehensiveness and uniformity and automatically update the changes to any policy and guideline. It compares the actual 340B program implementation and information regarding the accumulation of 340B data and supplementary purchasing and inventory management practices. Our automation techniques are deployed toward efficient inventory management through the incorporation of barcodes that meet compliance requirements. Inventory processes are infused with efficiency through process-flow automation of stocking, numerical balances, monitoring and tracking, warehouse stock manifests and dispensing updates.

Supply Chain Management

A solution can be designed and developed based on predictive analysis. It can create competencies through hospital supply chain optimization. This system uses a combination of patient and clinical data, enabling hospitals and healthcare providers to predict the probability of certain consequences, eventually providing more personalized care to 340B program patients. Modern technologies can be leveraged to integrate and automate pharmacy operations. It will provide real-time visibility into inventory purchasing, like classifying medicine quantities across locations and forestalling upcoming shortages. Automation will also improve and enhance processes and create efficiencies, eradicating burdensome inventory management responsibilities that can result in high costs and human errors. Vendors and wholesalers are accounted for through the extension of modules to all related parties. The entire process of managing inventory is accelerated and increased in terms of productivity.  

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Use Cases

Sentiment Analysis

Automated Reporting System

We can design and build a customized, robust automated reporting system. It can educate and update you about the performance of your 340B program, augment decision-making, and facilitate pre-emptive administration of your 340B inventory management program.
In this solution, we can also include a reporting component that will allow drugstores and employees access to all the necessary reports. These reports can include information about inventory replenishment, claims, cash flow summary, accounting, etc.
This automated reporting system will:
• Ensure better and transparent communication
• Improve accuracy, productivity, and timeliness
• Improve decision-making
• Improve efficiency within the organization
• Identify problems early
• Better service to 340B patients

Text Detection

Pharmacy Network Management

We can build a centralized pharmacy management system for healthcare organizations participating in the 340B program. This system will provide detailed information about the medicines available at a store for 340B patients, which will help healthcare providers offer better service to their patients. 340B eligible patients can be directed to the nearest pharmacy that has the medicines in stock, saving the time and effort required to travel long distances.
Also, with the help of this system, they can efficiently manage dispensing and replenishment of medicines in real-time.

Facial Detection

Claims Optimization

We can help 340B program healthcare providers design and build a customized claims management system, which will process and provide information about claims in real-time. This AI-based claims management software solution is designed using the best development methodology to ensure smooth and error-free integration with your existing systems.
Our team of experts will analyze your existing systems, find ways to make it more effective, self-sufficient, and compliant with the 340B inventory management laws. Also, this solution can be further amended to automate primary claim processes with intelligent case administration so that claims management functions at the maximum level of competence.

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