Whether you’re a veteran 340B Program manager or entering the field, the 340B landscape is complex and constantly changing. Keeping up with new requirements, regulations, and technology is one part of the job. Accounting for the status of an organization’s level of compliance is another piece. But monitoring 340B compliance status should not be a manual process. If that’s happening, 340B Program managers can fall behind on what really matters–directing their team, spotting risks, and finding opportunities for the program.
Sectyr’s SectyrHub 340B software serves as the “air traffic control” for a 340B compliance program. With ever-changing 340B Program requirements, a 340B Program team can be overwhelmed by handling paperwork and records to maintain compliance. Increased scrutiny of the 340B Program by media, Congress, and drug makers only makes keeping up with requests and, potentially, new requirements more difficult. Add to that a surprise manufacturer payback or loss of program eligibility, and the risk of noncompliance can financially devastate a covered entity.
SectyrHub 340B compliance software helps protect a 340B Program from risk by making it easy to continually comply with U.S. Health Resources and Services Administration requirements and be ready at any time for a HRSA or manufacturer’s audit. Unlike other compliance software tools, SectyrHub 340B provides a single source of visibility into the status of 340B compliance and serves as a hub for 340B teams and auditors to collaborate before, during and after an audit. It’s like having another team member working seven days a week, 24 hours a day to reduce the risks of noncompliance–at a fraction of the cost of other approaches.
In contrast, if a 340B Program manager relies on spreadsheets and shared file systems to track compliance documentation, the team can collaborate but not without a lot of mistake-prone and cumbersome steps. Some organizations work with a 340B consultant who helps plan their compliance activities and run mock audits. Despite a consultant’s value, most organizations cannot afford to retain them to spot issues (e.g., OPAIS data discrepancies) arising between audits. SectyrHub 340B is always looking for compliance issues and guiding managers and staff through a process to resolve concerns. This doesn’t come at the exclusion of consultants, either. In fact, 340B consultants use SectyrHub 340B to identify issues requiring their attention between audits.
SectyrHub 340B also helps a program team upload claim files from their TPAs and applies the covered entity’s rules to pinpoint high-risk and high-dollar claims for a self-audit. This gives 340B Program teams control over how and when they audit their TPA transactions.
Maintaining continuous program compliance is a full-time job. Healthcare entities fortunate enough to have the resources to hire a person–either as an addition to the 340B Program team or to replace a retiring employee–will likely tap a person with little to no experience managing 340B compliance. Bringing them up to speed could easily cost six figures, including salary and benefits, while taking several years to accumulate the know-how of long-tenured coworkers. For significantly less than the cost of hiring a new team member, SectyrHub 340 immediately brings managers and CFOs insight and knowledge of each covered entity’s specific 340B compliance requirements.
For a forward-thinking covered entity, proactively managing and protecting its 340B Program with a compliance management software tool ensures maximum financial benefit. And that, in turn, means health systems, clinics and the like can spend time and resources caring for their community.