Tuesday, 21 May 2024

Here’s What You Should Know About the 340B Prime Vendor Program

The federal government’s 340B prescription pricing program has been around for just over 30 years. In that time, it has helped millions of Americans gain access to prescription medications they would otherwise not be able to afford. There are benefits to covered entities as well, including the opportunity to enroll in the 340B Prime Vendor Program (PVP).

Covered entities enrolled in the standard 340B program have access to a variety of prescription medications at significantly reduced prices. The idea is that they turn around and make the medications available to patients at little to no cost. But there are limitations to the program. One way to get beyond the limitations is to enroll in the 340B PVP.

Consulting services from firms like Ravin Consultants can help covered entities make the most of the 340B PVP. Services often include program implementation and management, independent audits, mock audits, and program optimization. While you think on that, here is more of what you should know about the 340B PVP.

Save On Covered Drug Purchases

At the current time, more than 12,600 covered entities participate in the PVP. Among the many benefits of participation is saving even more on covered 340B medications. Covered entities can already save 25-50% on 340B medications. But PVP enrollees can save an additional 10-27%.

Consultants like to talk about how the 340B program helps covered entities stretch their budgets further. Imagine how much more your organization could get for its money by enrolling in the PVP.

Savings on Non-304B Drugs and Supplies

340B consultants are quick to point out that some facilities could do so much more if they had access to additional discounted drugs and medical supplies. This is exactly what the PVP offers. Enrolled covered entities can get discounted pricing on a variety of non-340B items, including certain vaccines and medical supplies.

This is possible due to the ongoing relationships between the PVP and more than 140 manufacturers. Non-340B items covered under the PVP do change from time to time as a result, so just keep that in mind.

Plenty of Other Benefits

Enrolling in the PVP offers benefits that go above and beyond financial savings. For example, enrolled covered entities get access to a wider range of discounted drugs thanks to greater manufacturer participation. Enrolled covered entities also benefit from:

  • Compliance support.
  • Training and technical assistance.
  • A simplified purchasing process.
  • More streamlined contracting.

In relation to the last two points, the program itself takes care of contracting and purchasing on behalf of enrolled covered entities. That’s big for program participants. They don’t have to invest time and resources in purchasing contracting. What they save in time and resources can be put to better use elsewhere.

Learn More About the Program

If your healthcare facility is already enrolled in the 340B program as a covered entity, you might want to look into the 340B PVP. As with all things related to federal programs, certain eligibility requirements apply. The requirements are worth considering given the amount of money organizations can potentially save by enrolling in PVP.

You can also check out the Prime Vendor Program website for educational resources. Additional information is available on the Health Resources and Services Administration (HRSA) website.

It goes without saying that the 340B PVP program can help covered entities stretch their medication budgets further. Any covered entity already participating in the 340B program but not its PVP counterpart would do well to look into the additional program. Its benefits can prove invaluable in offering more affordable medications to more patients.