What To Look For In A 340B TPA
When searching for a third-party administrator to partner with, the choices can seem endless and overwhelming. How do you know which qualities set them apart? We’ve created a breakdown of services and solutions that are most important when considering a 340B TPA and future success of your organization:
1. Solutions created from industry feedback
Many 340B program participants have experienced common issues when it comes to implementation time, documentation access and more. These issues stem from many causes including products created without professional feedback in mind while designing, lack of communication between TPAs and their clients, and navigating expansions and contracting collaborations between TPAs and other vendors. When designing a 340B solution, it is important for creators to gather input from seasoned professionals in the 340B industry to equip clients with software and services that already have alleviated these bumps in the road.
When creating products like our split-billing solution and many others, 340Basics worked directly with individuals who possess years of experience using software solutions, allowing us to gather first-hand accounts of aspects that needed improvement. You shouldn’t have to continue struggling with a confusing UDS report, analyzing enormous amounts of data without clear breakdowns, and trying to maintain burdensome crosswalks. Our solutions were created to eliminate these obstacles.
2. Proven compliance expertise
The rate of conducted audits continues to increase annually, putting your covered entity at risk of being found ineligible to participate in the 340B program. Compliance within the 340B Program is imperative. If found non-compliant, covered entities run the risk of not only losing 340B eligibility, but the process could become extremely costly and hinder your efforts of providing healthcare to your community.
Our consultants have extensive experience working in the healthcare industry, making them qualified specialists to help your organization oversee its 340B program, maintain compliance and facilitate pharmacy management. Assent’s goal is to ensure you meet and exceed government regulations, and our experts always assure the elements they review are relevant and up to date based on current HRSA/OPA Guidelines.
3. Data integrity
When shopping for a TPA, data integrity is of extremely high importance to ensure both company and patient data are safe in the instance of a cyber/technology security breach. These frightening situations can escalate quickly, affecting thousands if certain measures and protocols are not put in place for proactive and reactive protection.
340Basics adopts the highest security and privacy protocols to protect the health information and data of our customers. Along with being SOC 2 certified and performing an annual HIPAA Assessment and Penetration Test, we implement periodic username changes, automatic logoff, data encryption and PHI Storage covered by Microsoft DRP (Disaster Recovery Plan). We believe in taking one step further to protect your information, and you should expect nothing less from a TPA.
4. Round-the-clock customer service
You never know when a system issue is going to disrupt your organization’s ability to serve customers. Too much time spent under maintenance is valuable time being taken from your business, resulting in negative effects on finances and patient care. Having a customer service team to reach out to at all points during the day can get processes back up and running as swiftly as possible.
As a 340Basics client, you have dedicated access to a team of 340B experts who ensure your needs are continually met by holding standing meetings, regularly reviewing your program, and providing 340B expert recommendations. With us, you have access to a 24/7 support ticketing system and dedicated support line, making sure any issues are solved quickly and with care. Our mission is to help your 340B Program grow, and in addition to our software and service, we provide clients with the education and knowledge to operate a compliant program.
5. Opportunities for dramatically increased savings
When partnering with a TPA, you should have the opportunity to maximize savings and increase opportunities for revenue generation in multiple areas, not just one. Maximizing savings can offer your organization more money to serve patients, giving them access to an expanded list of services and care options.
While working with Assent’s consultants to remain compliant and stay in the 340B program will lead to increased savings, clients can also take advantage of solutions like Portico and Zentro, which both lead to significantly increased claim capture in multiple areas of the 340B space. Not to mention Syntivo, our business intelligence software, will break down information to clearly display more opportunities for savings and growth. Don’t settle for financial success in just one area!
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