The 340B program stretches scarce federal resources to bring critical benefits to patients, covered entities, and pharmacies alike. But participating in 340B presents challenges to inventory management, accounting, reporting and profitability that cause many pharmacies to avoid it altogether. For covered entities, fewer contract pharmacies can significantly diminish the benefit 340B brings into the community.
340BDirect® supports a network of over 5,500 contract pharmacies in managing the complexities of 340B that kept many from participating. We work with over 20 administrators to create highly compliant and transparent connections with their covered entity clients. Our systems and tools help pharmacies become sophisticated 340B participants capable of supporting covered entities long term to enhance their community contribution.
Our story began nearly 20 years ago with a comprehensive pharmacy reconciliation product that helped pharmacies of all sizes manage payments. When we started learning about the 340B program we noticed a gap—no one was looking out for pharmacies. As a result, many pharmacies struggled and either limited or completely stopped their participation, ultimately reducing the savings available to covered entities and their communities.
340BDirect® was developed so that contract pharmacies could not only participate in 340B, but also bring significant value to the program. Since 2014 we’ve grown to become an important piece of the 340B space through the tools and support we offer to pharmacies and their 340B relationships.
340BDirect® is a product by Procuity, a healthcare technology company that has brought visibility and financial control to pharmacies for almost 20 years. As a wholly owned subsidiary of Zions Bancorporation (NASDAQ—ZION), we’ve built our products on a foundation of trust and credibility. Ownership by a large national bank holding company with more than $65 billion in assets brings a high level of sophistication that we pass on to our clients every day.