Brea, CA, July 5th, 2016 – PharMedQuest, an industry leader in Medical and Pharmaceutical Management Services, has released another video in a series highlighting the benefits of our specialty drug management solutions, including our turnkey, 340B management program P340B®.
The 340B Drug Pricing Program is a federal government program that requires drug manufacturers to provide outpatient drugs to eligible health care organizations/covered entities at significantly reduced prices. When managing 340B programs, covered entities have a choice of different systems to dispense and track 340B drug stock.
The most common 340B management model is a Virtual Replacement Model. In this model, pharmacies fill prescriptions from their existing stock and manage their inventory like usual; third-party 340B administrators then reconcile medications dispensed to 340B patients, and replenish the pharmacy’s stock using the covered entity’s 340B drugs.
Another, more efficient way, is the Direct Model, a clean-and-cut 340B management model where pharmacies fill prescriptions from a physically separate 340B stock of drugs, eliminating the third-party administrator, and greatly reducing potential for error and fraud.
The P340B® solution from PharMedQuest uses the Direct Model to dispense drugs under the 340B program and is the industry’s first and only Direct 340B turnkey management system.
PharMedQuest evaluates clinics, proposes a custom 340B solution, staffs and operates the pharmacies and utilizes actual drug inventory through a direct purchase model, providing timely, detailed, and transparent financial reporting.
“The Direct 340B Inventory Model has greatly benefited our covered entity clients both financially and from a 340B compliance standpoint.” said Duane Saikami, COO and Co-Founder of PharMedQuest. “PMQ clients benefit financially by being able to generate revenue not only from high cost brand name drugs, but also from generic drugs. Our clients benefit from a compliance standpoint as PMQ is able to integrate pharmacy services in a way that does not involve virtual replacement tracking and truing up partial fills.”
To watch the video, visit: http://bit.ly/PMQ340BPT
PharMedQuest is a national leader in providing proven cost-effective solutions to some of the most challenging issues in healthcare. We are dedicated to providing transparent and innovative drug management solutions that optimize the clinical, operational and financial complexities of medical specialty drug management for cancer and other complex and rare diseases.
With over 20 years of Experience, PharMedQuest delivers Insight and Value to its Clients through its services, which include holistic Medical Benefit drug management, real-time access to integrated drug utilization and financial metrics and intelligence, comprehensive 340B management, and many other integrated Pharmacy and Medical solutions that go beyond traditional PBM, Specialty Pharmacy, or Utilization Management tools. For more information about PharMedQuest services, call (714) 364-4008 or visit www.PharMedQuest.com.