Two healthcare IT companies are joining forces to help healthcare providers take advantage of the Federal 340B Drug Pricing Program, which offers qualified hospitals access to reduced-price prescription drugs.
Omnicell, a Mountain View, Calif.-based provider of systems solutions for healthcare facilities, is integrating the Sentinel RCM (revenue cycle management) application from Sentry Data Systems into its WorkflowRx 7.0 software to address the inventory management, financial reconciliation and compliance aspects of the 340B program. Sentinel RCM includes a 340B solution component.
“As IDNs (Integrated Delivery Networks) face reductions in reimbursements, managing the cost and inventory turns of drugs in the revenue cycle will become increasingly important," said Travis Leonardi, founder of president of Deerfield Beach, Fla.-based Sentry Data Systems. "The integration of Sentry’s Sentinel RCM software with Omnicell’s WorkflowRx will improve visibility and management of hospital drug costs which saves our clients time and money while improving their operations."
The Federal 340B Drug Pricing Program allows healthcare providers certified by the Department of Health and Human Services as “covered entities” to access reduced-price prescription drugs. Hospitals must meet a stringent set of requirements to participate in the program, including having a disproportionate share hospital (DSH) adjustment percentage of greater than 11.75 percent, but can realize significant savings for themselves and their patients if allowed to participate.
“We are pleased to be partnering with Sentry to offer an easy-to-use, proven technology for our customers,” said Marga Ortigas-Wedekind, Omnicell’s vice president of global marketing and product development. “The partnership with Sentry will allow Omnicell to offer our pharmacy customers a 340B solution to enhance their inventory management capabilities while realizing significant medication cost savings.”