June 12, 2017
ValueCentric Announces Enhancements to their Chargeback Reporting Suite Allowing for Rapid Analysis of 340B Program Trends
ORCHARD PARK, NY — June 12, 2017 – ValueCentric, LLC the industry leader in healthcare channel intelligence, announced the expansion of their Chargeback Reporting Suite, enhancing the ability to analyze activity at contracted 340B locations. The enhanced reporting allows pharmaceutical manufacturers to monitor 340B program trends over time, and identify potential revenue leakage from the program with comprehensive analysis of their sales, returns, and chargeback activity.
The 340B program, run by the Health Resources and Services Administration (HRSA), registers eligible entities and sets discounts to be applied on drug prices for those covered providers. The program, enacted under the Public Health Services Act of 1992, seeks to lower outpatient drug costs for entities serving a disproportionate number of indigent, Medicaid, or Medicare patients. A challenge that key stakeholders face is that the program can be abused due to difficulties in traceability, leading to significant revenue leakage for pharmaceutical manufacturers. The latest reporting tools released by ValueCentric and available in its ValueTrak reporting platform resolve the ambiguity in 340B reporting, providing a clear indication of a manufacturer’s financial exposure in the 340B program.
The newly released reports, which offer the same flexibility of execution ValueTrak users have come to expect, identify 340B transactions which can be aggregated at any level. By integrating 340B contract information, manufacturers gain intelligence about previously-unknown program exposure. Further, the reports can be leveraged to identify suspicious activity at entities who may not be complying with their 340B eligibility. Users are notified of abnormal activity at contracted entities and can drill in to investigate trends and prevent further margin erosion.
“Manufacturers struggle to monitor their liability within the 340B program; anyone who has attempted it knows the challenges of integrating HRSA data with internal customer lists and real-time transactional data. Our latest 340B Contracted Volume report provides analysis that assesses manufacturer exposure to the program and gives customers the tools to minimize program leakage,” said Cameron Hall, Vice President of Products at ValueCentric. “We use 340B contracts information gleaned from the HRSA and customer contract files, and combine that with client 844/849 chargeback files, the 867 detailed sales information, and our best-in-class master data management to provide intelligence around chargeback claims and if the specific purchase occurred under 340B contract,” said Hall.
The new reports enhance the value of the company’s existing Chargeback reporting, and are available at no additional cost to current subscribers of the Chargeback module. Those interested in seeing a demo of the available Chargeback reporting, or learning more about ValueTrak may contact moc.c1526940438irtne1526940438ceula1526940438v@sel1526940438as1526940438.
ValueCentric is the leader in channel data management and analytic solutions for the healthcare industry. Its mission is to help customers leverage their channel data to improve business decisions, reduce costs, and increase the speed in which products reach patients in need. Pharmaceutical, specialty pharma, and medical product companies including marquee customers AstraZeneca and Novo Nordisk trust their platform, ValueTrak. ValueTrak provides trade, finance, managed markets, and sales teams with a flexible and powerful platform to improve business relationships, manage orders, and integrate key pharmacy and channel data to make more informed product decisions. ValueCentric continues to be a pioneer in the pharmaceutical, specialty, and medical products industries investing in big data solutions and improving how all parties can use data to optimally manage their product performance in the channel.