Health Care Spending is Growing at 4x the Rate of Inflation.
Prescription costs are growing faster than most other sectors in Health Care. Over 10% of New Yorkers reported not filling a needed prescription in the last year due to cost. This can clearly have serious, detrimental effects on people's health.
It offers meaningful savings to patients on their medications (average 50% off), and can generate significant revenue to the safety net providers who take care of the medically under-served. 340B is available to all FQHCs, DSH Hospitals, FQHC look-alikes as well as several other types of providers (called eligible entities).
Check if your organization is eligible.
However, the 340B program is currently severely underutilized.
Many safety net providers eligible for 340B aren't taking advantage of the program. Some eligible entities believe the program is too complicated, or that they need to operate an outpatient pharmacy to launch a 340B program.
NYCRx was created to overcome these barriers - to help eligible entities launch and manage their 340B programs. NYCRx helps throughout the entire process: from selecting partnering pharmacies, contracting, handling of all Federal paperwork, to ongoing management of 340B transactions, reporting, and auditing once the program is live.
340B savings average about 50% off retail. A patient can expect to save the difference between the retail price and 340B, less fees (pharmacies collect a per prescription dispensing fee to cover their costs).
For a retail drug that costs $100, with 340B it will cost about $50, plus the pharmacy fee, making the final savings about $40. These savings add up over time.
Entities that have commercially insured patients can also generate revenue from the 340B program. The revenue is the spread between the 340B cost of acquisition and the reimbursement amount. This revenue can be used to support clinic programs and operations.
NYCRx offers eligible entities assistance with implementation at no charge. We charge a small per prescription fee if an entity contracts with us to manage their 340B program on an ongoing basis. And as mentioned above pharmacies require a dispensing fee. As NYCRx is a non-profit organization, driven by its core mission to increase accessibility to prescription medicine, our goal is to keep our fees as low as possible.
Other startup fees can include:
Savings to the uninsured and revenue to entities from utilizing the 340B program with NYCRx.
Fully HIPPA Compliant
NYCRx's solutions are hosted through a SSAE16 certified infrastructure that is fully HIPAA compliant. NYCRX's secure, web-delivered applications make the process of deploying our 340B compliance solutions simple and quick, requiring no IT footprint in the health center or pharmacy.
Ready for Auditing Anytime Since our inception, we have successfully passed multiple federal audits. With many years of experience working with the 340B regulations, we know exactly what needs to be captured for compliance and auditing.
Secure Reporting & Inventory Management
NYCRx offers secure online reporting and inventory management. Our extensive reporting offers comprehensive information to facilitate compliance. Our sites and their partnering pharmacies know to the pill exactly what has been dispensed, ordered, and replenished. The reports cover detail such as 340B pricing, NDC, total collections, net revenue.
Every health center and hospital works differently and has different needs. With many years of experience in federal health agencies and 340B services, NYCRx work with each partner to tailor develop a program that works for you.
We work with your staff to identify the best local pharmacy partners for your clinic. We help either formalize an existing relationship or release an RFP to assist in the selection of a new partner.
Negotiation of Contracts and Terms
NYCRx has been helping eligible entities negotiate their contracted retail pharmacy agreements for over 5 years. We have draft contracts for entities to use at no charge, and we experience structuring agreements to fit many different configurations.
Federal Office of Pharmacy Affairs 340B Paperwork
After the contracts have been negotiated, NYCRx will help the entity stay on track with:
Once all of the above accounts are established, NYCRx’s technology team will configure our systems to monitor all prescription traffic and all wholesaler transactions so our reports can reflect both dispensing data and inventory control.
LaunchOnce our systems are in place to allow complete compliance, we are ready to go live. Someone from NYCRx will be available for a kick off meeting with staff and providers, and will bring marketing materials to drive traffic and ensure maximum capture.
There are quarterly submission and processing windows at the Office of Pharmacy affairs. And the process generally takes at least 90 days. For example adding a new site or adding a new pharmacy relationship to the Federal OPA’s website has an Oct 1-Oct15 deadline for recognition on Jan 1. So depending on when you begin in relation to the deadline, the process can take quite a while.
Rapidly Expanding Services Since NYCRx was launched by the New York City Department of Health and Mental Hygiene, we initially focused on New York, but we are expanding geographically and will work with any eligible sites nationally.
Interested in working with us?