KANSAS CITY, Mo., July 20, 2021 – Today, Caravan Health announced a new line of business serving health care providers participating in the 340B drug discount program. This new offering will enable covered entities to get the most out of both Medicare and commercial prescription claims for all their patients, regardless of where prescriptions are filled.
For nearly 30 years, the 340B program has enabled safety net hospitals and other providers serving vulnerable communities to stretch scarce federal resources by offering significantly reduced prices for prescription drugs. By participating in 340B, safety-net providers can reach more eligible patients and provide more comprehensive services in their communities.
Covered entities are leaving a lot of 340B discounts on the table. Caravan’s analyses shows that covered entities missed 88% of 340B drug discounts for just one national chain in a single year through insufficient contract pharmacy networks and overlooked referrals. Caravan’s rigorous system is designed to capture those discounts, creating a strong revenue stream to pay for critical services that benefit underserved communities.
Caravan’s 340B solution gives safety-net providers the data, software, and expert services to maximize the contract pharmacy network and capture the majority of eligible prescriptions written on patients—even when they are written outside of the covered entity. Powerful and proprietary analytics give unique insights into contract pharmacy networks that typically result in adding twice as many profitable pharmacies and eliminating non-profitable locations.
“We bring unique, data-driven insights and proven processes to covered entities looking to make the most of this important program,” said Tim Gronniger, Caravan Health President and CEO. “Aided by carefully designed and tested software, we analyze prescription data to identify where your patients are actually getting their prescriptions filled, even mail order and specialty drugs. We also facilitate contracting with additional pharmacies that are convenient to your patients.”
Caravan Health uses data every day with hundreds of safety-net providers to improve care coordination, generate new revenue, and stay compliant in value-based contracts. Now these core competencies, with the help of our population health software Caravan Coach, can help covered entities maximize the full potential of the 340B drug discount program.
Hear from Caravan’s 340B team about making the most of these drug discounts in our webinar on July 29. Register here.
About Caravan Health:
Caravan Health is a privately held company formed to create a sustainable model for health systems to excel in value-based payment models and the 340B drug discount program. Today, Caravan Health’s team of more than 150 experts has supported more than 300 health systems with training, data, analytics, patient satisfaction surveys, and evidence-based medicine programs. In 2019 and 2020, Caravan Health partners earned $300 million in Medicare savings, over $120 million in shared savings and earned quality scores exceeding 94%. With Caravan Health, now the numbers work.
For more information visit www.caravanhealth.com.