Stamford Health
Director Pharmacy Business & 340B Program
Stamford Health, Stamford, Connecticut, United States, 06925
Director Pharmacy Business & 340B Program
The Pharmacy Business & 340B Director reports directly to the Executive Director of Pharmacy. He/she works with the Director of Pharmacy to review, develop, and implement strategic operating and financial plans that will optimize the hospital’s financial goals by providing and preparing financial reports and evaluation of existing and new programs that impact the pharmacy’s finances. The Pharmacy Business & 340B Director supervises and participates in pharmacy inventory control, pharmaceutical billing, invoice processing, cost containment initiatives, budget preparation/implementation, contract negotiation and maintenance of the pharmacy charge master. The Pharmacy Business & 340B Director oversees the day-to-day operation for the monitoring and auditing of the 340B program for all qualified entities within the institution and for contract pharmacies by ensuring continued compliance to HRSA’s requirements. The Pharmacy Business & 340B Director serves as the primary contact person and subject matter expert for all matters related to 340B operation and shall establish policies and procedures that maximize participation and accurately reflect the most current HRSA requirements to maintain program integrity and compliance to ensure the hospital’s financial viability. Key Responsibilities: Budget and Finance: Works with the executive director of pharmacy to prepare annual operating and pharmaceutical budgets. Works with the executive director of pharmacy to develop and monitor operational and capital budgets, including revenue, expenses, and operating margins. Assists with preparation of executive summaries and schedules for presentation to hospital administration. Assists the executive director of pharmacy in overseeing inventory management and reviews of purchasing trends to identify area(s) of optimization and cost containment Forecasts drug expense for purposes revenue and expense budget planning Analyzes, monitors, tracks, and reports on financial performance for all pharmacy department cost centers Prepares monthly financial summaries of budget variance Works with the Finance department to maintain the pharmacy charge master by ensuring timely updates of drug prices, HCPCS, J-codes and GL mapping. Works with analyst on financial and drug utilization analytics data and dashboards that support the pharmacy leadership team in maintaining fiscal responsibility Reviews and applies all regulatory and legal requirements to ensure compliance with all applicable governmental regulations regarding pharmacy billing by working with the Finance department Oversees the financial business of the pharmacy operation by reviewing patient charges, interdepartmental billing, invoicing processing for accounts payable/receivable Prepares cost analysis for specific programs, procedures or activity as requested by or as necessary. 340B Program: Ensures that the health system maintains compliance to the 340B program Ensures compliance with 340B program by monitoring and auditing 340B transactions and working with external vendors to ensure maintenance of the program’s integrity while maximizing all potential discounts covered by the program. Ensures proper billing units for medications to capture 340B accumulations. Oversees compliance audits to ensure all practices adhere to the 340B program Continuously seeks process improvements to eliminate risks for 340B non-compliance Responsible for being the institutional compliance expert on all matters related to the 340B program Ensures pharmacy personnel and other institution staff members that touch the 340B program are knowledgeable about its regulations to assure compliance and program integrity Maintains and updates policies and procedures for 340B program to ensure program integrity and compliance Participates with prime vendor and routinely reviews 340B formulary pricing, potential alternatives, and possible savings Drug and Vendor Contracting: Works with legal, finance, material management, and outside agencies as necessary to establish vendor contracts and agreements for the pharmacy department Works with pharmacy vendors to ensure appropriateness of pharmacy invoicing Oversees pharmaceutical drug manufacture rebate assessment and processing Inventory Management: Oversees inventory management process to ensure compliance to the 340B program and federal Drug Supply Chain Security Act (DSCSA) Performs trend analysis and other pharmacoeconomic reviews as needed for inventory management Specialty Pharmacy: Supports the hospital-owned specialty pharmacy by overseeing financial partnership relationships Completes payor access applications as needed Oversees relationship with pharmacy service administrative organization (PSAO) Qualifications/Requirements: Pharmacist license preferred but not required Three to five years of pharmacy experience overseeing a 340B program required. Apexus 340B certification required Master's degree in related business or healthcare preferred Must have strong knowledge of accounting and budgeting, financial analysis or healthcare finance Prior work experience in pharmacy purchasing or inventory management in a hospital or clinic setting Proficient with MS office (Excel, Word, PowerPoint, Word, Access)
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The Pharmacy Business & 340B Director reports directly to the Executive Director of Pharmacy. He/she works with the Director of Pharmacy to review, develop, and implement strategic operating and financial plans that will optimize the hospital’s financial goals by providing and preparing financial reports and evaluation of existing and new programs that impact the pharmacy’s finances. The Pharmacy Business & 340B Director supervises and participates in pharmacy inventory control, pharmaceutical billing, invoice processing, cost containment initiatives, budget preparation/implementation, contract negotiation and maintenance of the pharmacy charge master. The Pharmacy Business & 340B Director oversees the day-to-day operation for the monitoring and auditing of the 340B program for all qualified entities within the institution and for contract pharmacies by ensuring continued compliance to HRSA’s requirements. The Pharmacy Business & 340B Director serves as the primary contact person and subject matter expert for all matters related to 340B operation and shall establish policies and procedures that maximize participation and accurately reflect the most current HRSA requirements to maintain program integrity and compliance to ensure the hospital’s financial viability. Key Responsibilities: Budget and Finance: Works with the executive director of pharmacy to prepare annual operating and pharmaceutical budgets. Works with the executive director of pharmacy to develop and monitor operational and capital budgets, including revenue, expenses, and operating margins. Assists with preparation of executive summaries and schedules for presentation to hospital administration. Assists the executive director of pharmacy in overseeing inventory management and reviews of purchasing trends to identify area(s) of optimization and cost containment Forecasts drug expense for purposes revenue and expense budget planning Analyzes, monitors, tracks, and reports on financial performance for all pharmacy department cost centers Prepares monthly financial summaries of budget variance Works with the Finance department to maintain the pharmacy charge master by ensuring timely updates of drug prices, HCPCS, J-codes and GL mapping. Works with analyst on financial and drug utilization analytics data and dashboards that support the pharmacy leadership team in maintaining fiscal responsibility Reviews and applies all regulatory and legal requirements to ensure compliance with all applicable governmental regulations regarding pharmacy billing by working with the Finance department Oversees the financial business of the pharmacy operation by reviewing patient charges, interdepartmental billing, invoicing processing for accounts payable/receivable Prepares cost analysis for specific programs, procedures or activity as requested by or as necessary. 340B Program: Ensures that the health system maintains compliance to the 340B program Ensures compliance with 340B program by monitoring and auditing 340B transactions and working with external vendors to ensure maintenance of the program’s integrity while maximizing all potential discounts covered by the program. Ensures proper billing units for medications to capture 340B accumulations. Oversees compliance audits to ensure all practices adhere to the 340B program Continuously seeks process improvements to eliminate risks for 340B non-compliance Responsible for being the institutional compliance expert on all matters related to the 340B program Ensures pharmacy personnel and other institution staff members that touch the 340B program are knowledgeable about its regulations to assure compliance and program integrity Maintains and updates policies and procedures for 340B program to ensure program integrity and compliance Participates with prime vendor and routinely reviews 340B formulary pricing, potential alternatives, and possible savings Drug and Vendor Contracting: Works with legal, finance, material management, and outside agencies as necessary to establish vendor contracts and agreements for the pharmacy department Works with pharmacy vendors to ensure appropriateness of pharmacy invoicing Oversees pharmaceutical drug manufacture rebate assessment and processing Inventory Management: Oversees inventory management process to ensure compliance to the 340B program and federal Drug Supply Chain Security Act (DSCSA) Performs trend analysis and other pharmacoeconomic reviews as needed for inventory management Specialty Pharmacy: Supports the hospital-owned specialty pharmacy by overseeing financial partnership relationships Completes payor access applications as needed Oversees relationship with pharmacy service administrative organization (PSAO) Qualifications/Requirements: Pharmacist license preferred but not required Three to five years of pharmacy experience overseeing a 340B program required. Apexus 340B certification required Master's degree in related business or healthcare preferred Must have strong knowledge of accounting and budgeting, financial analysis or healthcare finance Prior work experience in pharmacy purchasing or inventory management in a hospital or clinic setting Proficient with MS office (Excel, Word, PowerPoint, Word, Access)
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