My question is about sites that are maintaining a virtual inventory for 340B and then pricing for the physical inventory. How do you know which price the inventory company should use? I hope this makes sense. Thanks, Joanie
I would think that you would want to use the 340B cost for the inventory that is that because the cost will be lower and then the remaining inventory should be counted at the regular Pharmacy cost (which will probably be higher). This represents exactly how much your inventory is worth.
I have similar, but different problem. Since we use automated 340b splitting software, "340b Manager", our 340b and GPO inventory is mixed. We have always valued our inventory at GPO pricing because we conduct the annual inventory ourselves using our wholesaler's ordering software. This of course artificially overvalues our inventory and I think, underestimates our turns.
I recently was able to get our 340b saving reports and calculated our average monthly savings as a percentage over the last 6 months. This dramatically increased our turns and lowered the inventory.
Does anyone else out there calculate their 340b savings and subtract it from their inventory? If so, has your management accepted the practice?
I haven't included 340B pricing in the past because we use a split billing system and have a mixed inventory. It was always impossible to do with the way our former wholesaler provided inventory services. This year, I'm going to do something similar to a percentage of savings and deduct it from the total to give us a more accurate picture.
