The children’s hospital engaged RSM for help with optimizing financial and operations efforts, including registering the organization in the federal 340B Drug Pricing Program.
Key takeaways
Since the launch of their 340B program, the hospital has undergone a successful audit and has generated savings.
With RSM’s extensive industry experience, the team was quite familiar with the client’s challenges and able to make a difference.
Like the patients they serve, children’s hospitals have distinct needs beyond those of regular health care systems. Often these pediatric care organizations require specialized attention related to medical documentation, drug discount management, revenue cycle strategy and coding assessment due to vast patient care needs, extended stays, surgeries, treatments and more. RSM US LLP’s client certainly knows this firsthand. And so does RSM.
The children’s hospital engaged RSM for help with optimizing financial and operations efforts, including registering the organization in the federal 340B Drug Pricing Program. The program would allow the hospital to provide outpatient drugs to their patients at significantly reduced prices, something key to the families the hospital serves. The program allows covered entities, like children’s hospitals, to stretch scarce federal resources as far as possible, reaching more eligible patients and providing more comprehensive services to the nation’s most vulnerable patient populations.
RSM shared with the hospital what they had done for other organizations and drafted a preliminary 340B plan specific to their client. The successful outcome gave the organization the confidence it needed to move forward with an actual 340B program.
RSM helped the client make sure the hospital had the right internal team pulled together, too, confirming software needs and helping establish governance and compliance strategies.
Impact on the bottom line, and the mission
Since the launch of their 340B program, the hospital has undergone a successful audit by the Health Resources and Services Association and has generated savings, not only improving the organization’s bottom line, but advancing their mission.
With RSM’s extensive experience in the health care industry, as well as in the children’s hospital sector, the RSM team was quite familiar with the client’s challenges and able to make a difference for an organization that has served its communities for a number of years.
Since the launch of the 340B program, the client has engaged RSM in other work as well, including improvements related to revenue cycle management and denials of care. In addition, the RSM team maintains periodic check-ins with hospital leadership to share trends and new ideas.
While RSM’s advisory services and commitment to operations and systems improvement are essential, equally important is the firm’s active support of the client’s mission and commitment to the wellbeing of its patients and families.
Related insights
