Kalderos upgrades 340B Pay platform, giving covered entities more options

CHICAGO, Dec. 15, 2020 /PRNewswire/ -- Drug Discount Management company Kalderos today announced a significant upgrade to its 340B Pay solution that gives covered entities more choice in how they realize the benefits of the 340B program. Covered entities will now be able to choose whether to use the rebate model for their own pharmacies, or maintain their existing process of upfront discount and wholesaler chargeback. 

Launched in September 2020, 340B Pay is the first real-time solution for drug discount effectuation. The solution enables manufacturers, covered entities and Medicaid agencies to work together to effectuate 340B discounts compliantly and efficiently. 340B Pay, and its tools, Request and Verify, allow providers of any size to request 340B rebates and manufacturers to verify and pay them through a third party payment partner. 

"We listened to the concerns of our covered entity partners regarding how a 340B rebate model may affect their cash flow. While our own economic analysis did not find a working capital issue with our rebate model, due to the speed and frequency at which rebates are paid, we empathize with covered entities who are fearful of any changes that may impact working capital during a healthcare and economic crisis," said Kalderos CEO Jeremy Docken. 

Docken added, "We are confident we can make this change and still be effective in preventing most duplicate discounts originating from covered entity-owned pharmacies due to our advanced machine learning processes developed and improved over time since we launched in 2016." 

In the updated 340B Pay solution, the rebate model will still be the only way for covered entities to receive 340B prices on applicable products dispensed at their contract pharmacies, which remain the most challenging sites for compliance. With 340B rebate funds from contract pharmacy dispenses flowing directly to covered entities, covered entities will benefit from greater control over program savings, enabling them to better serve patients. 

Kalderos has directly communicated the change to HHS and HRSA, which have not identified any compliance concerns with 340B Pay or its latest product update. 

Jordan Green, director of product management at Kalderos, said, "We truly value the partnership of the covered entity community, including the 3,600 we work with today, and are excited to release this change that will give them greater control over their 340B programs."

About Kalderos

Kalderos created the world's first Drug Discount Management platform, which uses sophisticated models and machine learning to resolve noncompliance in drug discount programs. The company's solutions include Discount Monitoring, which identifies and resolves historical instances of noncompliance, and 340B Pay, which allows providers of any size to request 340B rebates and manufacturers to verify and pay them through a third party payment partner. Based in Chicago, Kalderos was founded in 2016 by a team dedicated to reducing inefficiencies in the U.S. healthcare system, empowering everyone to focus on the health of people. Learn more at kalderos.com.

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SOURCE Kalderos