What should be established prior to purchasing through contract pharmacies?

Establishing a 340B medication purchase policy is crucial prior to purchasing through contract pharmacies. This policy serves as a foundational document that outlines how the organization will manage and utilize the benefits of the 340B Program. It ensures that all processes related to purchasing medications through contract pharmacies are in compliance with federal regulations and program requirements.

A well-defined medication purchase policy addresses key elements such as eligibility, allowable purchases, and the roles and responsibilities of staff involved in the 340B Program. It helps to mitigate risks associated with compliance issues that could arise if purchases are not properly managed. This policy guides the organization's decisions regarding inventory management, financial impact assessments, and record-keeping practices essential for audits and accountability.

In contrast, while vendor agreements, annual budget plans, and field audits are all essential components of managing a healthcare organization, they do not specifically address the critical framework needed for adhering to the requirements of the 340B Program when engaging with contract pharmacies. These elements may support the overall operational strategy but are secondary to the need for a clear and compliant medication purchase policy.