New Report Reveals 340B Program's Impact on Executive Compensation and Charity Care Provision
New Report Reveals 340B Program's Impact on Executive Compensation and Charity Care Provision
Key Takeaways (TLDR)
The 340B Drug Pricing Program has led to an average 824.32% increase in annual revenues, giving covered entities a significant financial advantage.
ADAP Advocacy's report analyzed IRS 990 filings for 69 340B-eligible covered entities to determine the impact on annual revenues and executive compensation.
The 340B Program's increase in annual revenues and executive compensation highlights the need to refocus on its original intent of helping patients and providing charity care.
ADAP Advocacy's report sheds light on the significant financial impact of the 340B Drug Pricing Program, revealing the program's priorities and their impact.
Why it Matters
This news matters because it sheds light on the financial implications of the 340B Drug Pricing Program for covered entities, indicating a significant increase in annual revenues and executive compensation. The findings raise concerns about the program's original intent and its impact on charity care provision, prompting a reevaluation of its priorities to better serve patients.
Summary
ADAP Advocacy and the Community Access National Network (CANN) released a report on the 340B Drug Pricing Program, revealing a significant increase in annual revenues and executive compensation for covered entities. The report, titled 'The 340B Drug Pricing Program and its Potential Impacts on Annual Revenues, Executive Compensation, and Charity Care Provision in Eligible Covered Entities,' highlighted the program's financial benefits for hospitals and mega service providers. The CEO of ADAP Advocacy, Brandon M. Macsata, emphasized the need to address the program's skewed priorities and return it to its original intent of helping patients.
The report analyzed IRS 990 filings for 69 340B-eligible covered entities, including HIV care providers and hospitals, to assess revenue, executive compensation, and charity care provision. The findings underscore the financial gains for covered entities and the decline in charity care levels over time. The full report is available for download, and for more information, interested parties can contact ADAP Advocacy.
This news story relied on a press release distributed by 24-7 Press Release. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is New Report Reveals 340B Program's Impact on Executive Compensation and Charity Care Provision.