Omnicell, Inc., (Nasdaq: OMCL) a leading provider of system solutions to acute healthcare facilities, today announced a partnership agreement to co-market Sentry Data Systems' Sentinel RCM™ application, which has a sophisticated 340B solution component. Sentry specializes in providing solutions to address a variety of financial challenges found within hospitals and pharmacies while Omnicell's WorkflowRx™ software offers a complete inventory management system for hospital pharmacies.
The Sentinel RCM software will integrate with Omnicell's new WorkflowRx 7.0 software to address the inventory management, financial reconciliation and compliance aspect of participating in the 340B Drug Pricing Program.
The Federal 340B Drug Pricing Program provides access to reduced price prescription drugs to health care facilities certified by the U.S. Department of Health and Human Services (HHS) as "covered entities." Hospitals with a Disproportionate Share Hospital (DSH) adjustment percentage of greater than 11.75 percent meet the adjustment percentage requirement to participate in the 340B Program. Hospitals must also meet other qualifying criteria (https://www.hrsa.gov/). Significant savings on pharmaceuticals may be seen by entities that participate in this program.
"As IDNs (Integrated Delivery Networks) face reductions in reimbursements, managing the cost and inventory turns of drugs in the revenue cycle will become increasingly important. The integration of Sentry's Sentinel RCM software with Omnicell's WorkflowRx will improve visibility and management of hospital drug costs which saves our clients time and money while improving their operations," commented Travis Leonardi, Sentry Data Systems' founder and president.
"We are pleased to be partnering with Sentry to offer an easy-to-use, proven technology for our customers," said Marga Ortigas-Wedekind, Omnicell vice president, global marketing and product development. "The partnership with Sentry will allow Omnicell to offer our pharmacy customers a 340B solution to enhance their inventory management capabilities while realizing significant medication cost savings."