ACE Financial Management & Duplicate Discount Prevention Flashcards
6 cards from real ACE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 ACE Financial Management & Duplicate Discount Prevention flashcards as text
What is the primary purpose of a 340B program financial audit conducted by a covered entity?
Answer: To verify that 340B purchases were used only for eligible patients and savings were properly tracked
A 340B financial audit verifies that all 340B-priced purchases were dispensed to eligible patients and that savings and program data were accurately recorded and managed.
Who is authorized to conduct a formal audit of a 340B covered entity's program?
Answer: HRSA, as well as manufacturers under certain conditions
HRSA has broad authority to audit covered entities, and drug manufacturers may conduct audits to verify compliance with 340B pricing requirements under specific HRSA guidelines.
What records must a covered entity maintain to support a 340B financial audit?
Answer: Drug purchase invoices, patient eligibility records, dispensing logs, and prescriber information
To support an audit, covered entities must retain drug purchase invoices, patient eligibility documentation, dispensing records, and prescriber data to demonstrate program compliance.
What is the recommended minimum record retention period for 340B program documents?
Answer: Three years, consistent with federal healthcare program requirements
340B program records should be retained for a minimum of three years, consistent with federal healthcare program audit and record-keeping standards.
Which of the following most commonly triggers an HRSA audit of a covered entity?
Answer: A complaint from a manufacturer, TPA, or other stakeholder alleging program violations
HRSA audits are frequently triggered by complaints from manufacturers, TPAs, employees, or other parties alleging diversion, duplicate discounts, or other 340B violations.
What corrective action is a covered entity expected to take after an HRSA audit finding of non-compliance?
Answer: Develop and implement a Corrective Action Plan (CAP) and repay any amounts owed
After an audit finding, covered entities are expected to develop a Corrective Action Plan (CAP) addressing identified deficiencies and repay any overcharges or improperly obtained discounts.