How One Company Cut Prescription Spending by 40% - Part 2
In last week's article, I shared a case study from one of our clients, CareFlite.
If you haven't gotten a chance to read it, it's still available for you?HERE?.
Lowering your pharmacy costs by 40% is a challenging task- to accomplish this CareFlite deployed three key strategies:
Now, after reading the article, you may be wondering-
David, that's great, but the article you referenced was written in 2019. How is CareFlite doing today?
I'm glad you asked, when you look at the chart below, you'll see that some organizations are still enjoying cost savings today,?with more than $2,000,000 in pharmacy savings since 2017!
Controlling your health insurance costs is sustainable when you implement the right strategies. With prescription drugs representing many of an organization's insurance claims, finding practical solutions to lower medication costs is necessary.
CareFlite's success in lowering pharmacy costs by 40% through its strategic initiatives remains a sustainable achievement for organizations. This remarkable outcome demonstrates the long-term effectiveness of their approach.
By hiring a transparent pharmacy benefit manager, incentivizing the use of generic drugs, and leveraging drug manufacturer assistance for specialty medications, CareFlite has controlled its health insurance costs and showcased the importance of finding practical solutions to mitigate medication expenses.
These strategies serve as a compelling example for organizations seeking to navigate the challenges of rising healthcare costs in the present and future. If you're ready to find a suitable solution for your employees and bottom line, we're here for you!