Overcoming Prescription Drug Cost Challenges: A Solution for Healthcare Advisors and Self-Funded Employers

In an era where healthcare costs are continually on the rise, prescription drug expenses have become a significant concern for both employers and their clients. If you’re tired of watching these costs cut into profits while simultaneously impacting patient health, it’s time to explore innovative solutions for managing these expenses.

The Challenge of Rising Costs

Prescription drug prices are higher than ever, and the implications reach far beyond individual patients. Employers are grappling with increased premiums and reduced employee satisfaction due to higher out-of-pocket expenses. This landscape calls for a shift in how we think about pharmacy benefits and drug pricing strategies.

A Path Towards Meaningful Savings

Enter a groundbreaking national drug savings program aimed at dramatically reducing both specific and aggregate stop-loss claims. Here are some of the advantages this program can offer your organization:

Lower Premiums

Independent studies conducted by respected organizations such as Milliman and Deloitte suggest that comprehensive drug savings programs can significantly lower both claim frequency and severity. Translated into lower premiums, this benefits not just your clients' bottom lines but also enhances your profitability.

Comprehensive Savings on Medications

This program provides savings on all FDA-approved medications, including access to 340B pricing, where applicable. By bypassing traditional insurance formularies and avoiding delays caused by pre-authorization, clients can access vital medications more quickly. Often, the cash payment option even outperforms standard insurance co-pays and deductibles, providing more predictable pricing than typical discount cards.

User-Friendly Experience

The platform is designed with user convenience in mind. Supported by knowledgeable, US-based pharmacy experts, clients can get assistance with prescriptions exceeding $300. The implementation process is seamless, ensuring a smooth transition for new users.

Philanthropic Impact

In addition to cost savings, a portion of the fees supports charitable organizations like the Wounded Warrior Project and the Tunnel to Towers Foundation. This added dimension allows companies to contribute to meaningful causes while saving money.

Affordable Wholesale Rates

For a nominal fee per month per subscriber (including eligible dependents), select self-funded employers, organizations and stop loss carriers can integrate this program into their offerings without replacing existing TPA or PBM relationships, providing a cost-effective solution that makes a tangible difference in drug expenses. Plus, with a full-time, on-site clinical pharmacist included at no additional cost for stop loss carriers, clients get personalized support that amplifies the value of the savings program.

Transform Your Business and Impact Client Health

It’s vital not to let high drug prices undermine your business potential. A strategic partnership with a drug savings program can transform your offerings while promoting your clients’ health and well-being.

The Research Backs It Up

Several reputable sources emphasize the advantages of drug savings programs with contracted pricing over traditional insurance plans. For instance, the American Pharmacists Association highlights how some Pharmacy Benefit Managers (PBMs) negotiate prices that often lead to lower costs. Similarly, studies reported in journals such as Health Affairs and the Journal of Managed Care & Specialty Pharmacy illustrate that alternative pricing models can lead to cost-effective solutions for patients.

Here are some reputable sources discussing the advantages of drug savings programs with contracted pricing compared to traditional insurance plans and discount cards:

Pharmacy Benefit Managers (PBMs)

The American Pharmacists Association (APhA) highlights how some PBMs negotiate drug prices, potentially offering savings that surpass traditional insurance plans. Source: American Pharmacists Association www.pharmacists.com

National Community Pharmacists Association (NCPA)

NCPA emphasizes the effectiveness of independent pharmacy programs and contracted pricing strategies that often yield more competitive rates than standard insurance plans. Source: NCPA www.ncpa.org

Health Affairs

This peer-reviewed journal reports on drug pricing, insurance plans, and alternative payment models, presenting metrics that demonstrate how contracted pricing can provide comprehensive coverage compared to conventional models. Source: Health Affairs www.healthaffairs.org

Consumer Reports

Offers comparisons of various drug savings programs over traditional insurance models, providing guidance on navigating available options. Source: Consumer Reports www.consumerreports.org

Partnership for Prescription Assistance

Collaborates with pharmaceutical companies to provide medication assistance programs that can significantly outweigh the benefits of traditional insurance and discount plans. Source: Partnership for Prescription Assistance www.pparx.org

National Association of Boards of Pharmacy (NABP)

Offers resources on medication access programs, highlighting the potential advantages of some contracted pricing over traditional insurance options. Source: NABP www.nabp.pharmacy

Studies on Prescription Drug Costs

Academic research often illustrates that alternative drug pricing strategies can result in lower overall costs for patients compared to traditional insurance models. Source: Journal of Managed Care & Specialty Pharmacy www.jmcp.org

By embracing innovative solutions to address skyrocketing prescription drug costs, you can secure a healthier bottom line while also safeguarding your clients' health. Don’t hesitate to explore these options and make a meaningful impact today!

To understand how this solution can benefit your organization, reach out for a free consultation, contact:

- Michael Reagan at 214-850-1069 or [email protected]

- Randy Wright at 770-654-8499 or [email protected]