How do You Deliver Medication Pricing?

Health plan providers and PBMs have a lot to consider when dealing with drug pricing, especially with Medicare Part D patients. Consumers will frequently take a more expensive drug despite the availability of cheaper generics. Not because of desire, but because of misinformation.

How are you as a PBM or provider delivering drug pricing to your patients? Are you offering them alternatives based on medication history? Taking advantage of health IT solutions such as programs designed to deliver pricing options can help lower overall health care spending in the U.S. and increase the health of prescription drug users. Here’s how:

• Faster time to market. The faster you can get medication pricing to the consumer, the better your reputation will be. By using dedicated software and applications, you can communicate pricing analytics using members’ pharmacy benefit history and formularies.
• Better credibility. If you use health IT solutions to base drug pricing on an analysis of patient pharmacy claims, you can increase your accuracy, and as a result, the credibility of your organization. Products exist that can deliver pricing based off millions of claims to boost accuracy.
• Improved member experience. Confusion based around prescription pricing and availability is a growing problem, but you can simplify pricing and boost the overall consumer experience by integrating personalized data into your communication channels. Applications can deliver pricing and savings for generic or alternative drugs specific to a consumer’s symptoms and pharmacy network for greater user control.
• Greater shopping power. For commercial members, high deductibles can often get in the way of drug availability. By offering users a variety of available medications, you can improve their drug “shopping” experience. Look to deliver pricing based around network drug stores to give these members a better experience.

Delivering drug pricing shouldn’t be traditional anymore. PBMs and health plan providers need to invest in advanced health IT solutions to improve patient education and care. At RxEOB, we specialize in medication pricing deliver tools for the pharmacy industry that aim to improve the consumer experience and health care spending overall. To find out more, contact us today.