SAN DIEGO--(BUSINESS WIRE)--MedImpact today announced a new solution that integrates prescription discount card savings with traditional plan prescription benefits. This solution will provide health plans with a more complete view of member utilization and adherence, while reducing the cost of prescriptions for members.
“Tracking adherence is essential for health plans to improve health outcomes, CMS Star Ratings, and competitiveness,” said Dale Brown, President of MedImpact Healthcare Systems. “This solution will give health plans the ability to integrate funded and unfunded claims to lower costs, improve health data and outcomes, and simplify the entire process for consumers.”
Over the past few years, prescription savings programs have skyrocketed in popularity. In particular, as copays and deductibles rise, the price of medications with a discount program may be less than the insurance out-of-pocket cost for the same drug. As a result, consumers are bypassing their prescription insurance and purchasing medications -- including drugs that are on their plan’s formulary -- with cash.
According to a recent online poll conducted on behalf of MedImpact, involving 500 people with insurance coverage, 25% of respondents said they have used a prescription savings program within the past year; 8% said they use it every time they go to the pharmacy.
For insurers, this is resulting in significant gaps in data on member health, utilization, and adherence. MedImpact’s integrated solution will offer health plans the opportunity to adapt to this fast-moving trend in consumer behavior and capture critical information that they cannot access currently.
In addition to capturing claims data, funded plans will also be able to apply cash claims to the member’s deductible, consistent with applicable law and the terms of the individual plan. This has the potential to provide members with lower annual drug costs and a better pharmacy benefit experience.
“Managing overall prescription costs shouldn’t be so complicated,” said Brown. “Members with funded benefits will be able to use their benefits card with the confidence knowing that they will receive the lowest out-of-pocket cost each time they go to the pharmacy.”
MedImpact’s integrated solution will be ready for implementation in 2021.
MedImpact is the PBM that puts clients and consumers first. For 30 years, it has had a single mission: To make pharmacy benefits affordable, understandable, and transparent. Today, MedImpact’s team and technology serve many large employers and plans, and more than 55 million consumers in the US and around the world. Learn more at medimpact.com or follow us on Twitter @MedImpact.