With two methods to distribute formulary alternatives, payers can increase patient satisfaction and lower costs by including credible alternatives in data used in physician prescribing. Payers are missing opportunities to better inform patients and providers and this article delves into the opportunities to improve drug alternative information as a method to lower patient and payer drug costs.
Exciting changes are coming to NCPDP's Formulary and Benefit Standard (F&B), and we are reviewing the changes here. This update to the existing standard responds to market events like indication-based formulary designs, clearer formulary statuses and price transparency. The new standard incorporates feedback by payers and EHRs (electronic healthcare record vendors) from their use of the current standard named by CMS in 2012.
Health benefit consultants can help their clients save up to $88 per member per year on prescription spending by sending actionable drug data to doctors. By partnering with BenMedica, consultants can reduce their employers’ and members’ Rx costs, increase medication adherence, and improve patient outcomes.
Employers and health plans are missing significant prescription savings opportunities available today through improved formulary and benefit data. Enhancing patient benefit data leads to better information at the point of prescribing, improves drug cost management, and creates savings now for both payers and patients.
