Employers continue to spend a monumental amount of capital on specialty drugs for their workforce. In fact, specialty drugs were estimated to represent about 50 percent of total Rx spend in 2020, with inflation of about 23 percent from the year before. Despite these prescriptions accounting for a majority of overall spend, specialty drugs only accounted for 2% of total prescriptions filled.
Alternative Reimbursement: You Can’t Pay Less For Healthcare Unless You Pay Less For Healthcare
Thursday, June 10, 2021, 2:00 PM ET / 11:00 AM ET
The only way to pay LESS for healthcare is to pay LESS for healthcare. This simple statement sounds obvious but is ignored by most employers as reflected in their health benefits. For years, we have depended on the carriers to negotiate the price we pay for healthcare, having a more direct and transparent reimbursement (provider compensation model) is the key to immediately lowering your health benefits cost.
In a post-COVID world, even zero change in employees’ healthcare costs will likely still result in them spending a greater percentage of their income on healthcare. Why? Most household incomes are down so the focus shouldn’t be on maintaining the status quo, but on fighting to reduce overall costs and expenditures.
Luckily, there are a few ways to reduce the overall cost of specialty drugs. Patient assistance programs (PAP) are one of the top ways to achieve this. In this blog, we’ll cover this system in depth.
What are Patient Assistance Programs?
Patience Assistance Programs are offered by select pharmaceutical companies, as well as certain state and non-profit entities. They are uniquely designed to lower the cost of expensive, yet vital drugs that improve the health of patients. Depending on the specific program and needs of the patient, these specialty drugs may potentially even be free.
How Do They Work?
The benefits of these Patient Assistance Programs vary widely between programs. There are also varying requirements and enrollment processes for these programs differ as well. Once a patient finds that he or she qualifies for a specific PAP, the procedure for applying will be listed on the organization’s website. Alternatively, you can call or email them for more information.
That’s all you need to know about applying for patient assistance programs. While not all patients will apply for every program, those who require specialty drugs will undoubtedly find one for them. When considering reducing Rx spend, patient assistance programs should be a number one priority.