One of the best parts about my job at RxSS is getting to collaborate with our innovative partners and clients—and it happens in all types of ways. Formulary management. Clinical recommendations. Specialty strategy.
Most recently, this client collaboration took the form of a webinar I had the good fortune to host with Select Health’s Chief Pharmacy Benefits Officer, Eric Cannon. We held a (virtual) fireside chat (there was no fire) with members of the Alliance of Community Health Plans (ACHP).
And while we covered a lot of ground over the course of an hour, the focus of our conversation was looking at how plans can leverage technology to impact health outcomes while driving down pharmacy spend at the same time.
Here are my three big takeaways from the webinar with Eric:
Members Are Struggling with High Pharmacy Costs
It’s the elephant in the room and it doesn’t look like it’s going away anytime soon.
- 42% of Americans struggle to pay for prescriptions even with insurance.1
- 79% believe prescription drug costs are unreasonable.2
- 94% of those who skipped a medication due to cost would have been willing to take a lower-cost alternative if their doctor or nurse had suggested one3 (more on adherence here).
Transparency Technology Works
Select Health is finding success with tools like RxSS that empower members with info that makes them better healthcare consumers.
- Tech solutions must be easy to use and provide actionable steps that drive conversion to lower-cost alternatives.
- Showing members discount card and coupon options is another lever plans can pull to lower costs.
- Medicare members are increasingly tech savvy and engaging with these tools.
It All Hinges on Member Engagement
Technology only works if you can connect with members and get them to use it.
- Communication must be timely, targeted and delivered through the right channel.
- One-on-one, concierge support can help members make the most of the technology at their fingertips.
- Select Health + RxSS engagement rates: Commercial – 16.68%4; Medicare – 17.64%5
We love opportunities like this to have candid, public-facing conversations with our clients. It’s far less about promoting our solution (though we do a bit of that), and more about serious conversations on how we can come together to solve big problems. Thank you to Eric and Select Health for joining us and to ACHP for hosting!
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- Source: https://www.cbo.gov/publication/57772
- Becker’s Hospital Review, 2018
- Surescripts; Prescription Price Transparency and the Patient Experience survey, 2022
- RxSS data; engaged members vs. eligible Select Health commercial population; January, 2024
- RxSS data; engaged members vs. eligible Select Health Medicare population; January, 2024
