INTELLIGENCE IN ACTION

Forces of Change: The Industry Responds to the Call for Prescription Price Transparency

Patients are assuming a larger portion of their healthcare expenses, and are rightfully scrutinizing things like insurance premiums and out-of-pocket costs. Whether they’re more intentionally budgeting for healthcare expenses, or backed into the corner of choosing between a medication and a utility bill, patients across the country expect and deserve to know what they’ll be asked to pay at the pharmacy—before they arrive.

Similarly, providers and pharmacists too often have to deal with things like pharmacy sticker shock, or a breakdown in the manual prior authorization process. These exceptions take both prescribers and pharmacists away from patient care and onto the phone, fax—or even an app to price shop for medications.

Payers and providers see the clear connections between out-of-pocket cost and medication adherence, as well as bureaucracy and burnout, which impacts nearly two-thirds of all physicians.

We continue to watch in awe as prescribers across the country enthusiastically embrace technology that empowers them to consider both the clinical and economic impacts of their medication choice.

As reported in our 2019 Impact Report: Prescription Price Transparency, the number of prescribers using our Real-Time Prescription Benefit solution more than doubled in 2019, from roughly 100,000 in January to nearly 250,000 prescribers in November.

We expect this remarkable growth to continue in 2020—both as providers and payers continue to embrace the change these services can bring, and the industry responds to the CMS final rule requiring that Medicare Part D plans adopt an RTBT by January 1, 2021.

These forces of change are bringing the industry together. It will continue to be made possible by the coalescence of the healthcare industry in answer to the call for greater transparency, quality and safety—sooner than later.  

Download and share 2019 Impact Report: Prescription Price Transparency. Learn more about price transparency and how real-time benefit tools and prior authorization can have an immediate and positive impact on healthcare cost, quality and safety.

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