Better prescription choices result in savings for both payers and patients. Formulary data in the electronic health record (EHR) offers a frontline strategy for helping providers make prescription choices that yield savings while improving patient care, increasing patient satisfaction, and elevating…
Improvements to Formulary Data on the Horizon
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.
Improving Star Ratings Through Enhanced Formulary Data
Providing formulary data in ePrescribing systems began in 1997 with Palm Pilots being updated over phone lines, and advanced a few years later in Electronic Health Record systems (EHRs). After the initial effort to make formulary data available, health plans have largely stagnated by not improving the…
8 Best Practices for Using Drug Alternatives to Create Drug Cost Savings
In a recent article, we compared the drug alternatives information provided by seven Pharmacy Benefit Managers (PBMs) to understand how useful that information is for supporting prescription decisions. There are several areas where improving the data provided or the mechanism for communicating alternatives,…
Engaging All Healthcare Stakeholders Across Rx Saving Opportunities
Pharmacy Benefit Managers (PBMs), prescribers, and pharmacists all play a crucial but different role in communicating prescription savings opportunities to patients. PBMs work with their clients to create plan designs and provide data to other parties that drives the electronic prescribing process.
Drug Price Transparency Initiatives and How Payers Should Prepare
The focus on lower drug costs has expanded to include providing drug price transparency to physicians and patients. This effort includes a January 2021 Centers for Medicare and Medicaid Services (CMS) requirement for Medicare Part D plans to support Real Time Prescription Benefit (RTPB) information to…
Pharmacy Benefit Manager Comparison of Drug Alternative Use
With the increasing growth of prescription price information from pharmacy benefit managers (PBMs) reaching consumers and prescribing physicians through their Electronic Health Records (EHRs) or member portals, Benmedica has evaluated the completeness of the data provided to consumers with particular…
3 Factors Contributing to Higher Drug Costs Today
It’s well known that high drug costs prevent many patients from receiving the treatments they need or require patients to sacrifice other necessities to pay for their prescriptions. “Physicians see every day that costs are a major obstacle to our patients getting the right medication at the right time,”…