Drug costs continue to increase exponentially. Not only does this affect members’ wallets, it also affects their ability to stay medically adherent. With the majority of adults in the United States on prescription medications, PBMs, health plans, and large employers are looking for ways to help their members save money and stay healthy.
In an August webinar hosted by Araya, Todd Edwards, Senior Vice President of Sales at Levrx, joined Patrick McLaughlin, President at Araya, and Matthew Williamson, Managing Partner at Insurance Office of America. These industry experts spoke about the changes needed to provide members with the best care and cut costs.
The top three insights from the webinar:
- Modern PBMs are thinking outside the box. Traditional PBMs have evolved their cost structures to be so complicated that employers and members don’t understand how it works. Modern PBMs embrace transparency and change. They also recognize that the best course of treatment isn’t always the most profitable.
- Technology helps align and simplify incentives. The rise of cost-saving programs, such as well-known coupon cards and discount pharmacies, have pushed employers, health plans and PBMs to align and expand their offerings. While this has given members more options, it has also led to confusion and frustration. With technology, such as mobile apps, the prescription experience is simplified and easy to understand.
- Engagement channels are quickly evolving. Email changed the way people communicate, but now 75% of emails remain unopened, while 82% of text messages are opened within 5 minutes. To best reach members, a dynamic and digital tool that can adapt to different types of communication styles is necessary.
Watch the full recording here or email us at info@levrx.com to learn more about how Levrx can help you take control of your prescription spend.