ShareRight Prescription Pricing

Concerns Regarding Prescription Pricing

In the realm of patient care, grasping the intricacies of drug pricing is crucial. The expense of medications can pose a significant concern, and effectively navigating the realm of prescription drugs often demands a keen understanding of economical alternatives. Generic drugs, renowned for their cost-effective nature, offer a viable option for patients seeking to manage their healthcare expenses. Pharmacists, serving as trusted healthcare partners, play a pivotal role in steering individuals towards affordable options that maintain both efficacy and affordability. As consumers, exploring cash prices and engaging in discussions about available choices with your pharmacist can pave the way for a more informed and financially sustainable approach to prescription medications.

Ways to reduce prescription medication costs

Getting a prescription from your doctor is almost always a given, particularly when you're feeling unwell.

Prescription medication plays a vital role in making us feel better by easing symptoms that over-the-counter medications may not fully address. However, for many Americans, the soaring prices of prescription medications often come as a shock.

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To address both illness symptoms and pharmaceutical price-gouging, healthcare systems, and insurers are implementing strategies to provide patients with real-time drug pricing information.

For example, Allina Health, a prominent Minnesota hospital network, is among the increasing number of healthcare organizations offering doctors access to such tools. Integrated into physicians' electronic health records and prescribing systems, these tools display patients' out-of-pocket costs based on their insurance provider and chosen pharmacy. This empowers physicians to help patients avoid unexpected expenses and seek cheaper alternatives when available. Additionally, they can initiate the drug authorization process if required by the insurer.

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Tools for Understanding Prescription Drug Pricing

Imagine hearing stories or watching advertisements about individuals struggling to afford their medications. Some are forced to ration their medication, leading to worsened symptoms, increased healthcare expenses, and, tragically, even fatalities.

To address this issue, prescription pricing tools have been developed. These tools aim to empower consumers facing higher deductibles and rising copayments by providing information about more affordable options before they leave the doctor's office. However, despite their potential benefits, studies indicate that physicians have been slow to adopt this technology. Concerns about engaging in lengthy discussions about drug costs often deter them. For instance, data from Humana shows that less than 10% of its network doctors utilize its drug-pricing tool, despite its release several years ago.

Moreover, these tools have limitations. Negotiations over drug costs between insurers and pharmaceutical companies are often fiercely competitive and shrouded in secrecy. Additionally, the tools may not have data for every patient, further complicating their effectiveness.

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ShareRight Prescription Costs

At ShareRight, members don't rely on standalone solutions like coupons or rebates at local pharmacies to "save" on prescriptions. Instead, they benefit from access to a premier network of pharmacies that provide wholesale direct pricing exclusively to ShareRight members. This access ensures members receive the real prices, skipping the "markups and fees" typically associated with prescriptions.

Our model fosters competition among pharmacies, encouraging them to vie for your business. Here are a few examples showcasing the savings on a 30-day supply of common medications.

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Please note: Adult members aged 65 and older must have Medicare Part D for their prescription costs to be eligible for Sharing, including prescriptions for pre-existing conditions. All sharing will be secondary to Medicare.

While there isn't currently a standardized system in place, there's a compelling incentive for healthcare providers to offer cost-saving services to their patients—it can ultimately save them money as well.

For instance, Allina receives a fixed fee from certain insurers to manage all of a patient's health needs. Consequently, both the doctors and the health system benefit when they can reduce costs and enhance patients' adherence to medication.

Dr. David Ingham, a family physician from Edina, Minn., highlighted how prescribing a more expensive medication results in him and his network of doctors receiving a smaller portion of revenue from the insurance contract. He shared a scenario where the tool assisted him in prescribing inhalers to patients diagnosed with asthma.

"I looked up one medication I typically prescribe, and it showed a cost of $240 out-of-pocket," Dr. Ingham explained. "However, it suggested an alternative that was pharmacologically equivalent for only $20. I hesitantly asked the patient which option they preferred."

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Additionally, there are numerous tools available to consumers aimed at alleviating the financial strain of prescription medications. ScriptHero.com, for instance, empowers individuals to input their medications and explore various cost options.

For example, in a search for Adderall XR, a medication used to treat Attention Deficit Disorder and Attention Deficit Hyperactivity Disorder, Script Hero displayed generic options and different forms of the medication, allowing users to select the prescription strength. After specifying these details, users enter their location, which directs them to a new page featuring local pharmacies and the corresponding price ranges.

During our search, CVS Pharmacy offered the lowest cost for Dextroamphetamine-Amphet ER, the generic equivalent of Adderall XR, at just $40.53 for a 30-day supply. In stark contrast, Wal-Mart Pharmacy presented the highest cost, totaling $130.84. This staggering difference amounted to $90.31. Opting for CVS Pharmacy instead of Wal-Mart Pharmacy not only allows individuals to secure the medication at a more affordable price but also enables them to obtain an additional three months' supply before reaching the amount charged by Wal-Mart Pharmacy.

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