Indy Health Insurance Company Seeking Investor Partners
LITTLE ROCK, Ark., July 22, 2020 /PRNewswire/ -- This fall, Indy Health Insurance Company begins accepting patients for its debut Medicare-D plan, pending approval from the Centers for Medicare and Medicaid (CMS). Indy Health is offering additional investment opportunities for independent pharmacy owners, pharmacy organizations and other investors until August 29.
Indy Health Insurance Company, domiciled in Arkansas, will operate in Georgia, Illinois, Pennsylvania and West Virginia and will begin enrolling patients in those states when Medicare open enrollment begins in October.
Indy Health's Medicare-D plan will offer seniors an affordable prescription drug plan option. Indy Health-covered patients may receive their medications from any independent pharmacy in the Indy Health Preferred Pharmacy Network.
"We're building a pharmacy network on the strength of the 22,000 independently-owned community pharmacies in the U.S.," said Indy Health Chair Laura Atkinson. "We envision a plan that empowers the relationship between patients and pharmacists. Pharmacists are patients' most accessible healthcare provider. Evidence shows better health outcomes are possible when patients are permitted to see their community pharmacy versus being forced into big box stores or mail order."
An article in the Journal of American Medicine Network Open newsletter highlights the central role of community pharmacies in patient care. The 3-year study showed older patients see their community pharmacists more frequently than their primary care physicians, providing an opportunity for better patient outcomes when physicians and pharmacists collaborate in the delivery of preventative care and chronic disease management.
Under Indy Health, pharmacies will pay no direct and indirect remuneration (DIR) fees -- a "claw back" PBMs collect to offset Medicare plan member costs. In 2018 small pharmacies paid average DIR fees of $129,613 per store – an 87% increase from 2017, according to an industry survey. DIR fees are a primary factor in the epidemic of community pharmacy closures. "The absence of DIR fees is a big win for independent pharmacies, who could move from surviving the current U.S. drug pricing crisis to thriving," said Ms. Atkinson. In addition, Indy Health Independent Preferred Network members will have better reimbursements, no restrictions to mail and an independent Preferred Specialty Pharmacy Network.
Through Indy Health Insurance Company, Medicare-D plan independent pharmacies will ultimately be able to create their own formulary, medication therapy management services and negotiate their own rebates through an independently owned, sustainable entity providing them with equitable representation within the prescription drug system. Please visit IndyHeatlhinc.com to learn more or to explore investment opportunities.
SOURCE Indy Health Incorporated
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