OVERLAND PARK, Kan., Nov. 10, 2020 /PRNewswire/ -- In February 2020, CMS announced proposed changes to Medicare Advantage and Part D. If finalized as proposed, MA and Part D plans will need to provide more access and improved transparency directly to Medicare beneficiaries by the beginning of 2022. Rx Savings Solutions, the market leading tool for pharmacy transparency, is partnering with Medicare Advantage plans to serve these members and improve their outcomes through medication affordability and adherence.
The proposed rule would require MA plans with drug coverage and Part D plans to offer real-time drug price comparison tools to beneficiaries starting January 1, 2022, so consumers could shop for lower-cost alternative therapies covered by their prescription drug benefit. Serving 8 million people nationwide, Rx Savings Solutions provides this member experience to their beneficiaries – self-insured employers, commercial insurance plans and Medicare Advantage plans – through innovative prescription transparency tools empowering consumers with the information they need to make informed decisions on their prescription spend.
A recently launched Medicare Advantage plan has already driven 10% engagement with the solution, with switches to lower-cost medications resulting in savings of $136 per fill, on average, for the member and the plan.
With the Rx Savings Solutions portal and mobile app, health plan members can find the best price on existing prescriptions as well as learn of alternatives through our patented suggestion platform with more than 30,000 suggestions. In addition, members can easily look up drug prices and clinically appropriate alternatives that are within the member's plan and formulary.
"To prepare Medicare Advantage plans for upcoming CMS regulations and to continue to stay competitive, innovation and member tools that empower more cost conscious decisions will be key differentiators in the market," said Michael Rea, a clinical pharmacist who founded and currently leads Rx Savings Solutions. "Using objective and unbiased information that leverages personalized pharmacy data to inform decision-making ensures both the member and the plan maximize their savings."
The Rx Savings solution makes it easy for Medicare members filling prescriptions to easily switch to lower-cost options, all with one click of a button via the Contact Prescriber feature. Additionally, when a member gets to the pharmacy and finds that his or her prescription is out of reach, they can simply find an alternative for the pharmacy. And most of all, when a member pays too much for a prescription, Rx Savings Solutions proactively alerts them of alternatives that will save them money.
"As this regulation brings drug price transparency to the forefront, Rx Savings Solutions is ready to partner with Medicare Advantage plans and members to eliminate the barriers of switching to lower-cost prescription options," added Rea. "We combine the power of a proactive technology platform with a concierge level of support to provide the best member experience for all users."
About Rx Savings Solutions Rx Savings Solutions offers an innovative, patented engagement software system empowering employers and employees to be educated consumers of healthcare. Serving more than 8 million members nationwide, including 34 Fortune 500 clients and more than a dozen health plans, Rx Savings Solutions provides a state-of-the-art approach to pharmacy transparency using objective and unbiased information to inform better decision making. Rx Savings Solutions was founded and is operated by a team of pharmacists and software engineers who support a collaborative, cost-saving solution for purchasing prescription drugs. For more information, visit rxsavingssolutions.com or follow them on LinkedIn and Twitter.