Most patients will report that they have had at least one negative financial experience with their providers. Many medical facilities fail to communicate the costs of prescriptions prior to ordering them for patients. Providers prescribe what they are familiar with, despite knowing whether or not a patient’s insurance covers the cost of that medication.
There is software that has made it possible for providers to offer prescription price transparency technology to patients, improving their experience with your practice, and preparing them for their financial responsibility.
5 Benefits of Prescription Price Transparency Technology:
1) Reduce Prescription Sticker Shock
Sticker shock is something a patient experiences when they go to the pharmacy to pick up their prescription only to find out that the price of that medication is much higher than what they anticipated. This happens when a physician prescribes a medication that is not fully covered by their insurance or is a name brand prescription listed at a higher cost. Prescription practice transparency technology can help providers decrease sticker shock by identifying more affordable options for the patient ahead of time. With prescription price transparency technology, providers can see which prescriptions the patient’s insurance is likely to cover and make a decision accordingly.
2) Eliminate Pharmacy Call Backs
Pharmacy callbacks happen when a patient goes to the pharmacy to pick up their prescription only to find out their insurance does not cover it. The pharmacy then has to call the provider’s office to request a prescription for the off-brand or alternative option, forcing the patient to wait until the appropriate medication can be filled. This is extremely time-consuming for all parties, making the patient take multiple trips to the pharmacy, forcing the pharmacists to fill and refill prescriptions, and forcing providers to waste valuable time rewriting prescriptions. Prescription price transparency technology can eliminate pharmacy callbacks by identifying the appropriate medication prior to the end of a visit.
3) Medication Adherence
While every physician wishes that 100% of their patients would adhere to their medications exactly as prescribed, this is not always possible. One of the main barriers patients face is the cost of their prescriptions. Sometimes, when a patient finds out that their prescription comes at such a high cost, they decide not to take it without informing their provider. Prescription price transparency technology helps improve medication adherence by eliminating this kind of situation. By implementing this, your team can determine the best option to help your patients stay on track with their medications.
4) Timely and Affordable Prescriptions for patients
With quality prescription price transparency technology available at your practice, patients gain access to the medications they need, at an affordable price, faster and with less hassle. Prescription price transparency technology works to help your patients understand the costs of their medical expenses upfront, eliminating any unnecessary costs, and improving their financial experience. By improving this area of their care, providers can advance patient satisfaction, patient engagement, and more.
To learn more about prescription price transparency technology that will help your patients get the medications they need at the right price, click here.