Why Prescription Price Transparency Matters in 2020

Prescription prices continue to rise in America and that is not likely to change as we enter 2020. For patients with exceptional medical coverage, they might not think twice when it comes to the costs of their prescriptions. The reality for most of America is that they are sometimes shocked by the sticker price of their prescriptions when they go to get them from the pharmacy. Many of your patients are eager for prescription price transparency as time advances. For them, prescription price transparency is yet another chance to better understand their medical care, their coverage, and plan with their physicians about what options work for them.

Here is Why Prescription Price Transparency Matters

1) Focus on Patient Care

For many physicians, getting the chance to focus, in more detail, on their patient’s care quality is the goal. Burnout is traditionally caused by repetitive, time-consuming tasks that take the physician farther away from their passion. Prescription price transparency is a step in the right direction. With prescription price transparency found in quality health practice technology, providers can prescribe the best option for their patients.

2) Streamline Prior Authorization

Prior authorization is the key to prescription price transparency and with the right software vendor, the provider can know instantly whether or not a patient is covered for certain prescriptions. Not only this, but this tool also enables providers to break down the cost of all planned services to the patient. This allows the patient to make a financial plan for their care and let their physician know whether or not they will move forward.

3) Avoid Sticker Shock

Sticker shock is the experience a patient has when they go to their pharmacy to pick up the prescription their provider sent over and they are caught off guard by the final cost. This happens most often when a physician prescribes a medication that is commonly prescribed for that condition, but the patient’s insurance provider does not cover it. In the past, only the pharmacy was able to determine the cost after insurance. With tools for prescription price transparency, providers can now total the estimated cost before the patient leaves the office, and prescribe something different if possible.

4) Improve the Patient Experience

The patient experience is often compromised with sticker shock. When they find out they cannot afford their prescription, they feel as if they are being taken advantage of by their provider even though that is not the case. They then have to contact the practice again to request a different prescription and wait even longer to pick it up from their pharmacy. The lack of prescription price transparency adds up to very poor patient experience. With transparency tools, patients can get their prescriptions as quickly as possible without having to wonder what the total will be or run around to find another solution.

5) Decrease in Prescription Abandonment

While some patients take the necessary steps after sticker shock to get the right prescription, others do not. For some, when they are caught off guard by the cost of their prescription, they abandon it. Whether they are upset regarding the cost or they are not aware of other options, prescription abandonment happens quite often without prescription price transparency. This means they leave their prescription at the pharmacy and never contact their provider for another one. With prescription price transparency, patients are more likely to receive their medication and stay compliant with their treatment plan.

To learn more about how to improve prescription price transparency at your practice, click here.