Prescription Drug Plans
Are Your Drug Plan Costs Keeping You Awake at Night?
Prescription drug costs account for roughly 21% of the average annual per-employee cost of benefits. GroupHEALTH™ recognizes that the continuing escalation of prescription drug costs is having an unacceptable impact on most clients’ benefit costs. It’s why GroupHEALTH™ made it a priority to actually do something about the problem by tackling the two key drivers of costs; the drugs themselves, and dispensing fees.
GroupHEALTH’s Managed Rx™ program reduces the cost of prescription drugs through a two-tiered formulary, which encourages the purchase of lower cost generic and therapeutic alternatives rather than expensive brand name drugs. (All drugs sold in Canada are approved by Health Canada so you get the same result, but pay less).
This program is then combined with a Central Dispensing Pharmacy (CDP), which handles prescription fulfillment centrally, typically in larger batches and at far lower dispensing costs. So overall plan costs are reduced by managing the following:
- Low Dispensing Fees
- Controlled Maximum Ingredient Mark Up’s
- 90 Day Supply on Maintenance Medications (fewer dispensing fees)
This best thing about Managed Rx is that the prescription is delivered wherever the employee wants (home, office) via courier. It’s easy and convenient!
By engaging your employees as ‘consumers’, and giving them choices about how they spend their plan dollars, they become active participants in making their benefit plan go further.