PITTSBURGH, July 26, 2018 /PRNewswire/ -- Prescription drug prices are rising faster than any other healthcare cost, causing headaches for human resource professionals and CFOs who are struggling to manage their benefits budgets. With open enrollment just around the corner, employers are already planning next year's health plan offerings. To help employers make more accurate projections of future Rx spend, Innovu, a healthcare data analytics company, released 6 Tips for Managing Employer Rx Costs.
Why are pharmaceutical benefit expenses such an important budgeting issue? The Office of Actuaries at the Centers for Medicare & Medicaid Services (CMS) projects that healthcare expenditures will make up nearly 20% of US gross domestic product by 2026, largely due to costlier specialty drugs. Increases like these hurt the bottom line, causing employers to consider shifting more costs to employees. The cost burden for both employers and their employees has reached crisis levels. Healthcare costs for each have risen faster than inflation, and neither can afford to bear more of the cost burden.
Innovu's free white paper details 6 strategic steps employers can take to better project their costs. Some of the tips require the use of data analytics to understand what medications employees are taking for their conditions, but others just require a small investment of benefit advisor or employer staff time.
The white paper's author, Debbie Partsch, PharmD and Chief Pharmacy Officer at Innovu, provides a blueprint for employers to better understand their Rx risk exposure and take steps to reduce that risk. "It is a challenge for any employer to keep up with the driving factors that influence the cost of medications that are billed under both the pharmacy and medical benefit programs. Employers can improve their budget planning processes by using the data to help identify these problem areas and project the impact of strategies implemented to remediate cost increases."
Gain a better understanding of what's driving your prescription drug spend and be better prepared to manage those costs more effectively by downloading the white paper.
About InnovuInnovu delivers secure, cloud-based data analytic solutions to self-funded employers and to their benefit advisors and business associations. By securely integrating benefits and risk data across all programs—medical, Rx, vision, dental, wellness/biometrics, workers' compensation, disability, absenteeism, safety, retirement, etc.—we create a 360-degree view of their workforce risk and cost. Employers use this correlative, never-before-seen insight to design and measure targeted benefits programs and interventions that improve member health and mitigate business risk. For more information, visit www.innovu.com.
Media Contact: Joanne Benteler 412.212.7520 ext. 714 [email protected]
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Why are pharmaceutical benefit expenses such an important budgeting issue? The Office of Actuaries at the Centers for Medicare & Medicaid Services (CMS) projects that healthcare expenditures will make up nearly 20% of US gross domestic product by 2026, largely due to costlier specialty drugs. Increases like these hurt the bottom line, causing employers to consider shifting more costs to employees. The cost burden for both employers and their employees has reached crisis levels. Healthcare costs for each have risen faster than inflation, and neither can afford to bear more of the cost burden.
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Innovu's free white paper details 6 strategic steps employers can take to better project their costs. Some of the tips require the use of data analytics to understand what medications employees are taking for their conditions, but others just require a small investment of benefit advisor or employer staff time.
The white paper's author, Debbie Partsch, PharmD and Chief Pharmacy Officer at Innovu, provides a blueprint for employers to better understand their Rx risk exposure and take steps to reduce that risk. "It is a challenge for any employer to keep up with the driving factors that influence the cost of medications that are billed under both the pharmacy and medical benefit programs. Employers can improve their budget planning processes by using the data to help identify these problem areas and project the impact of strategies implemented to remediate cost increases."
Gain a better understanding of what's driving your prescription drug spend and be better prepared to manage those costs more effectively by downloading the white paper.
About InnovuInnovu delivers secure, cloud-based data analytic solutions to self-funded employers and to their benefit advisors and business associations. By securely integrating benefits and risk data across all programs—medical, Rx, vision, dental, wellness/biometrics, workers' compensation, disability, absenteeism, safety, retirement, etc.—we create a 360-degree view of their workforce risk and cost. Employers use this correlative, never-before-seen insight to design and measure targeted benefits programs and interventions that improve member health and mitigate business risk. For more information, visit www.innovu.com.
Media Contact: Joanne Benteler 412.212.7520 ext. 714 [email protected]
View original content:http://www.prnewswire.com/news-releases/tips-to-help-employers-manage-rx-benefits-costs-300687398.html
SOURCE Innovu
