Rising Prescription Costs
The cost of administering workers’ compensation and automobile no-fault claims continues to rise for many reasons. One factor is that prescription medication costs have continued to increase in price. Your company may not be able to control the rising prices of prescription medications, of course. But there are multiple ways to proactively approach cost containment when it comes to administering claims.
Hold down costs
One option is to work with a Pharmacy Benefit Manager (PBM) on all of your claims. Partnering with a trusted PBM offers significant value to insurance companies, including assistance managing increased costs associated with prescription medications.
Northwood is a PBM with over 30 years of experience serving insurance companies and their claimants. With each insurance company, Northwood prioritizes rates that are competitive yet also fair. In addition, Northwood implements processes and procedures that have been proven over the years to assist insurance companies with cost containment along with claimant satisfaction.
For instance, as part of its services as a PBM, Northwood offers pre-authorization on all prescription medications. Pre-authorization ensures that each medication prescribed to your claimants is injury related, which drives down unnecessary costs for your company by eliminating payments for non-injury related prescription medications.
Pre-authorization also ensures that each medication is appropriate for each claimant. This significantly cuts back on complications that can arise when prescriptions are approved for claimants that may interact with their existing medications, for instance. In the case of the opioid epidemic, pre-authorization also ensures there are safeguards in place to prevent abuse or misuse of these medications.
While pre-authorization is an extra step, Northwood ensures that your claimants do not experience delays in receiving their prescription medications. For instance, 24/7 on-call availability for medication authorization means a prescription can be pre-authorized to meet the claimant’s needs at all hours of the day.
When claimants utilize Northwood’s extensive network of pharmacy providers to obtain their prescription medication, they will not need to pay out of pocket thanks to pre-authorization. This greatly increases claimant satisfaction levels with your company by cutting down on common frustration points in the claims process. Combined with other proactive approaches, this results in increased retention rates and an improved bottom line for your insurance company as well.
Increase retention rates
For a customized review of the multiple ways a partnership with Northwood as your PBM will assist your insurance company with rising prescription costs, please call Rosanne Brugnoni at 586-755-3830ext. 3771.