Julia discusses common patient access and affordability issues. She describes CoverMyMeds’ technology solutions that are designed to help patients access, afford, and adhere to their prescribed medications.
To learn more about CoverMyMeds’ medication access solutions, download their Technology Solutions Overview.
Read on for Julia’s insights.
Preserving Trusted Brand Prescribing Through the Patient Journey
By Julia Phillips, VP of Pharma Accounts and Enablement, CoverMyMeds
In a time of heightened uncertainty, whether due to current events or a recent diagnosis, technology can be a salve for both patients and providers. Intuitive solutions can help circumvent cost, benefit and complexity barriers so patients are better able to stay adherent to their prescribed medication.
With electronic prior authorization (ePA), patient support and affordability options, CoverMyMeds’ resilient technology helps support stakeholders through some of healthcare’s toughest challenges so brands can maintain positive perceptions. Learn how our solutions can support your brand in our Technology Solutions Overview.
FINDING BRAND VALUE IN AFFORDABILITY
No matter the life-changing effects of an innovative drug, if a patient can’t afford the medication, they may be forced to find other options. In our recent patient survey, 67 percent said they’ve gone to pick up a prescription to find out it cost more than they expected. Of those, 38 percent abandoned the prescription entirely. (CoverMyMeds Patient Survey, 2020)
Approximately 11 percent of Americans are uninsured, and of those who are insured, 25 percent are on high-deductible health plans, paying out-of-pocket costs for much of the year.
Many patients could be helped by simply being made aware of affordability options: More than one in three patients surveyed were unaware of financial assistance programs provided by drug manufacturers. (CoverMyMeds Patient Survey, 2020)
A new affordability option through CoverMyMeds offers patients visibility into cost and pharmacy choice earlier in the prescribing process to help them access—and stay on—their prescribed therapy. For brands, this means opportunity to reach more of the 116 million under- and uninsured patients who may otherwise abandon a therapy due to access and affordability barriers.
In less than a year, this program has saved patients nearly $10 million in prescription, driving a 30 percent increase in adherence. (CoverMyMeds data on file, 2020)
OVERCOMING PRIOR AUTHORIZATION BARRIERS
One in four patients surveyed experienced a delay in getting their medication in the past year due to prior authorization (PA). (CoverMyMeds Patient Survey, 2020)
If providers know the patient is likely to encounter obstacles to a preferred medication, they may avoid them. In one study, 76 percent of providers said they switch to a different medication when PA is required for their first prescription choice. (The Impact of the Prior Authorization Process on Branded Medications: Physician Preference, Pharmacist Efficiency and Brand Market Share, Frost & Sullivan, 2013)
Not only does PA mean a delay for patients, but it often creates additional work for providers and pharmacists. Over half of providers said they do not have the time they need to complete PA requests. (CoverMyMeds Provider Survey, 2020)
ePA solutions can automate the PA process, helping reduce the amount of additional work for providers and staff and opening up more time to have affordability conversations with patients. With brand-specific PA support through CoverMyMeds, the number of health plan determination approvals nearly doubles, helping more patients obtain their prescribed therapy due to more PA requests making it through to the plan. (CoverMyMeds data on file, 2020)
SOLVING THE SPECIALTY MEDICATION PUZZLE
Patients have described starting specialty therapies as a full-time job. Due to the complexity of the condition and the number of stakeholders involved in the process, patients are often left spending hours on the phone trying to receive their first dose of therapy.
Shifts during times of crisis, such as the COVID-19 pandemic, further complicate the specialty medication access process: Nearly half of providers indicated they changed the way they approach patient appointments due to COVID-19, and nearly 1 in 5 providers indicated their specialty patients saw a decrease in therapy compliance. (CoverMyMeds COVID-19 Provider Survey, 2020)
The reach of the CoverMyMeds network, along with providers’ trust and familiarity with the technology, promotes widespread adoption of our tech-enabled patient support services solution. This strategy enables us to potentially reach all patients eligible for their therapy.
Streamlined processes and support services, accessed through a single platform, help decrease time to therapy by as much as 34 percent. (CoverMyMeds data on file, 2020)
COVERMYMEDS CAN CARRY YOUR BRAND THROUGH BARRIERS
With technology at our core and the industry's largest network, CoverMyMeds' suite of solutions provides reliable support to help overcome medication access challenges when your brand is prescribed. Our digital solutions can help decrease time to therapy for patients and create a seamless end-to-end journey for providers and pharmacists. Each unique brand can customize their technology to find the best solution set to preserve prescribers’ first choice of therapy: yours.
Explore how we can help mitigate medication access barriers in our new Technology Solutions Overview.
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