How Modern Pharmacy Saves Employers Money
Private healthcare costs are on the rise. In Canada, they are rising by about 10% – 15% a year. And, perhaps not surprisingly, drugs costs make up a large chunk of that expense. For businesses, drug costs account for about 70% of extended premiums. This makes it hard for plan sponsors to sustain benefits for their employees.
The main contributing factors for this increase include the use of branded drugs and the introduction of specialty medications, which are high-complexity, high-cost, and/or high-touch treatments.
For plan sponsors, there is a growing need to find ways to keep the cost of medications down without affecting employee well-being. At PocketPills, we use technology to lower the cost of medications, while also improving health outcomes for plan members.
How modern pharmacy can saves plan sponsors money
The idea of a modern pharmacy is a relatively new one in Canada, so much so that many people are not yet familiar with it. However, several countries including the U.S., and European countries have successfully implemented new technologies to improve the the pharmacy experience and control the cost of medications.
A modern pharmacy uses automation technology to improve pharmacy workflows, allowing pharmacists to fill thousands of prescriptions in a day. At PocketPills, technology sorts medications, checks them for accuracy, and packages them by dose into easy-to-open personalized packets-which helps with medication compliance.
This technology reduces the amount of time pharmacists spend doing mundane tasks by up to 70%, reducing labor costs. When you add in mobile technology that allows your employees to fill prescriptions online and the fact that we don’t have an expensive storefront to maintain, our costs get even lower.
We pass our savings on to employers, by offering a low $7 dispensing fee, and free delivery to employees’ home or work. Combined with tighter management of drug formularies, we can help plan sponsors to control the cost of extended health coverage.
4 ways we can reduce your health expenditure
1. Medication management done right
Using medication properly, as prescribed by the doctor, reduces the amount of time it takes to get better, but a shocking number of people don’t follow these directions. For people who are taking over three medications, more than 50% report some kind of non-adherence.
We reduce non-adherence by removing the barriers that prevent people from taking their medications. Our medication comes packed in individual packets, called PocketPacks, that are sorted by dose. These packs are clearly labelled with information like what’s inside and when it should be taken. Not only are these easier to carry around, so you don’t have to bring bulky pill boxes or vials to work, but there’s also no doubt about whether or not their dose has been taken or not.
2. Fewer sick days used
Absenteeism costs Canadian employers upwards of $16.6 billion a year. Workers take an average of 8.6 sick days a year. Keeping employees healthier will save you money.
PocketPills keeps your employees on track with their medication and provides a way for them to get answers about their treatment through our website or app. Employees can instantly connect with pharmacists via phone, email, or live chat, enabling them to consult with healthcare professionals quickly and without having to take time off work (plus, we deliver their medication right to their door, eliminating any need to visit a pharmacy during work hours). This is particularly noticeable in rural areas (home to 18.9% of Canadians), where access to healthcare might involve driving for several hours, a flight or even waiting for a regular visit from a healthcare professional.
3. Chronic illness management
44% of Canadians over the age of 20 suffer from one of the 10 most common chronic conditions found in Canada. Across the board, chronic illness costs the Canadian economy approximately $190 billion annually, with $122 billion of that being indirect income and productivity loss.
To help reduce the impact of chronic illness on your workplace, we help to minimize the progression of chronic illness by increasing employee adherence. We are available via chat to answer any questions and help manage medications while doing a monthly check-in for every PocketPack refill.
4. Cost-effective drug substitutions
We work closely with doctors and healthcare providers to identify and provide clinically sound treatments that are more cost-effective. This often involves choosing generic drugs over their branded counterparts or finding lower cost treatment options within a class of drugs.
Approximately 50% of Canadian drug plans have open formularies, meaning that there are no limitations to an employee’s access of branded medications. By managing drug formularies more tightly, we can reduce drug expenditures by 10% alone.
Embrace the future of pharmacy
Making PocketPills a preferred pharmacy for your employees can help them stay healthy and decrease absenteeism, but also ensure that you’re getting the most savings possible.
Getting started is simple. Let your Benefit Advisor or HR team know about PocketPills and have them contact us. We’ll work with them to make a plan that’s suitable for your organization to control the cost of your prescription drug program. We’ll then provide your employees with an easy system for on-boarding and accessing pharmacy services online.
If you’re ready to experience the savings that PocketPills could bring to your workplace or have any questions at all, please contact us today by calling 1-855-950-7225 or email [email protected] We’d love to help.