A new tool that helps employers to Lower Drug Costs
December 20th, 2009
As American businesses take belt- tightening to new levels to counter the ongoing recession, one technology company is introducing a new service to help organizations address one of the fastest-growing expenses — healthcare.
EquivaMeds (www.EquivaMeds.com) helps self-insured employers lower prescription drug costs for employees. The service helps members analyze their current medications, identify lower cost options and communicate the results privately back to their doctors.
The EquivaMeds patent-pending database application searches thousands of equivalent-class medications, brand and generic drugs, that are up to 80% less expensive. Medications suggested by EquivaMeds are available at local pharmacies, so the recommendations easily integrate into an organization’s prescription benefit plan.
Doctors have the final say and most say they appreciate the cost information, which is not typically available when physicians prescribe.
“We call EquivaMeds ‘the best thing since generics’ because we think it will have a similar impact on drug costs,” said Phil St. John, President of Genuity Group LLC, the healthcare technology company that developed EquivaMeds in partnership with physicians.
Categories: Financial Services |
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