Today’s visitor publish comes from Frank Dana, Chief Commercial Officer at ConnectiveRx.
Frank discusses how the loss of business insurance coverage protection will have an effect on the newly unemployed. He describes how ConnectiveRx’s affordability instruments can assist pharmaceutical producers and sufferers.
To be taught extra, obtain ConnectiveRx’s free reference: Five Keys to Building a Successful Copay Strategy in the COVID-19 Era.
Read on for Frank’s insights.
Clarity in the Face of COVID-19: Building an Effective Patient Savings Strategy
By: Frank Dana, Chief Commercial Officer, ConnectiveRx
As thousands and thousands lose their jobs and business insurance coverage protection resulting from the ongoing COVID-19 pandemic, we are going to proceed to see a detrimental influence on affected person entry and adherence to medicine. In truth, a recent study published by The National Center for Coverage Innovation at Families USA estimates 5.four million employees misplaced their insurance coverage protection resulting from job loss between February and May, 2020. This is an unprecedented state of affairs. There is not any blueprint for manufacturers to observe to assist their sufferers whereas defending their backside line.
That mentioned, the experience gained from greater than a decade of expertise as pioneers in affected person affordability for each retail and specialty medicines, coupled with our agile options suite, has allowed ConnectiveRx to assist our pharmaceutical producer purchasers by addressing these unprecedented challenges with real-time methods and execution.
PRIORITIZE SCREENING AND EXPAND PROGRAM OFFERINGS
The unprecedented losses in business insurance coverage means manufacturers must deal with gaining a extra full image of protection sorts amongst their affected person inhabitants. The ConnectiveRx holistic affordability options suite, which incorporates our unique GateKeeper resolution, screens for affected person eligibility whereas offering strategic perception on supply enlargement alternatives.
This is particularly vital for high-cost specialty medicine the place financial savings applications want to deal with excessive out-of-pocket prices. Expanding advantages additionally embrace voucher and free product alternatives. Diversifying choices permits manufacturers to assist a variety of sufferers in various monetary and profit protection conditions throughout specialty, retail, and purchase and invoice.
DRIVE AWARENESS WITH IN-WORKFLOW COMMUNICATIONS
It has by no means been extra essential for manufacturers to facilitate financial savings supply consciousness by speaking with suppliers the place and when it issues most: in the EHR. According to ConnectiveRx market research, suppliers report that they are going to transfer away from their first-choice choice of branded medicines 64% of the time when seeing affected person prices with out the availability of financial savings provides from pharmaceutical producers.
Our attain inside the EHR, inside pharmacy networks, and throughout ambulatory settings is essential to informing each suppliers and sufferers about new financial savings provides or modifications to current applications in a seamless and significant approach. Effective digital communication methods that additionally embrace e mail and SMS textual content messages can additional assist model applications.
PROVIDE ACTIONABLE INSIGHTS THROUGH INTEGRATED DATA AND ANALYTICS
As manufacturers make mandatory modifications to their applications, thorough information evaluation will likely be crucial to measure financial savings program success. ConnectiveRx’s built-in information and analytics instrument, Visual Intelligence Portal or VIP, helps manufacturers reply essential questions similar to:
- What are our affected person retention charges and are they on par with our common expectations yr over yr?
- Are our modifications ensuing in higher retention charges?
- Has underemployment introduced in newer sufferers who’re using our applications?
The VIP offers actionable insights to assist model managers interpret and enhance upon outcomes via the ease of customizable interactive dashboards. Key metrics on affordability applications are stored updated to make sure quick efficiency assessments that combine with exterior information units for environment friendly in-house evaluation.
THE BOTTOM LINE
There has by no means been a extra vital time for manufacturers to judge and broaden their copay applications. ConnectiveRx is a nimble companion with the experience and built-in capabilities to assist manufacturers via this tough time whereas serving to extra sufferers get on and keep on the medicines they must be wholesome. We have simplified our 5 key methods in a fast reference that you can access here. For extra details about ConnectiveRx or to get in contact with one of our specialists.