Treating the Transparency Issue of Prescription Costs

Transparency is a word not often associated with the medical industry, particularly as it relates to the patient’s cost for medication. When prescribing drugs for their patients, providers typically do not have access to prescription pricing, nor to information on lower-cost options that may be more in line with a person’s out-of-pocket costs. With 24% percent of patients saying they’re not confident that they will be able to afford their medications, this lack of insight at the point-of-care can lead to distrust, affecting both the patient-physician relationship and the patient’s adherence to their treatment plan.

Transparency Means Trust

Most healthcare professionals do not have appropriate access to the data they need to manage drug spending. In fact, in a recent study of more than 500 healthcare professionals, 78% of respondents said they would like to have access to patient out-of-pocket costs. The data also showed that 69% of survey takers find it important to have access to information on low-cost therapeutic alternatives to prescriptions.

This urge for more transparency is a positive sign for provider-patient relationships. When a physician can explain all available options to a patient, there is a much higher likelihood that he or she will take an additional interest in their health overall. When a patient knows what they are paying for, the probability that they will stick with their medication plan increases. Trust will develop because of this clarity, instead of a feeling of deceit.

Better Relationships, Better Work

Automated processes are another way to convey information clearly to patients. This also has the additional benefit of improving clinic employee workflow. The 2018 AMA Prior Authorization Survey revealed that 65% of respondents wait at least one business day for prior authorization outcomes, with 26% waiting at least three business days.

These delays can lead to a direct abandonment of medication plans by patients, and without patient-specific information at the point-of-care, physicians are spending more time on non-clinical and administrative tasks rather than on patient care. This patient-specific data, however, can be placed on Electronic Health Record (EHR) systems, offering patients better price and prescription visibility while allowing physicians more time to focus on the detailed and specific needs of their patients.

EHR and eRx Need to Lead the Way

A trip to the doctor is already unnerving enough for most people; the looming threat of indefinite prescription pricing is another burden altogether. If providers of prescription pills and the pharmacies that sell them worked more in tandem to digitize and make pricing explicitly clear, they would both stand to gain. Further, patients would be more engaged with their treatment plans and stick to them, knowing that they are on the most suitable and affordable medications for their specific needs. Collaboration between EHR and eRx firms can help pave the path to price transparency, connecting pharmacies, physicians and patients together to improve the value of care and the reputation of the medical industry as a whole.

At ChartLogic, we are driven by the desire to improve patient care, office efficiency, and profitability for the physician practice. With that in mind, we will continue to add products and services that help practices improve efficiencies so that healthcare professionals can focus on what matters most: patient care.

Follow us on social media for the latest updates in B2B!

Image

Latest

tech divide baltimore bridge collapse
The Tech Divide is Impacting How Well Companies Can Respond to Supply Chain Disruptions
May 20, 2024

In today’s rapidly evolving technological landscape, the divide between companies with advanced tech capabilities and those lagging behind is widening. This growing tech divide significantly impacts their ability to respond to supply chain disruptions, a crucial factor in maintaining business continuity and efficiency that’s even more pronounced as supply chain resilience is increasingly defined…

Read More
connected and cloud technologies
Doing More with Less: Connected and Cloud Technologies Are Working Hard to Solve Farming and Agriculture Needs
May 20, 2024

How can connected and cloud technologies provide solutions to bring innovation and sustainability to meet the growing needs in farming and agriculture? As the global population pushes toward an estimated 10 billion by 2050, the demand for sustainable agriculture has never been more critical. With limited arable land available, the agricultural sector is turning…

Read More
Nvidia
NVIDIA’s A100, H100, and Speedy Roadmap Drive Market Leadership
May 20, 2024

NVIDIA’s strategic advancements in AI hardware are reshaping the competitive landscape of the tech industry. Amidst a backdrop of rapid technological evolution and increasing demand for efficient AI solutions, NVIDIA continues to push the boundaries with its accelerated roadmap. In this brief soundbite, Wes Cummins, CEO at Applied Digital talks with Alicia Shapiro, the…

Read More
A Decade of Supply Chain Disruptions Made U.S. Domestic Logistics Ready for a Baltimore-Style Closure
May 20, 2024

In the wake of the recent Baltimore Bridge collapse, the logistics and supply chain sectors are once again under intense scrutiny. This disaster poses significant questions about the robustness of current supply chain systems and the ability for the whole chain to respond to supply chain disruptions, especially given the past decade’s persistent challenges,…

Read More