Innovative technology lowers drug prices, empower members and improves outcomes
SEATTLE, May 26, 2020 /PRNewswire/ -- Prescryptive Health, a Seattle-based healthcare technology company, and Healthcare Management Administrators Inc. (HMA), a pioneer of self-funded health benefit programs, today shared the initial results of their partnership, which began at the beginning of the year. HMA recognized that customers need more options for prescription drug cost control, and in Prescryptive found a new solution that provides customers true transparency, better value, and more choice.
Prescryptive empowers consumers to shop for prescription drugs as they would shop for any essential item, through a secure, mobile platform that integrates with their health benefit plan and provides information on pricing and medication options when it matters most – the moment they make a decision with their providers. Prescryptive uses its blockchain-encrypted prescription intelligence platform, extensive pharmacy network and personalized mobile experience to give consumers easy access to a trusted, personalized prescription advisor right in their pocket.
"At HMA, we pride ourselves on winning together with our clients," said Lindsay Harris, CEO of HMA. "We do this by delivering innovative solutions that create value while improving healthcare quality and outcomes. We are proud to partner with Prescryptive to provide our members with a powerful, personalized prescription drug shopping experience that empowers them with choice and transparency."
Early results show that, after partnering with Prescryptive to support their own employees, HMA realized an immediate 15% cost reduction in prescription spending in the first quarter of 2020, compared with the same time period the previous year. These cost reductions were led by lower drug prices, including 28.6% savings on generic medications alone, a more tailored plan design that increased generic medication prescription use from 80% to 84%, and real-time employee engagement via mobile alerts that empowered members to make informed choices together with their providers.
"Every year, 450 million prescriptions get abandoned at the pharmacy counter because consumers are caught off-guard, either by high prices or the lack of accessible alternatives," said Chris Blackley, CEO of Prescryptive Health. "We provide innovations to partners like HMA that break through the opacity of the current prescription drug market, providing their members options to make better choices and take control of their health."
HMA members and their families are seeing tangible results. For example, when notified by a mobile text alert from Prescryptive's platform on her way to the pharmacy, one member reached out to her doctor to switch to a lower-cost medication, saving her and her employer more than $1,000 each.
"Not only are our People using Prescryptive's tools to take control of their own medication costs, but we also value the importance Prescryptive places on our staff's experience," said Sherrie Gietzen, HMA Chief People Officer. "Our People are more engaged and better equipped with the tools they need to manage their own health."
Learn more about empowering consumers, cutting costs, and inspiring better health at www.prescryptive.com
About Prescryptive Health
Prescryptive is putting an end to the U.S. drug debacle with the world's first prescription intelligence platform, eliminating middlemen from the drug market to let consumers take charge of their medication costs. By delivering a simple, mobile experience that integrates in real-time with their benefit plan and provider, we are transforming the prescription drug market by empowering consumers, cutting costs, and inspiring better health. To learn more about how we're rewriting the script, visit www.prescryptive.com.
About Healthcare Management Administrators, Inc.
HMA is Proving What's Possible in Healthcare®. Our team of caring experts design and deliver high-quality, innovative, and affordable health plans for self-funded employers. We are the service-oriented partner employers trust to protect two of their most important assets; their people and their health plan dollars. With over 30 years of industry experience and a team of proactive, highly-skilled professionals, we help employers improve their bottom-line. We call this "Winning Together" because we're on the same side and share the same goals – healthier outcomes for our members at the best possible value. To learn more, visit www.accesshma.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/prescryptive-health-and-healthcare-management-administrators-hma-partner-to-lower-healthcare-costs-and-increase-transparency-for-employers-and-members-301064686.html
SOURCE Prescryptive Health