IN THE NEWS
Making Medication Assistance Program Solutions Work for You
DECEMBER 2, 2020
Due to changes in insurance benefit design, patients now pay more in deductibles and co-insurances for their medications than ever before. As the economic fallout of the COVID-19 pandemic continues, the number of uninsured and underinsured patients resulting from job losses is rising rapidly. Twelve million people have likely lost their employer-sponsored coverage and are experiencing financial crises, leaving families unable to afford life-saving medications. This “financial toxicity” translates into an untenable position for health systems dedicated to ensuring high-quality care to all members of the community, leaving them encumbered with uncompensated care.
Healthcare institutions of all sizes nationwide are becoming more aware of opportunities that allow them to secure reimbursement or offset costs through medication assistance programs (MAPs)—but there is still significant room for improvement. Less than 1 in 5 patients are aware of the programs available to them from manufacturers, and only 40% of healthcare providers are “very aware” of manufacturer copay assistance and free drug programs. This gap in both patient and provider education has been heightened given the challenges COVID may place on a patient’s ability to pay for medications.
Leveraging a comprehensive software solution can ensure that health system–run MAPs have access to the full spectrum of programs available and that patients are educated and given an opportunity to enroll in all potential programs for which they qualify. Now more than ever, US pharmaceutical companies have an ability to positively affect patients’ lives and support them through the pandemic with MAPs.
Read more on Pharmaceutical Executive.