Navigation Links
PCMA: Upgrading Medicaid Drug Benefits Could Save Florida $2.1 Billion
Date:5/23/2013

Washington, DC (PRWEB) May 23, 2013

A new report estimates that upgrading management of drug benefits in Florida’s Medicaid program could save $2.1 billion without reducing access or the quality of benefits patients receive. The new report shows that Florida and other state Medicaid programs could make more use of the tools Medicare, unions, and employers rely on to curb wasteful pharmacy spending.

Learn more about the study and Medicaid pharmacy at MedicaidPharmacySavings.com.

“The easiest way for Florida to reduce costs in Medicaid is to stop overpaying drugstores and start using cutting edge marketplace tools,” said Pharmaceutical Care Management Association (PCMA) President and CEO Mark Merritt. “By upgrading Medicaid pharmacy management, Florida policymakers can protect patients without cutting benefits or slashing payments to doctors, hospitals, and other providers.”

Components of potential savings for Florida include:

  •     Increasing the use of generic drugs: In terms of formulary management, state-administered Medicaid programs are often less aggressive than other programs when it comes to promoting generics. In Florida, the average generic dispensing rate in the Medicaid fee-for-service (FFS) setting is 67%, compared to an average generic dispensing rate exceeding 80% in managed Medicaid settings.
  •     Negotiating market-based pharmacy dispensing fees: At up to $3.73 per prescription, the average dispensing fee that the Florida Medicaid FFS program pays to retail pharmacies is significantly higher than average dispensing fees (approximately $2) paid by Medicare Part D plans, Medicaid managed care organizations (MCOs), and other health plans.
  •     Using limited pharmacy networks: In most state Medicaid programs, every drugstore in the state is entitled to participate. State Medicaid programs could achieve greater savings by using a competitive process and negotiating better discounts from select drugstores that wish to participate in a limited pharmacy network.
  •     Encouraging the use of more affordable, preferred brands: Through more active formulary management, the Florida Medicaid FFS program could promote greater use of more affordable, preferred brands.
  •     Reducing drug diversion, polypharmacy, fraud, and waste: Medicaid plans that are more actively managed detect patterns of fraud through use of tools like step therapy, audits, and pharmacy lock-in programs to help detect and avoid inappropriate utilization.

Read the full story at http://www.prweb.com/releases/2013/5/prweb10764004.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Medicaid Expert Says Florida's Failure to Accept Federal Funding to Cover More People Will Harm Families, Hospitals and Businesses
2. Kids on Medicaid May Face Barriers to Eczema Treatment
3. Medicaid Expansion Enhances Financial and Mental Well-Being, Study Says
4. Medicaid-insured children have limited access to dermatologists, SLU researchers find
5. Medicaid Fraud in New York Targeted by New House Report
6. Expanding Medicaid in Pennsylvania would increase federal revenue to the state, study finds
7. Antipsychotic Drug Use Rising for Kids on Medicaid, Study Finds
8. ACP, others oppose paying for fiscal cliff by halting Medicaid primary care fee increases
9. New analysis examines stakes for Medicaid in upcoming fiscal cliff negotiations on Capitol Hill
10. Assessing the cost of the Affordable Care Act and expanding Medicaid
11. Health Reform 2.0: Governors Pushing Back on Medicaid Expansion
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... (PRWEB) , ... June 27, ... ... in the patient payment industry today announced its strategic partnership with Connance, ... system workflows. , The two companies’ proven, proprietary technology combine to provide ...
(Date:6/26/2016)... California (PRWEB) , ... June 26, 2016 , ... Pixel ... Cut Pro X. , "Film editors can give their videos a whole new perspective ... Christina Austin - CEO of Pixel Film Studios. , ProSlice Levels contains over ...
(Date:6/25/2016)... ... , ... Austin residents seeking Mohs surgery services, can now turn to Dr. ... Russell Peckham for medical and surgical dermatology. , Dr. Dorsey brings specialization to include ... in Mohs Micrographic Surgery completed by Dr. Dorsey was under the direction of Glenn ...
(Date:6/25/2016)... ... June 25, 2016 , ... Dr. Calvin Johnson has ... he has implemented orthobiologic procedures as a method for treating his patients. The ... first doctors to perform the treatment. Orthobiologics are substances that orthopaedic surgeons use ...
(Date:6/24/2016)... ... June 24, 2016 , ... June 19, 2016 is ... associated with chronic pain and the benefits of holistic treatments, Serenity Recovery Center ... suffering with Sickle Cell Disease. , Sickle Cell Disease (SCD) is a disorder of ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Roche (SIX: RO, ... clearance for its Elecsys BRAHMS PCT (procalcitonin) assay as ... or septic shock. With this clearance, Roche is the ... fully integrated solution for sepsis risk assessment and management. ... bacterial infection and PCT levels in blood can aid ...
(Date:6/23/2016)... , June 23, 2016 Research and ... News Issue 52" report to their offering. ... influenza treatment creates a favourable commercial environment for MedImmune to ... patient base that will serve to drive considerable growth for ... would serve to cap sales considerably, but development is still ...
(Date:6/23/2016)... PARK RIDGE, Ill. and INDIANAPOLIS ... caliber of students receiving a Lilly Diabetes Tomorrow,s Leaders ... hands. The 2016 scholarship winners, announced today online at ... refused to let type 1 diabetes stand in the ... Lilly Diabetes has supported the Foundation,s scholarship program since ...
Breaking Medicine Technology: