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:7/21/2017)... ... July 21, 2017 , ... The Margarian Law Firm has filed ... of its ginger ale for allegedly containing no ginger. Dr. Pepper produces the “Canada ... Inc., plaintiff Gegham Margaryan alleges Canada Dry Ginger Ale claims on its bottle that ...
(Date:7/21/2017)... MO (PRWEB) , ... July 21, 2017 , ... “Kids ... knowing how to tie their shoes,” says Suzanne Tucker, Founder of St. Louis-based positive ... Time-In Toolkit, which launches on Kickstarter on Monday, July 21st. , The kit ...
(Date:7/21/2017)... ... July 21, 2017 , ... The ... offer patients improved quality of life five years after injury, according to research ... Meeting in Toronto, Ontario, Canada. The study followed patients for five years following ...
(Date:7/20/2017)... (PRWEB) , ... July 20, 2017 , ... ... of blood and bone marrow cancer that progresses rapidly without treatment. Newly diagnosed ... to reduce the chance of reoccurrence and relapse. With such a challenging ...
(Date:7/20/2017)... New York (PRWEB) , ... July 20, 2017 ... ... has developed a telemedicine platform, in which their iMedSecure™ comes included with each ... both share encrypted live images to remote participants for real-time collaboration and immediate ...
Breaking Medicine News(10 mins):
(Date:7/10/2017)... , July 10, 2017  US medical equipment and ... 2021, according to Medical Equipment & Supplies: ... Freedonia Focus Reports. Continued increases in demand for medical ... of the population and supported by gains in disposable ... and supplies. New product introductions will also drive sales ...
(Date:7/10/2017)... -- The tenth annual BioPharm America™ will take ... the Sheraton Boston Hotel, September 26–27. The event will ... makers and innovative biotech startup companies. The event is ... impactful days. BioPharm America is now part of Biotech ... with 4,500+ life science industry influencers participating in 8+ ...
(Date:7/5/2017)... 2017 Wolfmet 3D  printed tungsten collimator manufactured by M&I ... manufacturing combine to progress molecular radiotherapy imaging. In ... unable to accurately quantify the radiation absorbed by those patients ... success of this radiotherapy treatment has been available — that ... ...
Breaking Medicine Technology: