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:9/18/2017)... ... September 18, 2017 , ... Cosmetic Town, an online ... According to the senior editor of Cosmetic Tow, “Our forum section is an interactive, ... provide answers to other forum members thinking about having cosmetic surgery. The interaction and ...
(Date:9/18/2017)... ... September 18, 2017 , ... Aegis Therapies, a national leader ... executive team adding a Chief Financial Officer following their announcement on January 1, ... support the strategic growth strategy Aegis has defined for the next several years. ...
(Date:9/18/2017)... ... , ... In the age of digital media, limiting screen time among infants ... and a convenient way to soothe fussy children. , According to a recent study, ... sensory development toys completely. , The study, entitled “Is handheld screen time use associated ...
(Date:9/18/2017)... ... September 18, 2017 , ... While Floridians confront the aftermath ... based company, has launched an aid effort focused on the elderly population that was ... over two days and left thousands homeless and displaced. , “The elderly are often ...
(Date:9/18/2017)... ... September 18, 2017 , ... Dallas and Plano Pet Sitting ... Services . The asset-based purchase combines two of the best reviewed and highly ... Park Cities Pet Sitter, says that it was clear from the outset that acquiring ...
Breaking Medicine News(10 mins):
(Date:9/7/2017)... INDIANAPOLIS , Sept. 7, 2017  Eli ... today announced actions to streamline operations to more ... to improve its cost structure. Global workforce reductions, ... program, are expected to impact approximately 3,500 positions. ... the company expects annualized savings of approximately $500 ...
(Date:9/7/2017)... 2017   BioLife Solutions , Inc. (NASDAQ: ... clinical grade cell and tissue hypothermic storage and ... Rice , President and CEO, will be presenting at two ... & Renshaw 19 th Annual Global Investment Conference on ... Pacific time). The conference is being held at the New ...
(Date:9/6/2017)... 6, 2017 Eli Lilly and Company (NYSE: ... new data for galcanezumab and lasmiditan, two investigational treatments ... Headache Society (IHC) taking place Sept. 7-10 in ... highlight new, long-term data from an open-label study evaluating ... (120 mg and 240 mg) for the prevention of ...
Breaking Medicine Technology: