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)... ... , ... TopConsumerReviews.com recently awarded their highest five-star rating to Best Buy Eyeglasses, ... the United States and Canada wear eyeglasses. Once considered to be a purely functional ... a fashion statement. Even celebrities use glasses as a way of creating an iconic ...
(Date:6/26/2016)... ... 26, 2016 , ... On June 10-11, 2016, A Forever Recovery, a holistic ... World’s Longest Breakfast Table in Battle Creek, MI, where the rehabilitation facility is located. ... some of the world’s leading providers of cereal and other breakfast foods. Its residents ...
(Date:6/26/2016)... (PRWEB) , ... June 26, 2016 , ... PawPaws ... a new product that was developed to enhance the health of felines. The formula ... , The two main herbs in the PawPaws Cat Kidney Support Supplement ...
(Date:6/26/2016)... ... June 26, 2016 , ... Many ... been diagnosed with endometriosis. These women need a treatment plan to not only ... approach that can help for preservation of fertility and ultimately achieving a pregnancy. ...
(Date:6/25/2016)... TX (PRWEB) , ... June 25, 2016 , ... Austin ... of the American College of Mohs Surgery and to Dr. Russell Peckham for medical ... and highly effective treatment for skin cancer. The selective fellowship in Mohs Micrographic Surgery ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... Capricor Therapeutics, Inc. ... company focused on the discovery, development and commercialization ... in its ongoing randomized HOPE-Duchenne clinical trial (Halt ... its 24-patient target. Capricor expects the trial to ... 2016, and to report top line data from ...
(Date:6/23/2016)... , June 23, 2016 Bracket , a ... its next generation clinical outcomes platform, Bracket eCOA (SM) ... on June 26 – 30, 2016 in Philadelphia ... electronic Clinical Outcome Assessment product of its kind to fully ... Bracket eCOA 6.0 is a flexible platform for ...
(Date:6/23/2016)... Ill. and INDIANAPOLIS , ... students receiving a Lilly Diabetes Tomorrow,s Leaders Scholarship is ... 2016 scholarship winners, announced today online at www.diabetesscholars.org ... let type 1 diabetes stand in the way of ... has supported the Foundation,s scholarship program since 2012, and ...
Breaking Medicine Technology: