Navigation Links
RegenceRx Leads the Industry With Introduction of Medication Cost Integration
Date:2/8/2010

PORTLAND, Ore., Feb. 8 /PRNewswire/ -- Rapid developments in the pharmaceutical industry have led to a steady increase in the use and cost of "specialty" medications to treat chronic conditions such as arthritis and psoriasis. This has led to some inappropriate selection of these medications, higher overall drug costs and medication coverage being spread over both pharmacy and medical benefits.  Regence has introduced a new solution with Medication Cost Integration (MCI), which covers all medications under a single medication benefit. MCI is now available as part of the company's new self-insured suite of services, Integrated Health Solutions.  

"The growth of specialty medications has challenged health insurers, because we now have options that fall under both medical and pharmacy benefits. This meant widely differing co-pays, inconsistent member financial responsibility and more confusion for members and providers. Medication Cost Integration blends medication coverage into one benefit, with the same co-pay for different versions of a medication used to treat the same disease or condition," said David Clark, vice president of Pharmacy Services and president of RegenceRx. "Whether they receive their medication at a pharmacy or a physician's office, members can still get the treatment they need with medications that provide the best overall value."

About Medication Cost Integration

Specialty medications are high-cost injectable, infused or oral medications that are used to treat chronic conditions, including cancer, arthritis, psoriasis and multiple sclerosis.  

The MCI formulary is divided into a standard and extended 3-tier formulary.  How much the member pays for a medication depends on where it falls on the formulary. The Standard 3-Tier Formulary is similar to today's formulary, in that it covers all lower-dollar and most self-administered orals, topicals, suppositories, diabetic supplies and similar prescribed items. The Extended 3-Tier Formulary is comprised of three additional tiers for high-cost self-injectables, specialty, limited distribution products, cancer products, and medical medications/infusions.

The development of MCI was inspired by the results of Regence's own original research. The study showed that members who had medical-only benefits experienced a significantly higher increase in overall medical expenses than those with both medical and pharmacy benefits, and this unnecessarily increased the rate of medical claims cost growth. Regence concluded that an integrated medical and pharmacy benefit may enable plans to significantly slow claims costs and improve price transparency access to the information members need to manage their overall health care costs.

About RegenceRx

RegenceRx, one of the nation's few not-for-profit pharmacy benefit management groups, is a wholly-owned subsidiary of Regence. RegenceRx focuses on clinical evidence when building our list of preferred medications. The focus on lower net costs has saved Regence and our customers more than one billion dollars over the past 10 years.

About Regence

Regence is the largest health insurer in the Northwest / Intermountain Region, offering health, life and dental insurance. Regence serves more than 2.5 million members as Regence BlueShield of Idaho, Regence BlueCross BlueShield of Oregon, Regence BlueCross BlueShield of Utah and Regence BlueShield (selected counties in Washington). Each health plan is a nonprofit independent licensee of the Blue Cross and Blue Shield Association. Regence is committed to improving the health of our members and our communities, and to transforming our health care system. For more information, please visit www.regence.com or follow us on Twitter.

SOURCE Regence

RELATED LINKS
http://www.regence.com

'/>"/>

SOURCE Regence
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Groundbreaking Study Proves Personalized Diet Based on Genetics Leads to Significant Advances in Long Term Weight Management and Blood Glucose Levels
2. Providence Hospital Study Finds Communication System Leads to Faster Heart Attack Treatment
3. Discovery Leads to Earlier Diagnosis of Type 1 Diabetes
4. Pharmaleads Lead Candidate for Pain, PL37, Enters Phase I
5. Texas Back Institute Leads Way in New Facet Joint Clinical Trial
6. Genetic Research Leads to New Discovery in Understanding Rare Neurological Disorder
7. San Ramon HR Firm Leads Response to New Cal/OSHA ATD Law
8. BodySculpt(TM) Leads FDA Approval of BodyTite(TM) with Largest Number of Documented Study Cases
9. Medical Equipment Company Owner Pleads Guilty to Fraud Scheme Involving Nutritional Supplies and "Arthritis Kits"
10. Los Angeles Business Owner Pleads Guilty to Submitting Nearly $1 Million in False and Fraudulent Claims to Medicare
11. Colombian National Pleads Guilty to Role in Defrauding the Export-Import Bank of the United States of More Than $1 Million
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... 2016 According to a new ... Pen Needles, Safety Pen Needles), Needle Length (4mm, 5mm, ... Mode of Purchase (Retail, Non-Retail) - Trends & Global ... the market for the forecast period of 2016 to ... Billion by 2021 from USD 1.65 Billion in 2016, ...
(Date:6/23/2016)... 2016 Research and Markets has announced ... Forecast to 2022" report to their offering. ... the patients with kidney failure, it replaces the function of ... patient,s blood and thus the treatment helps to keep the ... balance. Increasing number of ESRD patients & ...
(Date:6/23/2016)... , June 23, 2016 Research and ... Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data derived ... Assessment of major trends with potential impact on the market ... of market segmentation which comprises of sub markets, regional and ...
Breaking Medicine Technology:
(Date:6/25/2016)... ... ... closing of Bruton Memorial Library on June 21 due to a possible lice infestation, as ... of head lice: the parasite’s ability to live away from a human host, and to ... one in the event that lice have simply gotten out of control. , As lice ...
(Date:6/25/2016)... ... ... On Friday, June 10, Van Mitchell, Secretary of the Maryland Department of Health and ... their exemplary accomplishments in worksite health promotion. , The Wellness at Work Awards took ... the BWI Marriott in Linthicum Heights. iHire was one of 42 businesses to receive ...
(Date:6/24/2016)... CA (PRWEB) , ... June 24, 2016 , ... Marcy was in a crisis. Her ... would lash out at his family verbally and physically. , “When something upset him, he ... he would use it. He would throw rocks at my other children and say he ...
(Date:6/24/2016)... NY (PRWEB) , ... June 24, 2016 , ... Topical BioMedics, Inc, makers of Topricin ... companies that call for a minimum wage raise to $12 an hour by 2020 and ... This will restore the lost value of the minimum wage, assure the wage floor does ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... the Frederick area economy by obtaining investment capital for emerging technology companies. ... years that have already resulted in more than a million dollars of capital ...
Breaking Medicine News(10 mins):