Everyone has been feeling the effects of prices skyrocketing. From groceries to gas, and even medications. Increasing drug prices are taking a toll on patients, even those who have insurance.
In this era of rising costs, healthcare professionals can take an active role in helping patients save money. Learn more about how you can help lighten the burden associated with prescription costs below.
Have an honest conversation with your patients
It’s important to ask your patient about price sensitivity to medications as well as if they have a budget for their medication costs. Money and finances can be difficult to discuss, and many patients aren't inclined to speak up due to embarrassment.
To gauge whether patients are burdened by medication costs, try asking the following three questions when talking with a patient about their medication history:
Are you happy with how much you pay for your current medications?
Have you ever stopped taking a medication due to cost?
Have you ever cut back on other spending (e.g., food, leisure) to reallocate funds for medication expenses?
By asking these questions, you could see if your patients are struggling with medication costs which would allow you to help prescribe or recommend options they will appreciate.
Educate yourself on savings programs
Many drug manufacturers, online retailers, and 3rd parties offer savings programs for a variety of prescriptions. These programs are specifically created to give underinsured or uninsured patients affordable access to medications. There is no standard enrollment process, and each program sets its requirements; so it's helpful to let your patients know where they can find more information to enroll in the program.
It's also important to note that these program requirements can change at any time and the program is subject to change or be ended at any time without any warning, so be sure to let your patients know to help them avoid surprise or disappointment. Additionally, online pharmacy providers, like GoodRx, have savings programs that patients can partake in and are always worth mentioning to your patients.
Be Cost Conscious But Helpful
Without even realizing it, you may be in the habit of prescribing certain drugs to treat certain conditions, without being sensitive to their cost. The next time you reach for your prescription pad, simply ask yourself, “Are there less expensive alternatives to treat this condition?” We understand certain medications provide the best care for your patients' conditions, and we don’t want to encourage providers to provide inferior care just to save patients a few bucks.
We are asking healthcare professionals to be attuned to opportunities to provide the same excellent care for less. This could be done by substituting a different, more affordable, drug. For patients with limited prescription coverage, this could be achieved by taking a few extra minutes to determine which drugs are covered on their formulary and prescribing based on those results. It would also be beneficial to check for any assistance programs associated with higher-priced medications.
Helping give patients access to affordable prescription medications can be frustrating and can require a bit more of your time. However, think of this effort as an extension of your practice. You could provide the most effective medical advice, diagnostics, and write up the most effective treatment plan; but, if the patient cannot afford the medication, your efforts would simply be in vain. Supplying patients with the information they need to be able to afford medication is extremely valued by your patient population and can help you retain and satisfy your existing patients and attract new patients.
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