Today, healthcare has started recovering and growing after the deep impact of COVID-19.
Over the few years, the market has drastically changed with many ups and downs.
Holding a position in that situation is more difficult, especially after a pandemic. Meanwhile, self-insured employer’s health company Transcarent observes the market deeply.
Transcarent chief operating officer in an interview with Fierce Healthcare said that “the company’s employer clients have felt the market changes and are seeking a way to coexist in the world where our traditional benefits including cash payments and coupon cards all work together.”
Employers are seeking immediate action. They are no longer in the mood to bear the market with the increasing inflation.
The pharmacy price in the U.S. has almost climbed to record high rates. Meanwhile, patients are not able to buy and manage their prescriptions according to their needs.
So, let’s see what changes did Transcarent bring to counter the situation…
Transcarent addresses the key aspects of pharmacy care
The pharmacy journey for the patients is an overwhelming process nowadays, which is more complex and expensive.
Getting prescriptions from healthcare providers at a higher cost and finding the right pharmacy at a lower cost are irresistible and expensive for lower-income individuals.
In the last eight years, the price of prescriptions has raised more than 35% which is twice the rate of inflation.
The current pharmacy care will offer a variety of drugs that have vast pricing differences from employer to employer.
The major employer has found pharmacy expenses unsustainable. This is particularly impacting the lower individual’s health and their families. This inequality of issues needs to be addressed.
“The existing model doesn’t provide employers with enough transparency to evaluate pricing and make better choices, and that translates into financial and therapeutic hardship for their Members,” said Snezana Mahon, Pharm.D., Chief Operating Officer for Transcarent.
As a result, Transcarent has taken an initiative to solve these problems and make pharmacy an equal experience for all with no spread pricing, no hidden fees, and a 100% pass-through of refund that is integrated with 24*7 clinical facilities. Employers realize up to 40% savings, said the company.
The company is focused on long-term care pharmacy solutions.
Transcarent to change the whole journey of pharmacy care experience
Consumers try to evaluate the price by comparing it to different sites, apps, and in-store discounts in the hope that they could get some relief from the high pharmacy prices.
This requires a lot of data, time, and resources to find the right cost for their pharmacy. There is a lack of pieces of information on the journey. In the end, they don’t find a pharmacy according to their needs that is affordable and accessible for them.
As a result, Transcarent has designed the pharmacy’s first fully transparent model integrated with pharmacy benefits which offers a drug affordable.
Transcarent is removing the barriers by providing full control over their prescription benefits decisions. Employers can access a wide range of information in one place which allows them to grab the best deals.
The information available will help them to make informed decisions with many cost-saving deals they never imagined before that directly impact the health of employers and their families.
In addition, employers can manage the pharmacy with comparable pricing information, in-app electronic prescriptions, and 24/7 access to clinical support and guidance.
“Transcarent Pharmacy Care fundamentally turns the pharmacy benefits model on its head by making transparency the common language among all parties, and putting consumers at the center of the experience,” said Mahon.
Can technology help pharmaceutical providers to make it accessible and affordable?
Of course, using the highest potential of the technology can solve the issues of healthcare and Transcarent is the best example of it.
They used technology to cut off the barriers in the pharmacy process which eventually makes it easier for individuals to decide their own pharmacy journey hassle-free.
They implement solutions like pharmacy app development for a better care experience.
Even though technological solutions like AI(artificial intelligence) are effective and supportive in drug discovery. AI can help in managing large data sets of pharmaceutical products.
In addition, it is also useful in finding the right sample test and reducing the number of testing which eventually reduce the cost of drug discovery.
If the other players in the pharmaceutical industry started utilizing the true potential of technology then the cost of medicine and its accessibility will be drop down.
However, “The pharmacy market size is projected to grow from $560 billion in 2021 to $861.67 billion by 2028 at a CAGR of 6.3%.”As per the report of Fortune business insight.
To sum it up
Healthcare is going through tough situations right now with the instability of the market.
And, Transcarent takes a smart move by bringing transparency to the pharmacy with the use of technology and changing the pharmacy care experience to more delightful.