Navigating High Drug Costs: Study Finds Consumers Want Their Physician to Lead
RazorMetrics’ drug cost survey reveals consumers want their physician to take the lead on lowering their prescription costs.
AUSTIN, Texas, April 20, 2022 /PRNewswire/ — RazorMetrics’ recent consumer opinion survey about drug costs found some surprising results. Despite the explosion in consumer-driven savings apps, healthcare consumers want their physician to take the lead. The survey found that 80% of respondents would prefer their physician be the one to choose a lower cost drug for their prescription and do so automatically.
Sticker shock at the pharmacy is a lose-lose situation for everyone. High prescription costs are forcing some patients to skip doses, split pills, or stop treatment altogether. RazorMetrics’ drug cost survey asked, “if a prescription is too expensive what do you do?” 9.3% of survey respondents said they “Forget about it and go home.” Other responses included “Pay for it anyway” (22.3%), “Ask the pharmacist about a discount” (35.3%), “Call my doctor” (21.7%), and “Call my insurance” (11.3%). To patients, physicians, and pharmacists none of these options is a good outcome.
Physicians are trying to control costs; 72% of survey respondents said their physician talks to them about drug prices but, unfortunately, physicians cannot prescribe the lowest cost medication without help. A study published in Jama Network Open, “Accuracy of Physician Estimates of Out-of-Pocket Costs for Medication Filling,” found that when physicians were given drug price and patient insurance data, only 21% could accurately estimate out-of-pocket costs for their patient. The study authors said, “one-third of US residents have trouble paying their medical bills. They often turn to their physicians for help navigating health costs and insurance coverage.” This sets the physician up for failure.
“As a cardiologist with an active practice, I can attest to the frustration doctors feel when we get a call from a patient at the pharmacy. We try another medication hoping that it will be covered by the patient’s health plan. The system is built on a trial by error model,” said Dr. Siva Mohan, MD and co-founder of RazorMetrics. “It’s inefficient and deeply frustrating for everyone involved.”
It’s clear most consumers want to save money on prescriptions, but rather then chase down lower drug options themselves, they would prefer that their physician help them navigate the process. Eighty-eight percent of RazorMetrics survey respondents said they would be more satisfied with their provider if they talked to them about drug prices. Two-thirds reported they would have a more favorable opinion of their provider if they changed the prescription to a lower cost option. Put simply, patients want their physician to lead on getting affordable prescriptions.
About RazorMetrics
RazorMetrics is a healthcare technology company whose SaaS-based platform uses AI and ML to lower drug spend for health plans, self-insured employers, and consumers. RazorMetrics unique, physician-first approach process that is simple, requires no extra clicks in the EHR and no external programs or apps to access. Switches are straightforward, easy to make, and the entire process stays within the normal clinical workflow. The platform is complementary to existing pharmacy initiatives and works with PBMs and other drug cost savings solutions to optimize results. RazorMetrics is fully scalable and customizable to each client’s unique variables and formularies. For more information, visit www.razormetrics.com.
Media Contact:
Casey DeMoss, RazorMetrics
casey@razormetrics.com
504-982-0468
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SOURCE Razor Metrics
