Key benefits of Intercept Rx’s Rx Optimization Program
- Lower out-of-pocket costs: Intercept Rx reduces employees’ prescription expenses through its Rx Optimization Program.
- Transparent pricing PBM: No hidden fees, with savings passed directly to employers and employees.
- Tailored benefits: Custom pharmacy solutions for self and level-funded companies, offering an average of 30% cost savings.
- $0 copays: Available for several high-cost prescription medications for many chronic diseases.
- Employee education: Clear guidance to help employees maximize their pharmacy benefits.
In today’s healthcare landscape, the cost burden on employees is significant, with premiums steadily rising year after year. Many workers now find themselves paying thousands of dollars out-of-pocket for essential healthcare services, creating a financial strain that impacts their overall well-being.
Managing these costs is more important than ever, as employees bear the weight of deductibles, copays, and other expenses that can quickly add up.
When it comes to managing healthcare costs, Intercept Rx is here to help. As a Pharmacy Benefits Solution, Intercept Rx focuses on reducing the money employees pay out-of-pocket for their medications.
In fact, the average family spends about $5,000 per year on healthcare costs alone.¹ Intercept Rx’s mission is simple: help reduce those costs through a streamlined program that ensures better prices and savings on essential prescriptions.
1 – What are out-of-pocket costs and why do they matter?
Out-of-pocket costs are expenses that employees pay directly for healthcare services and prescriptions, on top of what their insurance covers. These costs typically include copays, coinsurance, and deductibles:
- Copays are fixed amounts paid for specific services, like $20 for a doctor’s visit.
- Coinsurance is a percentage of the cost of a service that the employee covers, such as paying 20% of a specialist’s bill.
- Deductibles are the total amounts employees must pay out-of-pocket each year before insurance begins covering certain services.
With healthcare costs rising, these expenses can add up quickly, making access to affordable medications increasingly important.
To help ease this burden, Intercept Rx’s Rx Optimization Program is designed to target and eliminate out-of-pocket expenses for employees. This program focuses on negotiating better prices, offering $0 copay for over 500 medications that treat chronic conditions, and simplifying pharmacy benefits so that employees can better manage and minimize their costs.
2 – How the Rx Optimization Program saves employees on prescription costs?
Many Pharmacy Benefits Managers (PBMs) fail to prioritize reducing out-of-pocket costs for employees, leaving workers to pay large sums for their medications. On average, U.S. employees spend around $1,200 per year on prescription drugs.²
These high costs can make necessary medications unaffordable, especially for those managing chronic conditions.
This is where Intercept Rx’s Rx Optimization Program comes in. Unlike many PBMs, Intercept Rx focuses directly on lowering these out-of-pocket expenses by:
- Negotiating better drug prices: Intercept Rx works with direct contracts to secure lower prices, reducing the overall cost for both employees and employers.
- Offering $0 copays for specific medications: For high-cost treatments like those for diabetes or weight management, Intercept Rx provides $0 copay, ensuring that employees can access life-saving medications without the hefty price tag.
By addressing these key areas, the Rx Optimization Program helps employees manage their healthcare costs more effectively and get the medications they need.
3 – Lowering prescription costs for self and level-funded companies with Intercept Rx
Many companies, especially those that are self-funded or level-funded, struggle with managing their pharmacy benefits efficiently. This often leads to higher costs being passed down to employees in the form of expensive out-of-pocket expenses and premiums. However, self-funded employers have a significant advantage, as they can save up to 25% on healthcare costs compared to fully insured plans.³
Intercept Rx partners with self and level-funded companies to help them better manage these costs by creating custom pharmacy benefits that prioritize cost reduction. Here’s how:
- Rebates and transparent pricing: Intercept Rx’s model ensures that rebates are directly returned to employers, who can then use these funds to reduce costs for employees. Unlike many PBMs, which often include hidden fees or markups, Intercept Rx operates with complete transparency. This means that employers and employees know exactly what they are paying for, avoiding unexpected or inflated costs.
- Tailored solutions: By working closely with companies, Intercept Rx customizes benefit plans to suit the specific needs of each business, helping them manage costs effectively and provide valuable savings for employees.
Through these strategies, Intercept Rx helps employers lower their overall pharmacy spend while ensuring that employees benefit from reduced out-of-pocket costs and more affordable healthcare.
4 – Top medications for savings with Intercept Rx’s $0 Copay Program
Some medications, especially high-cost ones like GLP-1 drugs for weight management or specialty drugs, can be incredibly expensive for employees, making them difficult to afford without assistance. Specialty drugs, in particular, account for over 50% of total prescription drug costs, even though they only represent about 2% of all prescriptions filled.⁴
This makes managing costs in this area critical for both employers and employees.
Intercept Rx offers significant savings on a variety of high-cost medications, particularly those that treat chronic conditions. Examples include:
- Diabetes medications: Given the high cost of managing diabetes, Intercept Rx focuses on offering $0 copays for commonly prescribed diabetes medications, significantly reducing the financial burden on employees.
- Weight management drugs (GLP-1s): These medications, which are often used to treat obesity, can be incredibly expensive, but Intercept Rx works to lower out-of-pocket costs for employees.
- Gastroparesis medications: Employees dealing with this chronic condition can benefit from lower-cost options through the Rx Optimization Program.
By targeting these high-cost medications, Intercept Rx ensures employees can access the treatments they need without the prohibitive price tags often associated with them.
5 – How can employees benefit from these savings?
Many employees are unaware of the cost-saving programs offered by their PBMs, missing out on potential savings. In fact, 62% of employees feel they don’t fully understand their pharmacy benefits, according to a study by Willis Towers Watson.⁵
This lack of knowledge can prevent employees from taking full advantage of programs that could help reduce their out-of-pocket expenses.
Intercept Rx addresses this issue by ensuring employees are well-informed about the savings available through its Rx Optimization Program. Here’s how employees can easily benefit:
- Member advocacy: Intercept Rx provides personalized support, helping members navigate their pharmacy benefits and find the best cost-saving options tailored to their needs.
- Free home delivery: Members can enjoy the convenience of free home delivery for their prescriptions, saving time and eliminating trips to the pharmacy.
- $0 copays: Intercept Rx simplifies access to certain medications, offering $0 copays on high-cost drugs for chronic conditions.
Through these initiatives, Intercept Rx empowers employees to take full advantage of their benefits and save on essential medications.
6 – Why Intercept Rx is the best solution for reducing prescription costs
In conclusion, Intercept Rx is dedicated to helping both employees and companies save money by focusing on reducing out-of-pocket pharmacy costs. Through transparent partnerships and the innovative Rx Optimization Program, Intercept Rx ensures that employees have access to affordable medications, including high-cost treatments, while avoiding hidden fees.
This not only helps employees manage their healthcare expenses more effectively but also provides companies with a competitive advantage by offering valuable benefits that attract and retain top talent. By simplifying pharmacy benefits and prioritizing cost savings, Intercept Rx continues to make a significant impact on healthcare affordability.