How Saying Goodbye to Mystery Rx Costs Will Boost Member Engagement
By Rx Savings Solutions
At Welltok, we’ve curated a stellar ecosystem of Connect Partners that cover the full spectrum of health and wellbeing, from condition management to mental health to fertility benefits. One of our newest partners, Rx Savings Solutions, is a web-based software solution that fully integrates within the benefit design to provide pharmacy transparency, drive member engagement and help alleviate confusion over cost and options. In this RxSS guest blog post, you’ll see a glimpse of how they are staying on top of new CMS transparency regulations to continue offering health plans and their members high quality care.
Does the average health plan member pay thousands in premiums every year just to feel like a number? Or do they feel like someone has their back, helping them improve their health, save money, and simplify a complex healthcare system? As consumers, we all know which we’d prefer.
New transparency rules from the Centers for Medicare and Medicaid Services (CMS) could make that experience more common, or at least one that resembles the way consumers shop for everything else in life. Much will depend on how plans embrace the new requirements (or get around them) over the next 3 years.
Rather than simply comply, plans can use CMS transparency rules as an opportunity to better educate members about covered services and medications, clearly display accurate costs, and make the information easy to find. If our experience in drug price transparency is any guide, member engagement and satisfaction are natural byproducts.
At Rx Savings Solutions, we’ve always believed transparency and simplicity lead to engagement.
The pandemic has amplified the need for a member experience that will overcome barriers and get members to close critical care gaps, like scheduling a screening or filling important medications. Our partnership with Welltok accelerates this goal, driving a better member experience with their unique recipe for consumer activation—a combination of data, analytics and multi-channel motivation—which creates a chain reaction that leads to more satisfying healthcare experiences.
Both companies can attest that done the right way, transparency builds trust.
Helping Members Understand their Benefits
If we’re honest about it, most people choose a health plan option based on whatever premium their budget can handle. Few understand the impact of higher deductibles and co-insurance on their total cost of care and medications. That’s a good reason for plans to help members optimize their medical and prescription drug benefits. The more clarity and less guesswork members have, the fewer unpleasant surprises they encounter—like a $500 prescription that used to cost them $5 under a previous plan option.
If their health plan can proactively notify them of that reality and point them to a lower-cost therapy, unnecessary costs aren’t the only thing avoided. Think about sticker-shock at the pharmacy and the resulting ill will toward the plan, not to mention the downstream consequences of skipping or rationing the medication.
An optimized benefit experience will create more of a two-way relationship, a valuable interaction between your plan and an individual member. It’s exactly the experience Rx Savings Solutions, Welltok and other healthcare solution providers strive for, along with the lasting engagement it can create.
“Engaging with health benefits or anything else requires a personal connection, even when technology is the primary conduit,” said John Coleman, Welltok’s Associate Vice President of Market Solutions. “Offering our health plan clients the opportunity to provide a cost transparency tool like Rx Savings Solutions helps drive an overall better member experience while increasing medication adherence. Access to affordable medication also enhances total wellbeing and ultimately helps organizations meet their quality and revenue goals.”
Rinse, Repeat, Engage
A more transparent approach can change the member experience, moving them from a number to a personal individual that you care about. Common sense and experience tell us that repeated positive interactions—whether with people, products or providers—build loyalty and ongoing engagement. We see this happen over time with our own solution. Engagement builds on itself. So do cost savings.
Engagement and Savings Growth
Employer-sponsored Plan, 38,500 members
The right transparency and advocacy tools can deliver the same win-win for health plans across the spectrum of care.
Want to learn more about Welltok’s partnership with RxSS and how you can offer this solution to your people? Let’s talk.