How Alternative Drug Supply Can Quickly Create Huge Savings For Your Business
Many business owners know they can’t afford to keep spending so much on their benefits plan. The prospect of big changes, however, can be daunting, even when they understand that the ultimate goal is to create huge savings that can help them grow their business.
Related: Prescription drug prices in the United States are more than 2.5 times higher than in other countries
One of the quickest and easiest ways to realize significant savings in your benefits plan is to ask your advisor to find other sources for your employees’ medications. Rather than accepting astronomical drug expenses, your advisor can find less expensive sources that provide the exact same drug for a fraction of the price. It’s a simple change that can create incredible savings for your business, and your employees have nothing to lose and everything to gain.
An unnecessary expense
Just as clothing, food, and household supplies can cost more depending on where you buy them, the price of medicines can also vary widely depending on their source. Many insurance plans don’t allow alternate supply, but working with a great advisor can get your employees the exact same medication for a fraction of the cost. Even better, your advisor may be able to have your employees’ medications delivered directly to their homes, saving them time and money. There is no reason for you and your employees to spend so much money on an expense that can so easily be reduced by thousands of dollars.
Focus on easy savings
Focusing on drug-related savings can save your business tens or even hundreds of thousands of dollars, even if you only have one employee who only needs one expensive drug. . We saw it first hand with a company we worked with. Their existing plan allowed them to pay $88,525 for the multiple sclerosis drug Aubagio 14mg and $102,122 for all of their employees’ drugs.
According to our plan, we would be able to:
- Find an alternative source for Aubagio to reduce the cost to $16,179, which would save them $72,346, or about 82% of the original cost
- Reduce total drug cost from $102,122 to $19,437, saving company $82,686 in just one year
- Eliminate employee co-pay, saving them a total of $2,516 on their medications
The numbers don’t lie – drug supply is a simple solution that can save you and your employees a significant amount of money.
A fast track to growth
Most changes to your benefits plan will take time for your company to feel the full effect, usually between three months and a year. While the savings are worth it, business owners are understandably eager to see faster results. The challenge, of course, is figuring out how to quickly achieve significant cost savings that will contribute to the company’s long-term growth.
Alternative drug supply may be the answer your business is looking for. Finding alternative, low-cost sources for your employees’ medications is a solution that can be implemented almost immediately, delivering huge savings for both your business and your employees. Best of all, there are virtually no negative effects – people don’t care where their medicine comes from as long as it’s the same medicine they need, and they’ll appreciate it even more if their costs in drugs are reduced by hundreds or thousands of dollars. dollars per year.
A small change with a big impact
As you prepare to make big changes to your benefits plan, start saving money with cost-effective drug choices. When you let your advisor find a low-cost source for the medications your employees need, you immediately open the door to massive savings that can help your business grow and thrive for months to come without any negative effects on your employees.
Jim Blachek flipped its traditional brokerage model in 2017 to focus solely on consulting and building value-based health plans. In 2019, he co-founded a consultancy-only firm Dynamic benefits solutions and founded Local Script, a transparent pharmacy and marketing organization focused on reducing costs for employers and employees while supporting the local community.