How Alternative Medication Procurement Can Quickly Generate Huge Savings for Your Business
Many business owners know they can’t afford to keep spending as much as they do on their benefit plan. The prospect of big changes, however, can be intimidating, even when they realize that the ultimate goal is to create huge savings that can help them grow their business.
Related: US Prescription Drug Prices More Than 2.5 Times Higher Than Other Countries
One of the fastest and easiest ways to save big on your benefits plan is to have your advisor find alternative sources for your employees’ medications. Rather than accepting the astronomical expense of drugs, your advisor can find cheaper sources that provide the exact same drug for a fraction of the cost. 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 unnecessarily costly expense
Just as clothes, food, and household supplies can cost more depending on where you buy them, the price of drugs can also vary wildly depending on their source. Many insurance plans do not allow alternative sourcing, but working with a good advisor can allow your employees to have the exact same medication at a fraction of the cost. Better yet, your advisor may be able to get your employees’ medications sent 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 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 this firsthand with a company we worked with. Their current plan allowed them to pay $ 88,525 for the 14 mg Aubagio multiple sclerosis drug and $ 102,122 for all of their employees’ drugs.
As part of 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 initial cost
- Reduce the total cost of drugs from $ 102,122 to $ 19,437, saving the 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 – getting medicine is an easy fix that can save you and your employees a significant amount of money.
A quick path to growth
Most changes to your benefit plan will take time for your business to fully appreciate, typically between three months and a year. While the savings are well worth it, business owners are understandably keen to see results faster. The challenge, of course, is figuring out how to make quick and significant savings that will contribute to the long-term growth of the business.
Alternative drug supply may be the answer your business is looking for. Finding low-cost alternative sources for your employees’ medications is a solution that can be implemented almost immediately, providing huge savings for both your business and workers. Best of all, there are hardly any negative effects – people don’t care where the drugs come from as long as it’s the same drug they need, and they’ll appreciate it even more if their costs come down. of drugs are reduced by hundreds or thousands of dollars a year.
A small change with a big impact
As you prepare to make big changes to your benefit plan, start things off with the savings that come 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 prosper for months without any negative effects on your employees.
Jim blachek reversed its traditional brokerage model in 2017 to focus solely on advice and building value-based health plans. In 2019, he co-founded a consulting firm only Dynamic benefit solutions and founded Local Script, a transparent pharmacy and marketing organization focused on reducing costs for employers and employees while supporting the local community.