LITTLE ROCK, Ark.
, March 9, 2020
/PRNewswire/ -- Sick of being pushed around by giant pharmacy benefit managers (PBMs), independent pharmacies are taking matters into their own hands, founding a newly licensed health insurance company and debuting a patient-centered, pharmacy-friendly Medicare-D plan this fall.
Indy Health Insurance Company, domiciled in Arkansas
and open for business, is the solution to problems community pharmacies and patients have suffered at the hands of large corporate PBMs.
"Our company is 100% independent pharmacy- and pharmacy organization-owned and built on a network of 22,000 pharmacies across the country," said Indy Health Chair Laura Atkinson
. "We envision a more transparent, affordable, cost effective alternative for community pharmacies and patients."
Indy Health's Medicare-D plan will offer seniors an affordable option to pair with their Medicare medical plan. Indy Health enrollees may receive their medications from their local community pharmacies in a preferred network that does not force the use of mail order or large retail chain pharmacies. "Participants may use their neighborhood pharmacy, and that pharmacy can provide mail service if needed, which is often restricted by other plans," said Ms. Atkinson.
Under Indy Health, pharmacies will pay no direct and indirect remuneration (DIR) fees -- a type of "claw back" PBMs collect to offset Medicare plan member costs. In 2018 small pharmacies paid average DIR fees of $129,613
per store an 87% increase from 2017, according to an industry survey. DIR fees are a primary factor in the epidemic of community pharmacy closures. "The absence of DIR fees is a big win for independent pharmacies, who could move from surviving the current U.S. drug pricing crisis to thriving," said Ms. Atkinson.
With approved licensure in Arkansas
, Indy Health will expand to Georgia
, West Virginia
, and has begun the application process with the Centers for Medicaid and Medicare (CMS). Upon CMS approval, Indy Health will begin enrolling patients in October 2020
Through Indy Health Insurance Company, Medicare-D plan independent pharmacies will be able to create their own formulary, medication therapy management services and to negotiate their own rebates through an independently owned, sustainable entity that provides them with equitable representation within the prescription drug system. To learn more about Indy Health, including information about investment opportunities, please visit IndyHealthInc.com.
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SOURCE Indy Health Incorporated