COLUMBUS, Ohio, June 19, 2018 /PRNewswire/ -- New data from Quantum Health reveals that its Precision Specialty Pharmacy Management program reduced cost by 55 percent, or an average of over $80,000 per case annually, for members transitioning from insurance carriers to the company's consumer healthcare navigation model. These savings resulted from a site of care and transition analysis of patients already on specialty medications for Quantum Health's new January, 2018 clients.
Chief Medical Officer Dr. Dana Andrews attributes the results to the company's active collaboration with the members and their providers during the precertification process. "We look for 44 specialty medications when members onboard with us. We're able to quickly identify those who can receive the medication in a more cost-effective site of care, and once we've identified them, we have more than a 95 percent success rate at transitioning them to high-quality, more affordable sites."
For employer health plans and healthcare consumers alike, specialty Rx is a major cost-driver. Currently, only 1 to 2 percent of the U.S. population are treated with specialty medications, but those patients are driving nearly 40 percent of all drug spending. And experts are projecting costs to rise by 17.7 percent in 2018.
During its review of cases from new clients, Quantum Health identified 57 percent of members being treated by specialty medications could benefit from a change in the site of care. Of those cases, 96 percent were successfully transitioned to a more affordable alternative. For affected clients, the savings represents an immediate and long-term return on investment.
"Our program is called Precision Specialty Pharmacy Management because we collaborate with our members' providers on an individualized, case-by-case basis to maximize both the value and quality of their care," says Dr. Andrews. "It is hardwired into our pre-cert process. We have a high degree of certainty that these initial results are repeatable for our new clients and sustainable for all of our existing clients."
ABOUT QUANTUM HEALTH
Quantum Health is an award-winning consumer healthcare navigation company that delivers an unparalleled consumer experience based on empathy and trust, enabling employers to achieve industry-leading satisfaction rates and independently validated claim savings. Launched in 1999, Quantum Health's model is based on years of consumer research and the insights learned from guiding millions of consumers and their providers through their healthcare journey. Based in Columbus, Ohio, Quantum Health has earned numerous awards and honors, including being named Entrepreneur of the Year by Ernst and Young, Fastest-Growing Privately Held Company for the past 10 years by Inc. 5000; one of the 50 Fastest-Growing Women-Owned/Led Companies for the past four years by the Women Presidents' Organization; a Best Place to Work for the past 11 years by Columbus Business First; and a Great Place to Work® Best Small & Medium Workplaces by FORTUNE Magazine and Entrepreneur Magazine. Learn more at Quantum-Health.com, and connect with us on Twitter (@QuantumHealth1), and LinkedIn (Company: Quantum Health).
Media Contact: Becky Sparhawk E: [email protected]
Advertisement
Chief Medical Officer Dr. Dana Andrews attributes the results to the company's active collaboration with the members and their providers during the precertification process. "We look for 44 specialty medications when members onboard with us. We're able to quickly identify those who can receive the medication in a more cost-effective site of care, and once we've identified them, we have more than a 95 percent success rate at transitioning them to high-quality, more affordable sites."
Advertisement
For employer health plans and healthcare consumers alike, specialty Rx is a major cost-driver. Currently, only 1 to 2 percent of the U.S. population are treated with specialty medications, but those patients are driving nearly 40 percent of all drug spending. And experts are projecting costs to rise by 17.7 percent in 2018.
During its review of cases from new clients, Quantum Health identified 57 percent of members being treated by specialty medications could benefit from a change in the site of care. Of those cases, 96 percent were successfully transitioned to a more affordable alternative. For affected clients, the savings represents an immediate and long-term return on investment.
"Our program is called Precision Specialty Pharmacy Management because we collaborate with our members' providers on an individualized, case-by-case basis to maximize both the value and quality of their care," says Dr. Andrews. "It is hardwired into our pre-cert process. We have a high degree of certainty that these initial results are repeatable for our new clients and sustainable for all of our existing clients."
ABOUT QUANTUM HEALTH
Quantum Health is an award-winning consumer healthcare navigation company that delivers an unparalleled consumer experience based on empathy and trust, enabling employers to achieve industry-leading satisfaction rates and independently validated claim savings. Launched in 1999, Quantum Health's model is based on years of consumer research and the insights learned from guiding millions of consumers and their providers through their healthcare journey. Based in Columbus, Ohio, Quantum Health has earned numerous awards and honors, including being named Entrepreneur of the Year by Ernst and Young, Fastest-Growing Privately Held Company for the past 10 years by Inc. 5000; one of the 50 Fastest-Growing Women-Owned/Led Companies for the past four years by the Women Presidents' Organization; a Best Place to Work for the past 11 years by Columbus Business First; and a Great Place to Work® Best Small & Medium Workplaces by FORTUNE Magazine and Entrepreneur Magazine. Learn more at Quantum-Health.com, and connect with us on Twitter (@QuantumHealth1), and LinkedIn (Company: Quantum Health).
Media Contact: Becky Sparhawk E: [email protected]
View original content:http://www.prnewswire.com/news-releases/quantum-health-slashes-cost-of-specialty-rx-for-new-clients-300668154.html
SOURCE Quantum Health
