Magellan Rx Medical Pharmacy Solutions Achieve $2 Billion Lifetime Savings for Health Plan Customers While Ensuring Quality C...
December 10 2019 - 6:30AM
Business Wire
Magellan Rx Management, a division of Magellan Health, Inc.
(NASDAQ: MGLN), today announced that its medical pharmacy
management programs achieved over $2.1 billion in combined,
lifetime savings for current health plan customers enrolled in
disease-specific programs. These programs are designed to mitigate
rising medical pharmacy spend while maintaining a high quality of
care for members. Health plan savings have continued to grow over
the years, and 2018 alone generated nearly $415 million in savings
for nearly 20 current customers.
Proven solutions to identify and mitigate trend of medical
pharmacy costs
Medical pharmacy trend and spend presents a unique set of
challenges when compared to traditional pharmacy management.
Medical pharmacy drugs, which are used to treat high-cost, complex
disease states such as oncology, autoimmune conditions, and rare
diseases, are administered by healthcare professionals in a
provider’s office, in a patient’s home via home infusion, or in a
hospital outpatient facility. Magellan Rx has leveraged advanced
analytics, digital technology, strong provider network
collaboration, and a robust knowledge of trend to develop
customized, flexible, and quality-focused solutions to manage
medical pharmacy drugs. The savings delivered to health plan
clients are generated from clinical efficiencies and interventions
identified by specialized clinicians across several high-cost,
complex disease states.
“We have collaborated with numerous health plans on these
pioneering medical pharmacy programs that optimize appropriate use,
clinical appropriateness and effectiveness, patient adherence, and
cost management for this complex and rapidly-growing portion of
specialty drug spend,” said Kristen Reimers, RPh, senior vice
president, specialty clinical solutions, Magellan Rx Management.
“Individual plans experienced overall savings of 10-15 percent
depending on their population size and scope of implemented
interventions, including prior authorization, post-service claim
edits, provider network strategy, site of service management, and
medical formulary management.”
Magellan Rx medical pharmacy solutions bring together innovative
programs and services that enable health plan customers to identify
appropriate therapy, promote clinical efficiencies, improve quality
of care for members, and—when combined with a targeted benefit
design—reduce member out-of-pocket costs while increasing access to
more convenient care.
- Programs now span multiple disease states across more than 200
specialty drugs on the medical benefit.
- New programs contributed to approximately 20 percent of total
2018 health plan savings, including dosing differential, drug
wastage, as well as targeted solutions for intravenous immune
globulin (IVIG), oncology immunotherapies, and hemophilia.
- The drug wastage solution specifically has driven an eight
percent increase in savings over 2018 while positively impacting
patient safety by eliminating unnecessary dosages and waste, with
more than 350,000 units saved across a population of nearly 2,000
patients within the first year of the program.
- Additionally, in the last five years nearly 2,000 provider
survey responses were collected with an annual average of 95
percent overall satisfaction in how the programs are administered,
further demonstrating Magellan Rx’s collaborative approach to
providing cost-effective and quality care.
About Magellan Rx Management: Magellan Rx Management, a
division of Magellan Health, Inc., is a full-service,
next-generation pharmacy benefit manager (PBM) that helps our
customers and members solve complex pharmacy challenges by
connecting them to the people, technology, and information they
need to make smarter healthcare decisions. As experts in managing
specialty spend both on the prescription and medical benefit, we
are energized by discovering new and better ways to deliver
solutions in today’s complex and rapidly-evolving healthcare
environment, leading people to live healthier, more vibrant
lives.
About Magellan Health: Magellan Health, Inc., a Fortune
500 company, is a leader in managing the fastest growing, most
complex areas of health, including special populations, complete
pharmacy benefits and other specialty areas of healthcare. Magellan
supports innovative ways of accessing better health through
technology, while remaining focused on the critical personal
relationships that are necessary to achieve a healthy, vibrant
life. Magellan's customers include health plans and other managed
care organizations, employers, labor unions, various military and
governmental agencies and third-party administrators. For more
information, visit MagellanHealth.com.
(MGLN-GEN)
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version on businesswire.com: https://www.businesswire.com/news/home/20191210005171/en/
Media Contact: Lilly Ackley, ackleyl@magellanhealth.com,
(860) 507-1923 Investor Contact: Joe Bogdan,
jbogdan@magellanhealth.com, (860) 507-1910
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