Prescribe Thoughtfully

As a physician, you’re involved in many areas of your patient’s physical well-being. But, do you know that your decisions affect your patient’s financial health as well?  Here are some stats about the financial side of health care that may shock you:

• In 2010, employees with employer-sponsored health insurance paid an average of $3,997 per year for family coverage premiums .(1) Additional costs for deductibles, office visit co-pays, and prescription drugs bring the total cost of health care to over $5,000 per year for many families.
• Nationwide, pharmacy co-pays average $11 for generics, $28 for second-tier (preferred brand) drugs, and $49 for third-tier (non-preferred brand) drugs. (Johns Hopkins EHP co-pays are similar to the national average.)
• In 2008, 40% of adults reported some difficulty paying for medications for themselves or a family member. Of those prescribed a prescription medication, 36% had not filled a prescription due to cost in the previous two years!  (2)

With premiums and co-pays on the rise, patients will increasingly turn to their physician for advice about cost-saving medications. So in preparation, a group of Hopkins providers and leaders is focusing on the opportunity to save money for patients by prescribing therapeutic equivalents, or options that are chemically different but have the same effect as brand-name drugs.

Therapeutic equivalents are often generic medications, which are typically available at the lowest cost to patients. Brand-name therapeutic equivalents may also be available at lower cost, by selecting a preferred brand [tier 2] from the patient’s formulary.

Selecting lower-cost therapeutic equivalents benefit patients and providers. In addition to the immediate savings through lower co-pays, patients benefit in the long-term through lower premiums. Studies also show that patients prescribed generic medications to treat chronic conditions are 62% more likely to be adherent to treatment than those prescribed highest-tier brands.(3)

We encourage you to join us and do your part: Prescribe Thoughtfully.  Doing so will help your patients improve their finances while improving their health.  Call the Johns Hopkins HealthCare Pharmacy Department at 1-888-819-1043 with any questions.

Download and print our Cost Effective Alternative Guide.