Did you know that performing Medicare plan comparisons can have significant benefits for both your patients and your pharmacy? It’s time to take an active role in finding the best Medicare plan options for your patients. Let’s dive into the four key benefits of performing Medicare plan comparisons.
Benefit #1: Reducing DIR Fees
Direct and Indirect Remuneration (DIR) fees can significantly impact a pharmacy’s bottom line. By conducting Medicare plan comparisons, you can identify plans with lower DIR fees, ultimately improving your pharmacy’s profitability. For example, if you notice a high DIR fee associated with a particular plan, you can guide your patients towards alternatives that carry lower fees without sacrificing quality of care.
Pay attention to the metrics of the plans. If you have a patient who always refills their medications on time, it would be best for them to be on a plan that uses adherence as a metric. Likewise, if a patient has trouble adhering to their medication plan, finding a different Medicare plan that doesn’t use adherence as a metric or that measures adherence at the PSAO level would be more beneficial.
Benefit #2: Improving Patient Retention
Patient loyalty is key to the success of any pharmacy. By helping your patients find the best Medicare plan that suits their needs and budget, you not only improve their health outcomes but also strengthen their trust in your services. This proactive approach demonstrates your commitment to their well-being, making them more likely to stick with your pharmacy in the long run.
Also, a proprietary study of pharmacies using EnlivenHealth’s Medicare plan finder tool, Medicare Match, showed that patients were 30% more likely to stay with a pharmacy after getting a plan comparison.
Benefit #3: Increasing Pharmacy Profitability
Medicare plan comparisons can help you identify opportunities for increased profitability. By guiding your patients towards plans that offer better reimbursements for the drugs you dispense, you can significantly boost your revenue without increasing their out-of-pocket costs. Plus, by reducing DIR fees and enhancing patient retention, your pharmacy’s profitability will naturally increase.
Benefit #4: Decreasing Patient Drug Costs
High drug costs can be a barrier to medication adherence for many patients. Through Medicare plan comparisons, you can help your patients find plans that offer lower out-of-pocket costs for their medications. This not only helps your patients afford their medications but also improves their health outcomes by ensuring they can adhere to their prescribed treatment plans.
Time to Take Action
Performing Medicare plan comparisons can seem daunting, but the benefits are substantial. By taking action early, you can reduce DIR fees, improve patient retention, increase pharmacy profitability, and decrease patient drug costs. Your role as a pharmacist or pharmacy owner goes beyond simply dispensing medications; it extends to actively helping your patients lead better, healthier lives. And for patients over 65, that means helping them navigate the complexities of Medicare plans.
Medicare plan comparisons present a powerful tool for pharmacists and pharmacy owners to enhance their services and improve their business performance. By understanding the different plans available and how they align with your patients’ needs and your pharmacy’s operations, you can make informed decisions that benefit everyone involved.
Ready to start leveraging the benefits of Medicare plan comparisons? Request a live demo of EnlivenHealth’s Medicare plan finder, Medicare Match. This tool is designed to simplify the process and equip you with the knowledge and resources you need to make the best decision for your pharmacy and your patients. Don’t wait — seize the opportunity to transform your pharmacy today!