5 Reasons Why You Need to Prioritize Prescription Price Transparency

New regulation requires that health systems list pricing for their most common 'shoppable' services. However, discrepancies in these prices are common, making many price transparency initiatives fall flat. Meanwhile, prescription price transparency initiatives have taken hold with new technologies allowing physicians to see accurate medication costs at the point-of-care, in real-time. In this way, true price transparency is possible. With the right tools in place, physicians can view patient and pharmacy-specific information, and have confidence in the medication choices they make for their patients.

So why implement prescription price transparency tools today? Here are our top five reasons why you need to prioritize prescription price transparency at your organization:

1) Patients are demanding it.

• For years, patients have demanded the healthcare experience align with other consumer experiences. They feel empowered by knowing the cost of their medications upfront, and will often shop for lower prices when it comes to their care.
• The COVID-19 pandemic forced millions to be more cost-conscious and financially aware, and surveys have shown that patients hope to decrease their prescription drug spending over time. This makes it more important than ever that physicians have conversations with patients about medication options.
• Lastly, research has shown that price is the number one driver of medication non-adherence. By providing prescription cost data upfront, physicians can help avoid sticker-shock, increase medication adherence, and improve overall patient health.