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October 30, 2020

In today’s business environment, saving money and achieving measurable return on investment are crucial. And when it comes to your groups’ health care spend, anything you can do to help them improve cost-effectiveness reinforces your value as a trusted advisor.

That’s why you should talk with your self-funded groups about MedSavvy®, our pharmacy cost-comparison and efficacy tool that’s embedded in every fully insured group plan. MedSavvy helps groups save on medication costs while improving their health and productivity. Members use MedSavvy to compare costs and effectiveness of thousands of prescription medications, and they rely on a team of pharmacists for online consultations and rigorous evidence-based medication grading system.

But don’t just take our word for it. One Regence self-funded customer generated significant cost savings and ROI during the first year of using MedSavvy. The employer, with 183 employees and 381 total members, already had a strong culture of well-being and cost-consciousness. Management’s goal in using MedSavvy was to reinforce the organization’s culture of health while lowering health care costs.

Working with their broker and a dedicated MedSavvy account representative, the employer launched a campaign to register employees on the MedSavvy platform. Once registered, employees would be able to receive notifications from licensed pharmacists about price, recalls and medication safety, as well as opportunities to stop, start or switch their medications to more cost-effective options of the same quality.* Additionally, users could request online pharmacist consultations, and shop and compare medications on their own for side effects, grades and out-of-pocket costs for their plan.

Eighty-four percent of the organization’s 183 employees registered with MedSavvy, and 29% took an action, such as stopping, shopping, starting or switching medications. Employees who took action realized significant savings—an average of $1,091 each in shared savings between the employer and employee. That’s a total of $57,823 saved with just 29% of employees registered; even greater shared savings can be achieved as more employees register and begin using MedSavvy.

MedSavvy integrates with groups’ pharmacy benefit plan, whether it’s integrated with Regence or through a separate PBM. Talk with your self-funded groups about MedSavvy today. Please contact your account executive for more information or to schedule a demo.

*Pharmacy and pharmacist services are provided by JourniRx, Inc. (a licensed pharmacy).

JourniRx and MedSavvy are separate and independent companies that provide services for Regence members.