TORRANCE, Calif. – March 17, 2016 – Keenan, the largest privately held insurance brokerage and consulting firm in California, and MCOL, a leading publisher of healthcare business information, have released the results of a survey of healthcare business stakeholders regarding the management of prescription costs.
The survey addressed key questions regarding prospects and priorities for managing these costs in the future, with ranking of topics with respect to influence over controlling costs, contribution towards cost increases and potential to manage these costs.
“These results clearly portray an aspect of health care management and cost containment that is of concern across the board and needs to be addressed,” said Jeffrey Hall, Senior Vice President, Pharmacy for Keenan. “It is a concern that we hear regularly from our clients and that we strive to help them deal with on an ongoing basis.”
Asked about their view of the prospects for managing prescription costs, nearly all (97%) of the respondents felt that the issue is “difficult and challenging.” In addition, 87% felt new/additional resources for managing these costs should receive higher priority than for managing other health care cost components.
Respondents saw pharmaceutical companies as having the greatest potential control over these costs, followed by pharmacy benefit management systems and health plans. They also indicated specialty drug utilization and pharmaceutical drug pricing policies were the top two contributors to cost increases.
With respect to the future potential to manage prescription costs, respondents ranked government regulation, formulary management and drug utilization review, and value-based insurance design as the top three solutions.
The survey universe represented a cross-section of stakeholders in this issue that included employers, unions and employer coalitions; health plans, third-party administrators and exchanges; health care providers; vendors; and others affiliated with the field.
For information on Keenan insurance brokerage and consulting programs, visit www.keenan.com.
Founded in 1972, Keenan is the 17th largest insurance consulting and brokerage firm in the U.S., and the largest independent broker in California. Keenan is dedicated to providing superior insurance products and services to schools, community colleges, healthcare organizations and municipalities for employee benefits, health benefit management services, workers’ compensation, risk management, and property and liability. With headquarters in Torrance, CA, Keenan has a staff of more than 675 insurance specialists and branch offices in Riverside, San Clemente, Oakland, San Jose, Rancho Cordova, Redwood City, Pleasanton and Eureka. For more information, call 800-654-8102 or 310-212-3344, email firstname.lastname@example.org or visit www.keenan.com.
MCOL is a leading publisher of health care business information, offering online memberships, newsletters, webinars, training software, resource books, directories, web content, and much more to health care business professionals since 1995. MCOL is a privately held corporation based in Modesto, California, with additional office locations. www.mcol.com