Flipt: A new Paradigm in Prescription Drug Management – Transparency & Savings for Employers & Employees
The escalating cost of prescription drugs is a major concern for employers and employees alike. Traditional Pharmacy Benefit Managers (PBMs) frequently enough lack transparency, leaving plan sponsors in the dark about true drug costs and potential savings. Though, a new breed of companies is emerging, offering a refreshing option. This article focuses on Flipt, a “pass-through” PBM that’s gaining traction by prioritizing transparency, member engagement, and demonstrable savings.
The Problem with Traditional PBMs
For years, the prescription drug supply chain has been opaque. PBMs negotiate rebates with drug manufacturers, but frequently enough don’t fully pass those savings on to their clients. this lack of transparency makes it difficult for employers to understand where their money is going and whether they’re getting the best possible value. Flipt aims to disrupt this model.
Introducing Flipt: A Different Approach
Flipt operates on a fundamentally different principle: complete pass-through pricing. They don’t retain rebates or spread pricing – you see the actual cost of every drug. but transparency is just the beginning. Flipt combines this with innovative technology and a high-touch service model to drive down costs and improve health outcomes. Here’s a closer look at their key features:
Customizable Formulary: Flipt allows you to tailor your drug formulary. You can prioritize coverage for high-value medications, and strategically manage low-value drugs through coverage exclusions or increased member cost-sharing.
Price transparency App: Flipt provides enrollees with a user-kind mobile app (available on both Apple and Android). This app displays real-time pricing for prescriptions at local pharmacies, including your individual out-of-pocket costs based on your specific health plan.
Proactive Cost Savings: The app doesn’t just show prices; it actively alerts members to lower-cost therapeutic equivalents. If a comparable drug is available for less, Flipt will even facilitate a prescription change with your doctor.
concierge Support: Navigating the prescription drug landscape can be complex. Flipt offers a dedicated concierge support team to assist members with pharmacy selection, medication changes, and any other challenges they may face.
Guaranteed Savings: Flipt confidently guarantees PMPM (per member per month) savings for plan sponsors with 5,000+ members.
Real-World Results & Impact
Flipt claims its clients typically achieve drug savings of 20-30%, translating to a 4-9% reduction in overall health plan costs. This is a significant promise,and their performance guarantee underscores their confidence.
But the benefits extend beyond just cost savings. Flipt’s model encourages the use of high-value medications, which can lead to better health outcomes for your employees. They also incorporate guidance from third-party experts, reinforcing the scientific basis of their practices.
Why Flipt Stands Out
Flipt, along with a growing number of similar companies, represents a shift in the PBM landscape. They are building trust with employers and enhancing the drug acquisition experience for both employees and organizations.
Here’s what sets them apart:
Transparency: Full pass-through pricing eliminates hidden fees and markups.
Engagement: The mobile app empowers members to take control of their healthcare costs.
Support: the concierge team provides personalized assistance when needed.
* Performance: Guaranteed savings offer peace of mind.
A New Paradigm for Drug Management
Flipt and its competitors are pioneering a new paradigm in prescription drug management. This “pass-through” approach offers a high-performance alternative that deserves serious consideration from benefits managers and advisors. If you’re looking for a way to lower drug costs, increase transparency, and improve the health of your employees, Flipt is a company worth exploring.
Brian Klepper is a health care analyst and advisor focused on identifying, vetting, and connecting high-performance health care vendors with organizations that hold health care clinical and financial risk.
published April 2, 2021
Updated September 17, 2022