(Vocus/PRWEB) August 14, 2008
Atlanta (Vocus) August 14, 2008 -- Cypress Care today announced that Jim Andrews, R.Ph, senior vice president of operations for Cypress Care, and Harry Shuford, Ph.D., chief economist for NCCI Holdings, Inc., will present at the 63rd Annual Workers’ Compensation Educational Conference in Orlando. The presentation, “Avoiding Drug Cost Overdose: What is Impacting Pharmacy Cost in Workers’ Compensation?” will take place on Tuesday, August 19th, at 1:00 p.m. at the Orlando World Center Marriott.
Prescription drugs represent more than 14% of total medical costs in workers’ compensation claims and are the largest contributor to workers’ compensation medical inflation. Andrews and Shuford will discuss cost drivers and the latest national trends impacting prescription spending. “The cost of prescription drugs is on the rise,” said Andrews. “Drug manufacturers increased prices last year by an average of 7.4% for brand medications, 2.5 times overall inflation.”
Andrews and Shuford will identify pharmaceuticals trends and factors that affect prescription spending including: what drugs injured workers are taking, which drugs are prescribed most often, the impact of low fee schedules and repackaged drugs, off label prescribing, significant drug introductions and the use of generics. “The FDA approval of new generic drug products may help keep costs down,” said Shuford. “Without approvals of new generics, the maximum additional savings that can be realized from using generic equivalents is 12%.”
About Cypress Care
Cypress Care is a leader in the management of rising claims expense related to pharmacy and ancillary health service benefits for the workers’ compensation, auto insurance and Medicare set-aside markets. With its comprehensive, powerful technology and industry expertise, the company has created a new standard in cost management and customer service. Cypress Care’s strategic objectives center around the delivery of products and services that address a broad spectrum of integrated healthcare services that contribute significantly to the reduction of claims cost. The company’s customers include some of the largest private/governmental employers and insurance companies in the United States. For more information, please visit http://www.cypresscare.com.
About NCCI Holdings, Inc.
National Council on Compensation Insurance, Inc. (NCCI), based in Boca Raton, FL, manages the nation's largest database of workers’ compensation insurance information. NCCI analyzes industry trends, prepares workers’ compensation insurance rate recommendations, determines the cost of proposed legislation, and provides a variety of services and tools to maintain a healthy workers compensation system. For more information, please visit http://www.ncci.com.