Even insured Americans will benefit from EquivaMeds if their prescription benefit plan requires a high deductible, as you see in coinsurance, or contains self-directed features such as those found in Health Savings Plans (HSAs)
Sarasota, FL (PRWEB) June 17, 2008
Genuity Group, LLC, a leading technology advisor and developer of online applications to healthcare, banking and government organizations, today announced the launch of EquivaMeds, a comprehensive advocacy tool designed to help consumers analyze their current medications, identify lower cost options, and communicate the results privately back to their doctor --all in about five minutes. The unique database in EquivaMeds searches thousands of equivalent-class medications that are up to 80% less expensive than current medications.
According to a recent Harvard University / USA Today / Kaiser Family Foundation poll, 40% of Americans have trouble paying for prescription drugs because of high cost.* Meanwhile, an AARP Watchdog study reported that some of the most commonly prescribed medications rose by 7.4% in 2007.**
"There is no question that consumers need help managing their prescription drug costs," said Philip St. John, Genuity Group CEO. "We believe EquivaMeds will help the average consumer save $800 to $1,200 each year and will be an effective tool for the uninsured and those that depend on Medicare Part D, Medicare Advantage or similar programs," he said. "Even insured Americans will benefit from EquivaMeds if their prescription benefit plan requires a high deductible, as you see in coinsurance, or contains self-directed features such as those found in Health Savings Plans (HSAs)," St. John added.
"I was so sure I had the lowest cost medications possible," said Marian Myers, 81 of Sarasota, FL, who took part in the early trials. "But EquivaMeds found another $900 I could save each year!"
Patients like Marian are aware of cheaper generics, such as the popular $4 incentive programs found at Wal-Mart or Target, but may not know that there are numerous equivalent medication options which may cost less than even some generics. These medications can be grouped together with similar medications by active ingredient or how they work when treating a specific condition. There are thousands of equivalent-class medications available in the U.S. today, many of which may be used to safely replace more expensive medications.
In addition to finding these lower cost medications, EquivaMeds also provides a retail price index to compare costs between the current and equivalent medications. This information is critical since many doctors do not know their patient's medication costs. When all this information is combined with the private physician communication feature, EquivaMeds becomes a very powerful tool for the consumer.
"The beauty of EquivaMeds is its ability to turn a complicated process into a simple one," said David Smith, Genuity Group's Director of Business Development. "There are plenty of Internet-based resources today that tell you everything you wanted to know about a particular drug, but none that find equivalent medication options, comparative pricing and direct, private physician communication in one simple tool -until now." "EquivaMeds provides the opportunity to save thousands of dollars each year for a single fee of $14.95," Smith added.
EquivaMeds is available today for consumers, physicians, payer groups -- like self-funded employers-- and small to medium health plans, and is available to third party administrators (TPAs), pharmacy benefit managers (PBMs), and health benefits consultants and on a branded, co-branded or private label basis for their members.
Headquartered in Sarasota, FL, Genuity Group is a family of companies whose clients include leading banks, nationally recognized healthcare organizations, government entities and expanding enterprises. The Genuity companies are organized around specific disciplines and industries, but they are closely aligned and share insights across organizational lines. Genuity Group information can be obtained by accessing the websites for Genuity Group or EquivaMeds, or by calling +1.866.977.3637.
"EquivaMeds" is a trademark of Genuity Group, LLC
*SOURCE: Harvard University School of Public Health, March 4, 2008
**SOURCE: AARP Policy & Research Press Center, March 5, 2008