SCOTTSDALE, Ariz. (PRWEB) October 13, 2021
The NCPDP Foundation Board of Trustees has awarded a $77,000 grant to Point-of-Care Partners to research and document the value and cost savings of the newly enhanced NCPDP Formulary & Benefit Standard V53, as well as V3. The Standard, which was first developed for use in 2005, enables prescribers to view plan-specific prescription benefit information - including medications on formulary, alternative medications, coverage limitations such as age limits or step therapy rules, and the copay for one product option versus another - prior to prescribing a medication. When the Formulary and Benefit Standard is used in conjunction with NCPDP’s Real-Time Prescription Benefit (RTPB) Standard, prescribers have a complete view of patient-specific medication options and costs to select the most clinically appropriate medication at the point of care. The research project will produce stakeholder-specific value models of the Formulary & Benefit Standard, as well as an analysis of potential cost savings from API access to the data and the additional value and cost savings gained when combined with the RTPB Standard.
“NCPDP’s Formulary & Benefit Standard is a foundational standard that is as important today as ever,” explained NCPDP Foundation Chair Mindy D. Smith, BSPharm, R.Ph., MHA. “It gives prescribers an early and complete look at medication options that can be discussed with the patient at the point of care. The standard provides visibility on prescription coverage, which medications require prior authorization and more. While the RTPB can be used as a stand-alone standard, use of the two standards together provides accretive value. This research will document the clinical benefits, efficiencies and impacts on patient care. It will also provide an important analysis of cost savings electronic health record vendors may realize from using an API to access the formulary and benefit information available through the Standard.”
“This is an important project that can really help improve the patient experience, likely reduce provider burden and demonstrate potential cost savings of cloud-based access to the Formulary and Benefit Standard,” said Tony Schueth, CEO and Founder of Point-of-Care Partners. “We believe the analysis of the value of the congruent use of these two standards can help the industry agree on evidence-based best practices. We understand that before changing adoption behavior, organizations need to understand the objective value of a change so they can make the best decision for their organization because this is how we generally help many of our clients.”
About NCPDP Foundation
The NCPDP Foundation is a 501(c)(3) nonprofit charitable organization headquartered in Scottsdale, Arizona and is affiliated with the National Council for Prescription Drug Programs (NCPDP). The NCPDP Foundation was established in December 2012 to support research, education, and charitable involvement within the healthcare industry. For more information, visit http://ncpdpfoundation.org.