CaptureRx recently hosted a 340Brief, “How a Cash Card Can Help During COVID-19.” Presented by Terry Copeland, COO and Philip Barrera, Product Manager, the webinar outlined how you can help patients obtain lower cost prescriptions during the COVID crisis and what models would work best for you.
What is a cash card? – A cash card is a discount prescription card created to help patients obtain the medications they need at prices they can afford. Many TPAs offer these programs including CaptureRx. For more information, please visit – https://www.capturerx.com/capturecard/
Why is a Cash Card important during COVID-19? – With a record 20.5 million jobs lost in April, unemployment has soared to 14.7%. Meaning, many Americans have lost their health insurance and, in many cases, their ability to afford their medications.
Model Design is Important – Choose the option that works best for your covered entity to maximize patient benefit while ensuring it is a financially sound and compliant program.
- Break-Even Model (Pass through plan)
- Captures cash claims with the patient paying all costs. 340B Drug Cost + Admin & Dispense Fee.
- Sliding Fee Model
- Takes a percentage of the 340B Cost of Sale based on patients’ Federal poverty level tier (may or may not include the 340B TPA Admin Fee and Pharmacy Dispense Fee to patient Cost). *Requirement for BPHC 330 Grantees
- Voucher Program Model
- With this program you have the option to determine any copay you wish to apply. The card may be used as a one-time voucher or limited-use voucher, based on your preference.
- Percentage Discount Model
- Covered entity can apply a percentage discount to the 340B Cost of Goods.
- 340B Cost of Goods Model
- This model translates to the patient paying the cost of goods for each prescription filled under the covered entity’s program
- Hard Stop Model
- With this model, the patient’s copay comes back to the pharmacy at a flat dollar amount
Getting started – Next steps and how we can help.
Contact your Customer Relationship Manager (or Product Manager) to express interest. A call will be scheduled for program introduction and design specificity. Once the design has been determined and the implementation begins, the covered entity will receive their cash cards within 10 business days. CaptureRx also offers a customizable card with your logo and information on the card.
Options – There are many other products and services available in the marketplace to help the many Americans in need right now.
Prescription Discount Programs are a great alternative for patients to apply discounted prices on non-340B eligible prescriptions. The Elixir Savings Prescription Discount Card is one such option. Patients can present the prescription card at a participating pharmacy and save on many of their prescription drugs.
For more information, please visit https://www.capturerx.com/rxdiscount/
CaptureRx will be hosting a series of 340Briefs throughout 2020. Be on the lookout for future webinar announcements! For topic suggestions, please comment below.
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