How to Cut Employee Benefit Costs with Specialty Medication Programs

An often overlooked area for reducing employee benefit costs is how employees access their medications. The traditional pharmacy model, while familiar, may not always align with the financial or accessibility needs of your workplace. In fact, specialty drugs can account for up to 50% of an employer-sponsored health plan’s total pharmacy spend.

At Valentine Insurance Services, we help your team access medications while cutting costs. Through prescription delivery services, allowing for smaller copays and greater access to hard-to-source medications, we’re redefining how healthcare benefits work.

Specialty Mail-Order Programs vs. Traditional Pharmacies 

Traditional pharmacies have been a cornerstone of healthcare for decades. Their primary benefit lies in the in-person interaction they offer. 

On the other hand, specialty mail-order delivery pharmacies offer unparalleled convenience, and a wider range of medication, usually at a smaller cost to employers and employees. In just a few steps, medications can be ordered online and delivered directly to the patient’s doorstep, eliminating overhead and frequent trips to the pharmacy.

3 Ways Specialty Programs Can Transform Your Business

1. Cost-Savings & Accessibility with Multiple Sourcing Options

Non-traditional programs can drastically reduce your plan spending on specialty drugs by up to 70%, which is critical to securing the best possible reinsurance rates for the health plan and offering competitive benefits to your employees.

This approach provides several key benefits:

1. Broader Sourcing of Medications: In addition to domestic sourcing, these programs tap into global pharmaceutical markets to offer an extensive selection of medications that may not be readily available through local pharmacies, ensuring employees have access to the treatments they need, regardless of their location or complexity.  This broad selection is particularly beneficial for employees with unique or complex health conditions that require specialty drugs not often stocked by local pharmacies.
2. Competitive Pricing: One of the significant advantages of international sourcing is the ability to provide medications at more affordable prices. From guiding employees through using manufacturer coupons to enrolling in patient assistance programs, these programs are dedicated to proactively ensuring the best savings are unlocked.

2. Increased Productivity

When employees have easy access to their medications, they’re more likely to stick to their treatment plans. This consistency can lead to better overall health, fewer sick days, and higher productivity. Here’s how:

1. Lower Healthcare Costs: Companies can reduce overall healthcare costs associated with emergency room visits, hospital admissions, and complications from unmanaged chronic conditions. 
2. Reduced Absence: Healthier employees are less likely to take sick days. Chronic conditions managed effectively through consistent medication use mean fewer flare-ups and health crises that necessitate time off from work.
3. Improved Focus and Efficiency: Employees who are managing their health effectively are more focused and efficient. Chronic pain, fatigue, or other symptoms can significantly hamper productivity. When employees are feeling well, they can concentrate better, work more efficiently, and contribute more effectively to their team.
4. Convenient Home Delivery: Mail-order ensures that medications are delivered right to your employees' doorsteps, eliminating the need for trips to the pharmacy. This added convenience is especially valuable for those with mobility challenges or busy schedules, making it easier for employees to stay on top of their health needs without any added hassle.

4. Increased Employee Retention and Attraction

Offering an innovative pharmacy service can also significantly boost your company's ability to attract and retain top talent. In today’s competitive job market, prospective employees are looking for comprehensive benefits that cater to their health and well-being. 

• Attract Top Talent: An efficient benefits package that includes mail-order pharmacy services can make your company stand out to potential hires who value health and convenience. It’s a perk that showcases your company’s forward-thinking approach.
• Increase Employee Loyalty: Employees who feel their employer genuinely cares about their health and makes their lives easier are more likely to remain with the company long-term.
• Strengthen Employer Brand: Offering innovative benefits can improve your company’s reputation as an employer of choice. It reflects positively on your brand and can help create a positive workplace culture that values and supports its employees.

Integrating a mail-order pharmacy service into your benefits package can not only improve productivity, save costs, and provide better access to medications but can also play a role in improving employee satisfaction and retention. According to MetLife, 70% of employers say their loyalty to their company would increase if their benefits plan could be customized to meet their needs. 

Ready to Improve Your Employee Benefits Plan? 

Traditional, standardized employee benefits plans just don’t cover the scope of modern employees’ needs and accessibility. There are more options available to your company than brick-and-mortar pharmacies—and we can help you expand your offerings. 

At Valentine Insurance Services, our team is dedicated to helping you determine the best insurance options for your workforce. Ready to expand the potential of your employee benefits plan? Contact Valentine Insurance Services today to discuss your unique needs and explore how we can help you implement the most cost-effective pharmacy solution for your business.