Co-Pay Program Benefit Costs Can Be High! Have You Conducted An Independent Performance Analysis Against Your Strategic and Financial Goals?
Every year co-pay cards fall short of delivering on brand strategic objectives and cost companies more than they should. Just tracking the redemption trend reports provided by the co-pay vendor is a good way to lose profits and miss strategic priorities. SC Solutions uses multiple analytic approaches to answer key questions and then recommend co-pay offer and business rule changes that address client needs. Partial list of example questions we address:
- What offer will best address current brand priorities?
- What co-pay level is an inflection point for 1st Rx abandonment? Is it different for refill prescriptions?
- Can a different offer incentivize more profitable 90-day Rx's that also improve therapy persistency?
- Do I need a different offer to address high deductibles earlier in year?
- How effective has co-pay card been in developing new prescribers?
- To what extent is program delivering incremental business vs. just discounting business you would have received without offer?
- Which physicians & patient types are ROI negative? Should program be adjusted?
- Are individual payers' required out-of-pocket costs in line with their contracted formulary tier?
- Should patients without insurance be eligible for co-pay offer? What about insured-uncovered patients?
- When is it time to change my co-pay offer following launch and changes in managed care coverage?
- Are free trial voucher patients converting to profitable customers?
- Which integrated marketing programs are driving co-pay utilization and physician adoption?
Copying Competitive Co-Pay Offers Often Leads to Expensive Errors
"Common Sense" decisions without analytic support often result in high costs and sub-optimal performance.
EXAMPLE: The assumption that a $0 Patient Out-of-Pocket cost results in more Rx fills. REALITY: After analyzing hundreds of co-pay programs, we know that patients who pay something for their Rx are more likely to fill the prescription and have lower therapy abandonment rates. We use analytics to determine for each unique therapeutic area what they will pay out-of-pocket for an Rx and what payment is optimal for both profitability and Rx demand.
Actively Managing a Co-Pay Program is More Than Just Tracking Reimbursements
Analytically supported active program management decisions are imperative to ensuring strategic priorities are met while maximizing ROI and avoiding excessive redemption expenses. Programs must be rigorously monitored to ensure any appropriate program adjustments and/or support efforts can be made in a timely manner.
Monitoring AVERAGE program metrics leaves many opportunities for improved performance hidden. SC Solutions uncovers these opportunities by analyzing Payers, Physicians and Patient coverage types and then makes recommendations to address the issues.
Every year co-pay cards fall short of delivering on brand strategic objectives and cost companies more than they should. Just tracking the redemption trend reports provided by the co-pay vendor is a good way to lose profits and miss strategic priorities. SC Solutions uses multiple analytic approaches to answer key questions and then recommend co-pay offer and business rule changes that address client needs. Partial list of example questions we address:
- What offer will best address current brand priorities?
- What co-pay level is an inflection point for 1st Rx abandonment? Is it different for refill prescriptions?
- Can a different offer incentivize more profitable 90-day Rx's that also improve therapy persistency?
- Do I need a different offer to address high deductibles earlier in year?
- How effective has co-pay card been in developing new prescribers?
- To what extent is program delivering incremental business vs. just discounting business you would have received without offer?
- Which physicians & patient types are ROI negative? Should program be adjusted?
- Are individual payers' required out-of-pocket costs in line with their contracted formulary tier?
- Should patients without insurance be eligible for co-pay offer? What about insured-uncovered patients?
- When is it time to change my co-pay offer following launch and changes in managed care coverage?
- Are free trial voucher patients converting to profitable customers?
- Which integrated marketing programs are driving co-pay utilization and physician adoption?
Copying Competitive Co-Pay Offers Often Leads to Expensive Errors
"Common Sense" decisions without analytic support often result in high costs and sub-optimal performance.
EXAMPLE: The assumption that a $0 Patient Out-of-Pocket cost results in more Rx fills. REALITY: After analyzing hundreds of co-pay programs, we know that patients who pay something for their Rx are more likely to fill the prescription and have lower therapy abandonment rates. We use analytics to determine for each unique therapeutic area what they will pay out-of-pocket for an Rx and what payment is optimal for both profitability and Rx demand.
Actively Managing a Co-Pay Program is More Than Just Tracking Reimbursements
Analytically supported active program management decisions are imperative to ensuring strategic priorities are met while maximizing ROI and avoiding excessive redemption expenses. Programs must be rigorously monitored to ensure any appropriate program adjustments and/or support efforts can be made in a timely manner.
Monitoring AVERAGE program metrics leaves many opportunities for improved performance hidden. SC Solutions uncovers these opportunities by analyzing Payers, Physicians and Patient coverage types and then makes recommendations to address the issues.