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Lower co-pays may mean savings for companiesPosted On Thu, January 6, 2011
Reducing co-payments can actually help companies save money on healthcare, according to research published in the journal Health Affairs.
The study commissioned by the Florida Health Care Coalition indicates that for each dollar spent on medications, their return on investment was $1.33. The group says previous research has also indicated that lower co-payments have translated into more patients closely following their prescriptions.
FHCC president and CEO Becky Cherney says the 3-year study shows that paying some additional money up front for medications may ultimately yield substantial savings.
"Amid soaring healthcare costs, this validates that old saying that an ounce of prevention is worth a pound of cure, and that's especially true where it often hurts most, in our pocketbooks," says Cherney.
While healthcare costs have increased over the years, data from the Centers for Medicare and Medicaid Services shows a 4 percent increase in 2009, a slower rate hike from the 4.7 percent seen in 2008.
Medical costs have risen in many areas, including health insurance and prescription drugs. The study findings may help people ultimately save on their healthcare.
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