The New England Healthcare Institute estimates that medication non-adherence along with suboptimal prescribing, drug administration, and diagnosis are responsible for $290 billion in “otherwise avoidable medical spending” in the US alone each year. [1]
Medmonk's goal is to reduce healthcare costs, without compromising quality of care, by eliminating waste due to non-adherence.
Chronic disease patients are particularly at risk for poor health outcomes and increased hospitalizations if they do not adhere to their prescribed medication regimen. Such patients experience diminished quality of life and often face morbidity and mortality. Medmonk strives to improve outcomes by eliminating the financial barrier to adherence.
Direct-to-patient marketing, such as coupons and discounts, create risks such as of off-formulary drug selection and generic-to-brand substitution. Medmonk minimizes these risks by being available only to pharmacists, who award assistance to patients demonstrating need.
Non-adherence has been shown to result in $100 billion each year in excess hospitalizations alone. [2]
It is one of the key drivers of increased overall healthcare costs that strain healthcare resources and result in poor health outcomes.
Need-based
Medmonk targets patients who demonstrate financial hardship and discourages over-utilization.
Pharmacist-facing only
By empowering pharmacists to provide financial assistance when they have patients in need, Medmonk eliminates the risks of formulary non-compliance that arise from direct-to-patient methods of co-pay assistance.
Adherence-focused
Medmonk alerts pharmacy staff of missed refills, resulting in healthier covered lives and reducing the likelihood of costly medical procedures.
Medmonk prevents influence on drug selection by the patient. Assistance is made available after the prescription has been written and only to the pharmacy, removing any risk of generic-to-brand substitution.
Because Medmonk is contracted only at the pharmacy level, physicians aren't influenced by coupons to choose off-formulary therapies to decrease out-of-pocket costs for patients.
Medmonk supports need-based financial assistance, a pre-requisite that reduces PMPY spending for payors due to improved levels of adherence.
