2014 Workers Comp Prescription Cost Increase
The 2014 Workers Comp Prescription Cost was actually a bargain when compared to the general public’s cost increase. The results were totally surprising as I had thought the increases would have been very similar.
The Google search results from link for 2014 Workers Comp Prescription Cost I performed can be followed by clicking on the word the link in this sentence. Update – the link expired – replaced with new link.
A Risk Manager from a large governmental organization asked me to include any Google searches that I do for articles when possible.
As mentioned in my previous article on WCRI’s recent release of Medical Cost Containment measures, Indemnity was the original driver for most of the Workers Comp costs.
Medical costs, (especially prescription costs), overtook Indemnity a few years ago and will likely be the main driver of increases in WC payouts for many years in the future. However, the overall Workers Comp Prescription cost increase was anemic when compared to the cost burden on the general public.
According to Helios , Workers Comp 2014 prescription cost or prices increased 3.9% over 2013. According to Express Scripts drug trend report, the increase for prescriptions overall was 13.1% when compared to 2013.
I went to great lengths to make sure that I was not doing the apples versus oranges comparison on the numbers. There was a plethora of different measurements on the prescription prices increases.
The basis for the Workers Comp increase was supposedly the large increase in prices of generic drugs. The price increase basis for the general public was due to specialty drugs. The cost of these specialty drugs increased by an astounding 30.9%
Did Workers Comp PBM’s and medical networks do their job as far as controlling prices increases? From the numbers, one would have to say yes.
If anyone has a different set of numbers, I am open to adding them into this article as there are a large number of articles with somewhat conflicting numbers.
©J&L Risk Management Inc Copyright Notice