Over the past year, 30% of Americans reported skipping necessary medical care due to cost. Simultaneously, nearly the same percentage—29%—worried about being able to afford care if they got sick today. These statistics are from recent data collected by the West Health-Gallup Indices and the numbers underscore a growing dissatisfaction with the U.S. healthcare system, with 52% of Americans believing that the care provided is not worth the cost. Words like “expensive” and “broken” are frequently used to describe the system, highlighting the widespread discontent.
The West Health-Gallup Indices – the Healthcare Affordability Index and the Healthcare Value Index – provide a detailed picture of the crisis. The Healthcare Affordability Index evaluates the following factors to judge how well Americans can afford prescriptions:
- Avoiding treatment due to cost. Has there been a time in the last three months when you or a member of your household had a health problem, but you did not seek treatment due to the cost of care?
- Forgoing prescribed medication or drugs due to cost. Has there been a time in the last three months when you or a member of your household has been unable to pay for medicine or drugs that a doctor had prescribed for you because you did not have enough money to pay for them?
- Immediate access to affordable quality healthcare. If you needed access to quality healthcare today, would you be able to afford it?
Based on the above metrics, people fell into one of the following three categories.
- Cost Secure: No reported concerns (56% of the U.S. adult population).
- Cost Insecure: Recent issues of high costs and accessibility reported (36% of the U.S. adult population).
- Cost Desperate: Healthcare access is extremely limited (8% of the U.S. adult population).
The affordability crisis is not just a statistic; it has real-life consequences. Many Americans are forced to make tough choices, such as skipping medications or stopping necessary treatments. Non-adherence due to cost leads to worsening health conditions, disease progression, and a higher risk of death. Financially, skipping medications that lead to more severe health issues can result in expensive emergency care or hospitalizations, often leading to significant medical debt. Losing days from work or the ability to work means increasing financial instability. So, the reason to skip medication can paradoxically, cause more financial strain not less.
What Can Help with the Cost Problem?
Solving the prescription cost problem can be addressed by engaging and educating physicians to pinpoint the right prescription for the right price to help patients who might otherwise go without. This is where solutions like RazorMetrics can help.
As a HealthTech company, RazorMetrics is poised to offer a salve to the crisis. By leveraging advanced data analytics and technology, RazorMetrics helps identify cost-saving opportunities without compromising quality of care. Our features offer a full spectrum of solutions to get the out-of-pocket price down while improving adherence.
1. Optimizing Drug Choices: RazorMetrics uses a sophisticated algorithm to recommend more affordable, yet equally effective, medication options. The solution significantly lowers costs for both patients and coverage providers.
2. Addressing Polypharmacy: Patients taking five or more medications are at greater risk for more severe side effects, higher out-of-pocket costs, and more difficult and confusing medication regimens. Our patent-pending polypharmacy algorithm works with physicians to help ease the medication burden on patients.
3. Advocating Biosimilars: our innovative biosimilar program is designed to provide cost-effective, FDA-approved alternatives to extremely expensive branded biologic drugs. We ensure physicians and patients are well-informed about these viable less-expensive options, promoting acceptance and understanding that leads to deep savings.
4. Painless Discounts: We do all the work to help patients and their physicians access discount cards and low-cost pharmacies. Other solutions put the burden on patients to research and find discounts on the internet.
As healthcare costs continue to rise, and many feel the value of care is not worth the price tag, innovative solutions are desperately needed. The West Health-Gallup indices provide a stark reminder that people are looking for solutions. By helping to make medications more affordable, RazorMetrics not only eases the financial burden on individuals but also contributes to a more sustainable healthcare coverage overall. The sting of the looming affordability crisis can be avoided.
