Here’s how to find a cash solution that works

Customers are looking for ways to save money on prescriptions, but cash cards and coupons could hurt your bottom line. Here’s how to find a sustainable cash pricing solution that works for you and your customers.

Do you see more customers paying cash at your counter? This scenario may be increasing as more employers offer high deductible health plans (HDHPs). As patients continue to look for smart ways to save money on their prescriptions, community pharmacists need to be ready with a cash-price solution that keeps price-sensitive customers happy without hurting the bottom line. This is what to look for in a cash pricing solution.

HDHPs are on the rise and customers are looking for alternative payment methods.

AN recent analysis found a 13% increase in people with HDHP in recent years. That means more pharmacy customers are paying attention to the cash prices of their drugs. An HDHP is treated like a different health plan in that more out-of-pocket costs (the deductible) are paid before the plan begins to cover eligible costs. The IRS sets minimum deductibles to define an HDHP; the minimum deductible in 2022 it is $1,400 for an individual and $2,800 for a family.

And yet, studies have shown that actual deductibles can be regularly more than $4500 for a family—significantly exceeding those minimums.

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