Progressive Medical/PMSI Report Decreases in Work Comp Pharmacy Cost and Utilization
Work Comp Leader releases first Drug Trend Report for combined entity
Memphis, TN – The merged entity of Progressive Medical and PMSI, a workers’ compensation specialty services company, announces the release of its 2014 Drug Trend Report—the first that combines data from both companies—showing results from their pharmacy programs in 2013. The company reports an overall 1.7% decrease in prescription cost per claim and, for opioid analgesics, a 5% reduction in utilization and a 6% reduction in prescription cost per claim. Additionally, the company saw a decline in the Morphine Equivalency Dose (MED) per claim of 9.6%.
“Coming together as one company allowed us to analyze millions of pharmacy transactions, and measure the impact our combined programs have had on pharmacy cost containment and utilization management,” stated Tommy Young, Co-CEO of the combined company. “At a time when average wholesale price inflation continues to climb, the reduction in costs in our book of business shows the power of our programs to protect the financial interests of our clients while ensuring injured workers receive the medication therapy they need. In addition, we are positively impacting the use of opioid analgesics in injured workers through our predictive modeling, clinical oversight, and intervention efforts.”
Additional significant accomplishments reported include:
Up to 98% retail network penetration
99.7% generic efficiency
Improvement in generic utilization by 1.9 points, moving from 74.1% to 76.0%
The Drug Trend Report can be viewed online and printed copies may be requested at www.FirstFilltoSettlement.com.
About Progressive Medical and PMSI
Progressive Medical and PMSI, both leaders in developing solutions to control the growth of medical costs in workers’ compensation, liability, and no fault insurance, have merged to create one of the most dynamic workers’ compensation specialty services companies in the industry. The combined company, which will emerge as one brand in 2014, delivers proven solutions across the claims lifecycle, from first fill to settlement and is accelerating change in the industry by delivering solutions that provide more control to achieve better outcomes – both clinically and financially. Learn more at www.FirstFilltoSettlement.com.
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Media Contacts:
Progressive Medical/PMSI: Jan Luongo, APR, CPRC
O: 813.318.6810 | C: 813.335.7625
jan.luongo@pmsionline.com
Marketing Works: Stacy Wood
O: 614.540.5520
woods@marketing-works.net
