MedOne Releases 2024 Drug Trend Report Focused on Health Outcomes, Lowered Net Cost, and Customer Experience
MedOne Pharmacy Benefit Solutions, a full-service, transparent pharmacy benefit manager (PBM), is proud to announce the release of its inaugural 2024 Drug Trend Report, offering a data-driven, transparent look into the evolving pharmacy benefit landscape. This report includes data and metrics from MedOne's book of business, claims data, and financials, identifying key trends in spend and utilization. Analysis has been conducted and framed using the lens of MedOne's own proprietary scoring system, The MedONE Score, focusing on 1) health outcomes, 2) net cost, and 3) customer experience as it explores 2024 trends.
“MedOne has established a reputation as the 'best kept secret' in PBM, and now the secret is out,” said Dr. Nate Harold, PharmD, RPh., Chief Pharmacy Officer at MedOne. “For 25 years MedOne has been at the forefront of price transparency, improving outcomes, and providing unmatched customer service. In 1999 we set out to do the right things for the right reasons, and we are excited to show you what happens when those principles guide you."
In 1999 we set out to do the right things for the right reasons, and we are excited to show you what happens when those principles guide you.
Dr. Nate Harold, PharmD, RPh., Chief Pharmacy Officer
The report highlights key trends impacting prescription benefits throughout 2024. Setting the stage as part of the report’s "key insights" is an impressive $67.39 net per member per month (PMPM) spend for 2024; a 0.04% year-over-year increase in prescription spend trend; and a 673% increase in membership since 2018. When compared against industry benchmarks, this result is 43.5% lower than the industry net PMPM spend average.
The report identifies increased utilization of specialty medications, consistent with the rise of new specialty medications approved in the U.S. market. This correlates with an average net PMPM spend of $24.13 in the specialty medications category, which is approximately a 3% decrease year-over-year. New biosimilar and generic options, as well as increased use of cost-plus pharmacies, helped reduce cost while more patients accessed specialty treatments.
MedOne's utilization management strategies can objectively be deemed successful; clinical outcomes are analyzed throughout the report, depicting positive results for patients when measured against nationally accepted benchmarks. For example, 2024 data reflects an improved percentage of members at goal on treatment for chronic conditions like diabetes, rheumatoid arthritis, and multiple sclerosis.
Outlining different cost containment strategies and successes, MedOne's 2024 Drug Trend Report returns to the recurring theme of customer experience, even stating: “If not for our patients, then why would we exist.” Statements of support from clients and members of MedOne benefit plans alike speak to the focus MedOne places on enhanced customer experience. One testimonial is from Phillip Blair, the Vice President of Human Resources at Gamber-Johnson, an organization recognized as the #1 Healthiest Workplace in Wisconsin and the #15 in the United States according to Healthiest Employers®, in partnership with Springbuk. He shares: "Our partnership with MedOne has been instrumental in aligning pharmacy benefit strategies with meaningful health outcomes. By leveraging MedOne’s integrated solutions and proactive approach, we’re not just managing costs—we’re making strategic investments that truly improve the health and well-being of our members.”
Several instances in which members were given the opportunity to provide feedback on their experience with MedOne are represented in the report. With concerted effort to measure and enhance the member experience, MedOne has achieved a 4.6/5 Google rating and 4.8/5 member satisfaction score based on internal survey results.
In addition to the key trends detailed in the report, MedOne outlines additional market changes that have had a significant impact on the prescription benefit landscape. The report concludes with a look-ahead commentary on what the anticipated drug trends are set to impact plans in the coming year.
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About MedOne Pharmacy Benefit Solutions
MedOne helps organizations and their health plan members conveniently access the most appropriate prescription at the most affordable price through its aligned and performance-based pharmacy benefit solution. MedOne’s offering focuses on enhancing the member’s pharmacy benefit experience, improving clinical outcomes, and reducing net cost for plan sponsors and their members. MedOne operates in all 50 states, and its customer base includes organizations of all sizes and across a variety of industries. MedOne is honored to be included in the 2024 Inc. Magazine’s 5000 fastest-growing private companies in America. For more information, visit www.medone-rx.com.