why ARE prescription drugs like teenagers…or vampires for that matter?
Parents of teens know that teens are on the third shift. Just as the adults are ready for bed, the teens are just getting fired up for a night of revelry. They sleep during the day and play when the rest of us are asleep.
NCCI (and most comp carriers) know that prescription drugs are comp’s teenagers. Just as a claim is settling down, drugs take over and tear down the financial house. NCCI Research Brief for Winter 2009 analyzes medical services by size of claim. This is an excellent report, showing what part of medical expense (and the overall claim) is contributed by hospitals, ERs, ofnce visits, physical therapy. Surgery and anesthesia and scription drugs. In addition to showing the relative percentage of these categories, it also shows us when those specihc expenses are most likely to be paid out.
For all lost time claims, less than 20% of the ultimate prescription drug costs have been paid out by the 6th service year. That means that almost 85% of those costs are prospective — yet to be identified, yet to be paid. There is still time to act to bring these under control. There is still time to enforce a curfew! How many open, settled or awarded claims do you have that are being wrecked by prescription drug costs? You know they will get worse and NCCI data tells us there is still a long way to go. Don’t ignore prescription drug costs or think they can’t be reduced.
Let OMCA and PharmCLEAR apply evidence-based medicine along with peer-to-peer interventions to reduce your prescription drug expense.
We can do better.
William V. Faris, JD
Posted in Workers’ Compensation