06-25-2024, 11:55 PM
FDB Vela™ and RxEOB® Deliver Transparent Pricing and Pharmacy Options to Consumers to Inform Choice and Savings on Medications
Consumer drug costs – on-benefit, off-benefit, and discount prices –across pharmacies available on mobile devices saves consumers time and money
SOUTH SAN FRANCISCO, Calif, and RICHMOND, Va., June 25, 2024 -- FDB (First Databank, Inc.), the leading provider of drug knowledge that helps healthcare professionals make precise decisions, and RxEOB, a transformational health information technology company, today announced an agreement to deliver instant, mobile access to information on health plan members' potential out-of-pocket prescription costs. This will empower consumers to make informed decisions about where to fill their prescriptions before they arrive at the pharmacy.
Sharing the data will be RxEOB's RxWallet® application, which includes consumers' potential spending information – with or without their insurance benefits – as well as discount options across pharmacies. RxWallet data will be shared through FDB Vela™, a cloud-native electronic prescribing network that enables the seamless flow of critical medication prescription information, benefits verification, and clinical decision support between pharmacies, prescribers, and payers.
Also, through FDB Vela, RxWallet can present health plan members with educational information about their medications, lower-cost alternatives they can discuss with prescribers, and information on manufacturer rebate programs.
"Part of our mission in launching FDB Vela was to re-empower the patient with greater control over where they choose to fill their prescriptions," said FDB President Bob Katter. "This includes informing them about their potential out-of-pocket responsibility before they arrive at the pharmacy counter. RxEOB's RxWallet solution fulfills that crucial element, and in addition, supports greater patient adherence with their prescriptions and increases satisfaction with their health plan."
The collaboration will help alleviate the growing problem of prescription nonadherence among patients due to out-of-pocket spending concerns. Nearly one-third (31%) of Americans report not taking their medications as prescribed due to the cost, according to the Kaiser Family Foundation, including 21% who did not fill a prescription or chose an over-the-counter alternative. Overall, prescription abandonment rates average 9%, but jump to 60% when the patient's responsibility exceeds $500.
RxWallet uses industry-recognized ePrescribing and Real-Time Prescription Benefit (RTPB) standards from the National Council for Prescription Drug Programs (NCPDP) to deliver information to consumers' mobile devices or desktop computers. Last year, RxEOB was awarded a grant from the NCPDP Foundation to demonstrate the value of those standards in facilitating price transparency and empowering choice to drive better outcomes.
FDB Vela's collaboration with RxEOB also eases health plan compliance with Phase 2 of the Transparency in Coverage Act regulations, which requires them to provide an online shopping tool that offers personalized out-of-pocket spending estimates.
"Joining FDB Vela offers RxWallet the ability to more rapidly scale across the market thanks to the network's infrastructure, which is widely connected to many of the largest insurers, PBMs, pharmacies and prescribers across the United States," said RxEOB CEO Robert Oscar. "Together, we will expand our nationwide footprint to help patients easily make better-informed decisions about their prescriptions so they can achieve better outcomes and reduce their out-of-pocket spending while lowering care costs for payers and employers."
About RxEOB
RxEOB.com, LLC is a digital patient engagement company grounded in 20 years of health information technology, serving some of the nation's largest health insurance providers based in Richmond, VA. RxEOB believes patients, families, employers, and health plans make the best decisions about health and cost when they are informed; and provides applications and tools to help sponsors manage their prescription benefits to reduce overall drug spend. RxWallet is the revolutionary new application designed to assist consumers to achieve the same goal. For additional information visit www.rxwallet.com.
About FDB
FDB (First Databank) creates and delivers the world's most powerful drug knowledge that ignites, inspires, and illuminates critical medication decisions. We collaborate with our partners to help improve patient safety, operational efficiency, and health outcomes. Our drug databases drive healthcare information systems that serve the majority of hospitals, physician practices, pharmacies, payers, and all other areas of healthcare and are used by millions of clinicians, business associates, and patients every day. FDB Vela is a cloud-native electronic prescribing network that enables the seamless flow of critical medication prescription information, benefits verification, and clinical decision support between prescribers, payers, and pharmacies.
To learn more about FDB Vela, please visit https://www.fdbvela.com. For a complete look at FDB's other solutions and services, please visit https://www.fdbhealth.com/, or follow us on LinkedIn and YouTube.
About Hearst Health
The mission of Hearst Health is to help guide the most important care moments by delivering vital information into the hands of everyone who touches a person's health journey. Care guidance from Hearst Health reaches the majority of people in the U.S. The Hearst Health network includes FDB (First Databank), Zynx Health, MCG, Homecare Homebase and MHK. Hearst also holds a minority interest in the precision medicine and oncology analytics company Aster Insights. Follow Hearst Health on LinkedIn @Hearst-Health.