A new study focuses on the savings rate that people in a workplace retirement savings plan need in order to achieve a more secure retirement.
Business Editors/Health/Medical Writers
BLOOMFIELD, Conn.--(BUSINESS WIRE)--May 15, 2008--CIGNA Pharmacy Management’s online Prescription Drug Price Quote tool received two awards from Consumer Health World at the organization’s recent conference in Las Vegas. The awards were in the categories of Best Innovation Stimulating Consumer Engagement and Best Application for Enhancing Patient Access for Information. Consumer Health World Awards are presented semi-annually to recognize excellence and advancement in service, products and programs that enhance consumers’ abilities to manage their health care expenditures and enhance health care quality.
“A new report in Consumer Reports magazine highlights the vast differences in prices charged for prescriptions at various pharmacies. The report reinforces why our Prescription Drug Price Quote tool is so important,” said Eric Elliott, president of CIGNA Pharmacy Management. “We are particularly pleased to be recognized for our commitment to engaging individuals in improving their health while we help them save money on their prescriptions.”
The myCIGNA.com Prescription Drug Price Quote tool can be found online at CIGNA's secure member Web portal. The tool enables individuals in CIGNA Pharmacy’s plans to compare the actual price of prescription drugs based on the member’s specific benefit plan. They are able to view the cost of brand name medications, available generics and low cost therapeutically equivalent drug alternatives at their local pharmacies and CIGNA Tel-Drug Home Delivery Pharmacy. Other features include Google mapping to easily find a pharmacy and alerts for medications with special requirements. Information about medications and questions for individuals to ask their physicians about their medication or condition is available. The tool also includes discount coupons for clients who have enrolled in CIGNA’s Save with Generics program.
CIGNA studies have demonstrated that cost-conscious members of consumer driven health plans reduced their pharmacy cost in the first year by 6 percent while prescription compliance increased. The online pricing tool and electronic coupons are key components of CIGNA's cost management programs that can potentially generate a total savings of more than $177 million per year. In 2007, one employer piloting CIGNA's electronic coupon program achieved a 74 percent generic conversion rate, resulting in a 7 percent reduction in the increase in drug costs for the year.
“Our goal is to get the people in our health plans to take their medications according to the instructions of their physicians. By taking their medications appropriately, they stay healthier and therefore avoid unnecessary hospitalizations and emergency room visits. The result is lower health care costs,” concluded Elliott.
CIGNA Pharmacy Management employs a consultative approach to help plan sponsors design pharmacy benefit plans that achieve lower net costs while providing industry-leading pharmacy clinical programs to help improve the health outcomes of their members. “CIGNA,” “CIGNA Pharmacy Management,” “CIGNA Tel-Drug” and the “Tree of Life” logo are registered service marks of CIGNA Intellectual Property, Inc., licensed for use by CIGNA Corporation and its operating subsidiaries. All products and services are provided exclusively by such operating subsidiaries and not by CIGNA Corporation. Such operating subsidiaries include Connecticut General Life Insurance Company, Tel-Drug, Inc., Tel-Drug of Pennsylvania, L.L.C., and HMO or service company subsidiaries of CIGNA Health Corporation (NYSE:CI).