May 31, 2016
The Challenge of Comparing Medication Cost and Coverage May Soon be Solved.
**Ideon is the company formerly known as Vericred. Vericred began operating as Ideon on May 18, 2022.**
As prescription drug costs continue to climb, it’s no secret that patients today are hit with more out-of-pocket costs for the drugs they use. While health organizations are slowly shifting and empowering patients to take control of their own healthcare, finding the facts about which drugs are covered under which plans, and how much you will pay, can be a time consuming nightmare. The first step in simplifying this process for consumers is to provide transparency.
Addressing the issue head on, the Robert Wood Johnson Foundation recently kicked off their latest challenge dedicated to the coverage and cost of prescription drugs. At the same time, Vericred has just released formulary datasets for the individual under 65, small group and large group health insurance markets. You can read more details about our formulary datasets here. Working in collaboration with the Robert Wood Johnson Foundation, the team at Vericred is making our formulary API available to all Rx Cost and Coverage Challenge entrants at no cost for the purpose of the challenge.
According to Katherine Hempstead, senior advisor at the Robert Wood Johnson Foundation, “Access to and affordability of prescription drugs are extremely important elements of plan choice for many consumers, particularly for those who may suffer from chronic conditions.” Read Katherine’s full post from last week on The Health Care Blog. Through the Rx Cost and Coverage challenge, the Robert Wood Johnson Foundation is hoping to find a solution that addresses prescription drug access and affordability.
If you’re a developer and have what it takes, we urge you to learn more about the Rx Cost and Coverage Challenge. You can read more details about the background of the challenge here. This is a big opportunity to be involved in developing a potentially – make that hopefully –game-changing solution that puts knowledge at the fingertips of consumers around the nation.
First round submissions are due August 14, 2016, and the winners will be featured at the Health 2.0 Conference, not to mention $100,000 in cash awards. We wish you luck and can’t wait to see what you create!