Use MTM and Patient Engagement Solutions to Increase Profits

Health care costs are continuing to soar, and medication misuse and nonadherence are major contributors. However, a large gap exists between what pharmacists are doing to mitigate this increase and how pharmacists’ roles can expand to address it further.

“The health care industry, right now, needs for pharmacists to work at the top of their license to support consumer expectations, address clinician shortages, and align with health care’s march toward providing greater value,” said Lauren Adair, PharmD, director of network enablement at Outcomes, in a session at the 2024 Total Pharmacy Solutions Summit, held virtually on July 13, 2024. Medication therapy management (MTM) and increased patient engagement services are essential to this transformation.

Lauren Adair, PharmD, director of network enablement at Outcomes, gave a presentation at the 2024 Total Pharmacy Solutions Summit. | image credit: KKC Studio / stock.adobe.com

READ MORE: Medication Therapy Management: Improving Patient Outcomes and Pharmacy Income

Read on for some key takeaways from Adair’s presentation:

• Medication misuse and nonadherence significantly contribute to rising health care costs. Adverse events from nonoptimized medication therapy cost billions annually.
• The prevalence of multiple chronic conditions is also growing, further increasing health care costs associated with ongoing management, medications, and specialized care.
• As trusted medication experts who can improve patient health outcomes, pharmacists’ roles can expand to address these issues.
• Results of a survey conducted by Outcomes revealed that 86% of consumers are interested in learning more about enhanced services in the pharmacy, which according to Adair, “underscores the patient trust in pharmacists and the greater impact that pharmacists can have on patients, but also [the] untapped potential for pharmacists to continue boosting their revenue by providing more clinical services.”
• Results of the survey also showed that patients value in-person interactions with their pharmacists. This indicates a significant opportunity to strengthen the pharmacist-patient relationship and enhance overall health care outcomes.
• MTM and increased patient engagement services are essential to improve patient outcomes and deliver cost-effective care.
• Comprehensive medical reviews, adherence interventions, and social determinants of health assessments have demonstrated positive results. One assessment revealed that patients who received a comprehensive medical review saved an average of $4000 in medical expenses the following year, representing a 16.7% cost differential.
• Another body of research found that when a pharmacist completed a medication intervention—such as refilling a medication, doing an adherence check-in, or providing an extended day supply—patients were 75% more likely to refill their medication.
• Completing engagement services such as MTM demonstrates pharmacists’ value to payers and opens doors for expanded opportunities and reimbursement for a wider range of pharmacy services.
• To begin implementing increased patient engagement services, pharmacists should start with simple interventions and gradually expand, as well as set goals and track performance to improve outcomes.

The overwhelming patient interest in enhanced pharmacy services, coupled with concrete evidence of cost reduction through pharmacist interventions, underscores the vast opportunities for health care professionals to improve patient outcomes and deliver cost-effective care.

Read more articles from the Total Pharmacy October 2024 issue and visit drugtopics.com/TPSSSummer2024 to watch all the Total Pharmacy Solutions Summit sessions on demand.

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