FAQ's
How much savings can be expected by implementing the MedVed program?
Most health plans implementing our programs save 15% or more of their total health plan costs and save 30% or more of their overall pharmacy costs.
When can my company implement MedVed’s program and how long does implementation take?
Implementation can occur at any time. Once we have the medication data needed, we start working with your plan members immediately. Full implementation is usually achieved within 3 months.
What is the process for our employees?
We assign a patient advocate to each eligible plan member. The MedVed advocate will contact the member to gather required information. Completion takes 2 to 6 weeks on average. Our advocates provide concierge level service to the member from start to finish.
What is the percentage of employee population that MedVed is usually able to help?
As a percentage of total plan member population; roughly 3% of members use specialty medications and roughly 9% of members use other, non-specialty medications. Thus, approximately 12% of your total employee population can benefit from our cost savings. In fact, the 3% of employees using specialty medications often account for 75% of the health plan’s total medication spend.
Does implementing this program affect our stop loss contract?
Stop Loss Carriers encourage implementation of this process because it greatly reduces carrier liability. This process can lower stop loss rates and reduce employee lasers.