(Courtesy of CMS) The Centers for Medicare and Medicaid Services (CMS) has taken an important step towards improving the healthcare system for all Americans by implementing a new system with the goal of reducing drug costs. CMS is collecting the RxDC report on behalf of the Departments of Health and Human Services, the Department of Labor, the Department of Treasury, and the Office of Personnel Management.
Insurance companies and employer-based health plans are required to submit information about prescription drugs and health care spending. The report must include information on the significant drivers of prescription drug and health care costs, the impact of prescription drug rebates on premiums and out-of-pocket costs, and improved prescription drug pricing transparency. The Department of Health and Human Services will use this data to publish a report on prescription drug reimbursements, pricing trends, and the impact of prescription drug costs on premiums of health care plans. The information will be aggregated so that no drug or plan-specific information is made public. The RX data reporting reflects the CMS’s commitment to ensuring that everyone has access to affordable and high-quality health care. By putting this system in place, the CMS is hoping to bring lower drug costs to all Americans, making it easier for individuals and families to get the treatment they need without breaking the bank. This is a positive development for all Americans and demonstrates the CMS’s commitment to improving the healthcare system for everyone. For more updates go to www.cms.gov
Mark Herschlag is CEO of Cosmo Insurance Agency, which is based in Ocean County. Cosmo Insurance Agency offers personalized solutions for individuals and businesses looking to obtain health, life, dental, long-term care or disability insurance.
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