About Flipt ®
Prescription drugs are a cornerstone of the American health system. Adherence to a doctor-prescribed drug regimen improves health outcomes and lowers healthcare costs while non-adherence leads to increased incidence of serious health issues, hospitalization and sometimes death. But the cost of drugs is making adherence a challenge for many.
One study estimates that nearly 70% of all non-adherence is due to the cost of prescription drugs (link to study). Plan sponsors and plan members need a better, more effective way to make doctor-prescribed drugs available to all who need them.
Flipt believes the answer lies in streamlining the middlemen. Many now estimate that middlemen extract $100 billion or more from our prescription drug system – with that cost absorbed by both plan sponsors and plan members. Recent lawsuits and investigative articles have revealed a long list of practices that some middlemen use to inflate drug prices, including massive spread pricing, claw backs of member copays, classifying drugs in ways that lead to greater payments to them (e.g., generics as brands), keeping high priced drugs on the formulary when lower cost alternatives are available (and in some cases, excluding the lower cost drugs from the formulary) and many other price-inflating practices.
At Flipt, we are determined to disrupt the status quo and invent a new kind of pharmacy benefit management. Our mission is to give plan sponsors an easy-to-implement benefits solution and plan members an easy-to-use platform that lowers costs by promoting price transparency and consumer choice while better aligning interests throughout the healthcare system.