Today’s issue of WorkCompRecap features the release of NCCI’s latest research brief, which examines the most recent trends in the use of prescription drugs in workers’ comp using data through year-end 2014, and also looks at potential savings from the implementation of drug formularies in certain states.
Key findings from the brief include continued growth in prescription drug costs per active claim, with drugs’ projected share of total medical costs for AY 2014 coming in at 17%. Drug prices also increased substantially in 2014, by 11%, which was higher than the 10 year average of 4% per year. Drug utilization did however decrease by 4%, helping partially offset the price increase. NCCI also noted that the introduction of the ODG formulary has the potential to reduce WC prescription drug costs by 10% or more in many states.
Find out more (including a link to the free report!) by clicking here!