1-1:30 p.m. ET
Mark Fendrick, M.D., the director of the Center for Value-Based Insurance Design (VBID) at the University of Michigan, will explain the principals of VBID and why this strategy is important for consumers. Most health insurers do not to use VBID when implementing cost-sharing strategies with consumers. Instead they use what Fendrick calls a “one-size-fits-all approach,” such as high copayments and high-deductible health plans.
Yet, these cost-sharing strategies can be a financial barrier to care for low-income patients who have chronic illnesses and thus need access to low-cost medications and medical services. When such financial barriers are reduced, the result is increased patient compliance with physicians’ recommendations, Fendrick says.
During the webcast, Fendrick will explain the concept of VBID and discuss why a bill, just introduced in the U.S. House of Representatives, is needed to allow the federal Centers for Medicare & Medicaid Services to start a VBID demonstration project for members of Medicare Advantage plans. Insurance core topic leader Joe Burns will discuss story ideas and resources for reporting with Fendrick.
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