Advances in medicine, rising generic drug prices, lack of quality drug rehabilitation, and other issues to watch for in 2015.
Generic Drug Prices on the Rise
Many generic drug prices have been rising. The rising cost of generic drugs has an impact on the price of workers’ compensation. Employers need to be aware of these rising costs and the affects it will have on worker’s compensation policies.
Minimal Access to Quality Drug Rehabilitation Centers
Nationally, there is a lack of quality drug rehab and pain management programs. There needs to be more of these treatment programs available to people in order to allow them to find an alternative way to manage pain. Employers often times stray away from including rehab and pain management programs in works compensation due to the price. However, it is still very important and will in the end save them money in order to give injured workers their lives back.
Continued Development of Medical Treatment Guidelines
The drug formularies in the United States continue to develop. Adapting universally accepted treatment guidelines will help streamline the process so coverage is consistent among group health plans. This is a positive trend that everyone should push for in the coming year.
As advances in medicine continue to develop, workers’ compensation prices will rise as these expensive advances become available.
If you have not reviewed your workers’ compensation policy lately, you should contact your local agent at Community Insurance. We will help you work out a solution to many of these concerns and try to find the best workers’ compensation policy for your specific situation.