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Hey Bitcoiners, I needed to share my ideas on how Bitcoin can repair healthcare, particularly in pharmacy. As a Pharmacist, I've seen firsthand the failings within the drug business that drive up prices unnecessarily. Right here's why and the way Bitcoin may also help repair this. I used to personal a group pharmacy and infrequently had clients who paid out of pocket as a result of they lacked insurance coverage. Even my sufferers with insurance coverage had restricted monetary means. I felt it was proper to supply medicines at my value or without cost (if it was de minimus). Nevertheless, I acquired discover from an insurance coverage payor about clawing again funds as a result of I offered walk-in clients a greater worth than the insurance coverage firm. I confronted the powerful determination of both paying this exorbitant clawback or being terminated from the community, which might forestall me from serving different sufferers. From that day, I realized that pharmacies should invoice retail pricing whatever the buyer. Pharmacies usually enter into contracts with insurance coverage corporations that embody a most favored nation clause, requiring insurance coverage corporations to obtain one of the best worth doable. As a authorized loophole, pharmacies use “low cost playing cards” to supply discounted costs whereas complying with insurance coverage payors. Most individuals don't understand these low cost playing cards acquire hefty commissions, as much as 80% on the medication you purchase on the pharmacy, paid for by the buyer. With out these low cost playing cards and contractual verbiage, prescriptions could be less expensive. As an illustration, GoodRx makes over $500 million a 12 months from this method, and even Mark Cuban’s Price Plus Medicine makes use of the same mannequin. For my part, this is without doubt one of the largest rent-seeking industries in America. Final 12 months, pharmacies spent over half a billion {dollars} on commissions, which highlights an enormous inefficiency with prescribed drugs. Within the Nineties, massive retailers like CVS, Walgreens, Walmart, and Goal began $4 generic med packages to draw clients, which labored properly. Insurance coverage corporations received upset about paying $40 for a similar meds, resulting in the implementation of probably the most favored nation clause amongst pharmacies. Because the 90s, the Prescription Low cost Card business has grown as meds get costlier and insurance coverage covers much less. This messed-up system gained't change, and authorities reform is unlikely. I received Bitcoin again at Ceremony-Help! This led me to create NiHowdy.com We're a prescription financial savings card that offers the identical discounted costs as others but additionally returns the transaction charges and drug manufacture rebates to you. Nobody else within the business does this. We will do it due to Bitcoin’s Lightning Community.
I like Bitcoin. It has the ability to alter the world. I consider Bitcoin can remedy out-of-pocket prescription prices—one thing our authorities can’t even remedy. This ‘prescription low cost card’ business will sadly by no means die, however I believe Bitcoin makes it extra environment friendly for the tip consumer/shopper. For those who or somebody you realize pays for prescriptions out of pocket in America, take a look at NiHowdy. We're releasing our second product, Meowdy, for pet prescriptions quickly. Thanks for studying. For those who’re a Bitcoiner in healthcare, I’d love to attach. I usually get ridiculed by healthcare suppliers for even speaking about Bitcoin, however it brings me immense pleasure to seek out others who share the identical enthusiasm. Shout out to my native Bitcoin group for encouraging me to put up this on Reddit 😊 Cheers! Right here's me testing our product at Costco! submitted by /u/redditforjames |
