What You Should Know:
– TempoPay, a subsidiary of healthcare financing provider PayMedix announced the launch of TempoPay Rx, a new financing solution specifically designed to help individuals afford prescription medications and address the growing problem of non-adherence driven by cost.
– The launch of TempoPay Rx is also positioned as a strategy to lower overall healthcare expenditures. Medication non-adherence is known to lead to worsening health conditions, resulting in increased emergency room visits and hospital admissions, which drive up costs for employers and the healthcare system.
Addressing the Crisis of Prescription Affordability
Access and affordability of prescription drugs have become critical concerns as prices rise at more than double the rate of inflation. Nearly two-thirds (61%) of Americans take prescription medications, and over half (55%) worry about affording them. This financial strain leads to serious health consequences, with nearly one-third (31%) reporting they have avoided taking medications as prescribed specifically due to cost concerns.
How TempoPay Rx Works
TempoPay Rx offers a card-based solution providing enrolled employees and their dependents access to interest-free financing for their prescription medications. Key features include:
- Interest-Free Financing: Funds are provided on a revolving basis with no interest or fees.
- Easy Access: Members can pay using a TempoPay VISA® card or their mobile wallet via the TempoPay app.
- No Barriers to Enrollment: Employees of participating employers can receive the benefit without credit checks or income requirements.
Flexible Repayment: Terms allow for repayment via bank account or convenient payroll deductions.
