DID YOU KNOW

According to a recent survey conducted by the National Association of Insurance Commissioners, consumers have reduced the number of times they see the doctor as a result of today’s economy, and 11 percent have cut back on the number of prescription drugs they take or the dosage of those medications.

Employers are also feeling the sting of rising health care costs, particularly when it comes to compounded medications. These drugs are the driving force behind the biggest rise in drug prices in over a decade.

Prescription drug spending increased by 13.1 percent last year—the highest uptick in over a decade—according to Express Scripts, Inc. as part of its 2014 Drug Trend Report.

The increase for specialty and compounded medications was even higher, the report found, clocking in at 25.3 percent. Compounded medications refer to drug cocktails that have been mixed to meet the individual strength requirement of a patient.

Pharmacies generally increase the

medical costs related to compounded drugs and physician dispensing. Employers should consider working with health care providers to develop health solutions that have a shared focus on driving better claims outcomes.

The report also suggests that employers should also receive regular performance reviews from providers and PBMs that include metrics such as the frequency of physician dispensing, compounded prescriptions and duplicate prescriptions, and the network's mix of brand-name and generic drugs.

Compounded Drugs Driving Force Behind Biggest Spike in Drug Prices in a Decade

Workplace and safety tips brought to you by:Rob Schild - Insurance Office of America

price of each ingredient added to a compounded prescription, which leads to higher workers compensation claims, according to a report from the Workers’ Compensation Center of Excellence. The survey reports that 60 percent or more of workers compensation claims costs are influenced by medical costs.

One of the solutions, according to the survey’s authors, is for employers to work with brokers, claims administrators and pharmacy benefit managers to better control

Business Premises Liability: What Can You Do?

Data on Data Breaches

According to a recent study from Vontu Inc. and the Ponemon Institute, 69 percent of companies with reported data breaches claim that both malicious (30%) and non-malicious (39%) employees were the cause.

When it comes to a business’ liability, customer safety can be a muddled area. If someone enters a place of business and is injured, who is at fault? In court, it can be tricky for a business to prove that its establishment had no part in an accident, and an injured plaintiff may be able to point out certain circumstances that suggest negligence on an owner’s part. The following are guidelines for how you can help ensure your customers’ safety and protect yourself from frivolous claims.

While you probably already keep your business premises clean and orderly, it’s a good idea to document what you do. The physical condition of your building should also be taken into account. Is the floor missing tiles? Are there unseen protruding edges? Any defect can be used against you, no matter how small or insignificant you think it is.

Have an employee walk through your building and make sure he or she records any risks, what actions were taken to resolve them and the time at which they took place. Having this documentation, if your company is taken to court for an incident, will show your honest attempt to mitigate safety risks.

If you know something is likely to cause harm or problems, get ahead of it. For example, this could mean putting “Caution” signs on wet floors or banning food and drinks to avoid spills.

Also, monitor areas where customers have access, including merchandise displays they may interact with. For example, if you have heavy boxes stacked high or large items on a top shelf, consider how you could readjust these items to lessen the risk of customers injuring themselves. If you cannot rearrange your merchandise, make sure a sign is clearly displayed that advises customers to seek help from an employee.

Even if you have taken every precaution to ensure safety, it is a good idea to have a professional examine your property for any problems you might not have noticed. Also, contact your Rob Schild - Insurance Office of America representative to learn more about what you can do to prevent injuries—and lawsuits.

Workplace and safety tips brought to you byRob Schild - Insurance Office of America

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