Pharmacy Payments 101 [Infographic]

Editor’s Note: This blog entry was originally published on May 31, 2016, and was updated on July 20, 2020.

Pharmacy payments and billing are in a constant state of change. Government regulation, insurance involvement, and new technologies drive continual change for the pharmacy industry. A few main causes of change over recent years include the Affordable Care Act, HIPAA compliance requirements, new technologies, and security/PCI requirements.

Here are a few statistics showing how pharmacy payments have changed over recent years.

Healthcare Payments

  • Consumers purchased two times as many private health plans in 2015 vs. 2014.
  • Between 2011 and 2016, average medical deductibles increased nearly 50%.
  • The majority of workers covered by medical plans must provide co-payments at the time of service - 73% pay co-pays.
  • Consumers are paying more for healthcare - the overall 5-year growth in patient spending between 2011 and 2016 was 9.3%.

Mobile Payments

  • As of 2016, 40% of consumers had used mobile devices to make a payment.
  • In 2016, medical payments were expected to grow nearly 200% within five years (based on gross purchases).

Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA)

  • 85% of companies with 500+ employees or more offer an FSA.
  • On average, individuals who made contributions to an HSA deposited $2,032 to their account.
  • An estimated 35 million Americans use FSAs.
  • In 2016, it was estimated that the HSA market would cover 50 million Americans by 2019.

Prescription Drug Costs

  • Total yearly sales for prescription drugs filled at pharmacies in the US are over $250 billion per year.
  • Cost of pharmaceuticals is increasing faster than anything else a patient pays for; some medications have a mark-up of 1,000%.
  • Americans pay more for prescription meds than anyone else in the world.

 

Pharmacy Infographic

Ashley Jones

Marketing Content Coordinator

Ashley Jones is the Marketing Content Coordinator at Global Payments Integrated, where she is responsible for digital content strategy, development, and analysis. A communications and digital marketing professional, Ashley has experience in the areas of social media, digital content creation, event planning, broadcast journalism, and administration.

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