Newly merged entity reveals tangible benefits of its Medicare plan comparison technology that reduces DIR fees and improves gross profit results
FORT WORTH, Texas and NEW YORK – November 5, 2020 – FDS, Inc., a leading pharmacy technology company, and its subsidiary Amplicare, a provider of a decision-automation platform for healthcare providers, today announced significant growth and customer milestones, marking the dawn of a new era in the pharmacy market. In October 2020, Amplicare’s Medicare plan comparison platform, Amplicare Match, reported massive growth, onboarding nearly 200% more pharmacies compared to 2019. The technology leader’s organic growth is fueled by the measurable, data-driven impact that its platform provides for pharmacists during the Medicare Open Enrollment Period.
As trusted providers of care, pharmacists are increasingly sought after by patients to help navigate the path to optimal health. Yet, as pharmacists play an increasingly critical role in patient care, maintaining profitability can be challenging, especially with limited resources and rising direct and indirect remuneration (DIR) fees. In fact, according to the Centers for Medicare & Medicaid Services, DIR fees increased 45,000% between 2010-2017, and a recent analysis from the Drug Channels Institute found that DIR fees hit a record high of $9 billion in 2019.
With Amplicare’s easy-to-use platform, pharmacists can quickly take more informed actions during the Medicare Open Enrollment Period that improve profitability and lower DIR fees, while helping them build stronger care-oriented customer relationships. The platform’s automated Medicare and Medicaid plan comparison tool, Amplicare Match, enables pharmacists to gain visibility into hidden DIR fees and develop “win-win” strategies that benefit both patients and the pharmacy.
Notable customers who have significantly reduced DIR fees and improved patient engagement over this past year’s Medicare Open Enrollment Period:
- Dilworth Drug & Wellness Center: Using Amplicare’s automated Medicare plan comparison tool, the full-service pharmacy is experiencing a gross profit increase of $40,126 while reducing DIR fees by $10,973 to-date.
- J&R Pharmacy: The family-owned pharmacy partnered with Amplicare to illuminate the DIR impact of Medicare Part D plans and combat them by identifying plans that save patients money and reduce DIR fees. As a result, the pharmacy secured a substantial DIR fee rebate check of $60,000.
“Before partnering with Amplicare, we had little insight into DIR fees, resulting in steep and unexpected expenses,” said Blake Wiseman, pharmacist at J&R Pharmacy. “Now, we can quickly and easily estimate DIR fees based on specific Medicare plans, saving our patients money while boosting revenue.”
“For the last decade, it has been my sworn passion to drive extraordinary value for the business of pharmacy and the patients they serve,” said Matthew Johnson, chief pharmacy officer of the Amplicare division of FDS. “The teams behind our robust technology have not only made that dream a reality but continue to strengthen the health of our customers and their patients every day. It is rewarding to see our customers growing their businesses and improving the outcomes of their patients, especially in today’s uncertain times.”
To help pharmacies fulfill their mission and improve the health of today’s increasingly digital-first healthcare consumers, Amplicare and FDS recently launched Navigate™, a patient-facing platform that enables pharmacies and patients to remotely collaborate on Medicare plan comparisons and enrollment. Amplicare’s and FDS’s combined customer base of more than 15,500 pharmacies nationwide empowers more than four million seniors to securely shop and enroll in a plan or switch plans online with the assistance of their local pharmacist. A partnership with HPOne, a pharmacy-friendly broker, allows patients to complete the enrollment process and receive real-time assistance. Navigate seamlessly integrates with Amplicare’s pharmacy-facing plan comparison software, which provides pharmacies the same information as patients as well as pharmacy-specific information, such as DIR fee estimates by plan.
About FDS, Inc.
FDS strengthens the health of pharmacies and their patients. We empower community pharmacies to build the clinically focused New Era Pharmacy, enabling their business to thrive now and successfully transition to a provider of community and population health through data insights, purpose- built technology solutions, and clinical services enablement. Read more about FDS at www.fdsrx.com.
Amplicare, a subsidiary of FDS, Inc., is a leading business intelligence and decision-automation platform in the pharmacy and healthcare industry. Designed by pharmacists for pharmacists, the platform is engineered with a big data approach. Amplicare's proprietary technology collects, analyzes, and leverages consumer, patient, clinical, and industry-level informatics to empower providers to proactively take informed actions that improve patient care and clinical outcomes. With thousands of pharmacy subscribers, Amplicare delivers an unrivaled platform that increases patient retention, improves performance measures, grows and diversifies revenue streams, and enables providers to communicate with their patients more easily than ever before. Read more about Amplicare at www.amplicare.com or follow on Twitter @Amplicare.
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Gabriel Marketing Group (for FDS + Amplicare)