Star Ratings: the Medicare Prescription Payment Plan M3P

Event Date: 3/7/2024

Event Overview

Thursday, 3/7/2024
1:00 PM CT – 2:00 PM CT (60 minutes)

The Medicare Prescription Payment Plan (M3P), established under the Inflation Reduction Act of 2022, introduces a new approach to managing out-of-pocket (OOP) costs for Medicare Part D beneficiaries. M3P aims to alleviate the financial burden on beneficiaries by allowing them to spread their OOP prescription drug costs over the calendar year, rather than incurring these costs upfront at the pharmacy.

Payors and health plans play a crucial role in implementing M3P effectively, requiring careful planning, system modifications, and ongoing coordination with CMS to meet the program's objectives and ensure a smooth rollout by January 2025.

M3P is designed to enhance the affordability and accessibility of prescription medications for Medicare Part D enrollees by:

Offering a monthly installment payment option for OOP costs.
Reducing the financial impact of high-cost medications at the start of the plan year.
Increasing adherence to necessary medications by lowering immediate financial barriers.

Session objectives:

Comprehensive overview of M3P and its operational challenges.
Analysis of the potential impacts on member experience and CAHPS scores.
Strategic insights into navigating these changes effectively.

Audience

Executive stakeholders in STARS ratings management, Medicare Advantage leadership and individuals with responsibility for billing, enrollment and claims processing.

Post a Question or Share a Resource

Visit the Alliance discussion forum!

View Your Access Details

Already registered? Locate your access link here!

Other recommended events

Register now for these upcoming events

M3P Readiness | Webinar | 05/16/2024
Navigating the CMS Final Rule: Building Your Compliance Roadmap | Vendor Spotlight | 05/21/2024
Complex Case Management - Criteria for Member Identification | Braindate | 05/22/2024

View the presentation materials from these recent events

Baby Bills Gone Wild: Exposing the Codes Behind Delivery Deception | Vendor Spotlight | 05/15/2024
1upHealth Interoperability User Group: May | Webinar | 05/13/2024
Hanley Center Skill Builders, Session 3: Effective One on Ones | Webinar | 05/07/2024

Documents

3/11/2024

FAQ Medicare Prescription Payment Plan (M3P)
Implementing M3P by January 2025 presents challenges and many questions for health plans. This document provides answers to frequently asked questions about the new program.

3/8/2024

Recording: Medicare Prescription Payment Plan (M3P) Program Updates
Launching in January 2025, Medication Prescription Payment Plan (M3P) is a new emerging challenge that carries significant implications for member experience. Watch Healthmine and your Alliance peers discuss and explore strategies for implementing the program effectively.

3/7/2024

Presentation: Medicare Prescription Payment Plan (M3P) Program Updates
Set to take effect in January 2025, Medication Prescription Payment Plan (M3P) is a new emerging challenge that will carry significant implications for member experience star ratings. Join your Alliance peers and Healthmine to learn about the overview and challenges of M3P and explore strategies for implementing M3P efficiently.