When a person purchases health insurance, chances are good that the accompanying prescription drug plan is managed by a Pharmacy Benefit Manager (PBM). PBMs work with employers, government programs, and unions to provide lower prescription drug prices and to create convenience for everyone involved in the health plan. If your business offers a group health plan to your employees, then you may wish to work with a PBM to act as your advocate within the healthcare system. Here are 3 valuable benefits that a PBM can bring to your organization.
1) Lower prescription drug prices
The health and wellness needs of your employee population can change frequently based on both external and internal factors. As a result, your business must find ways to continuously provide a health care plan that includes affordable prescription drug benefits. A PBM can help you successfully achieve this goal. The main job of a PBM is to negotiate lower costs for expensive prescription drugs, even as those prices rise with inflation. PBMs work directly with the drug manufacturer to fight for reasonable medication costs. In fact, a PBM can reduce what payers spend on prescription drugs by up to 50% off of the original price. These significant savings are passed on to your employees, ensuring that every participant in your health plan is able to access essential medicines at all times.
2) Greater convenience
Another attractive element of an employer-sponsored health plan is how well it can provide convenience to the employee. For example, many employees take advantage of programs that deliver medications right to their homes. This practical amenity allows employees to receive their prescription medicines quickly and with great ease. PBMs can help facilitate this home delivery process. PBMs also build networks of pharmacies that offer the best prices in a particular geographic area. With this handy data, employees won't waste extra time determining the ideal place to get their prescriptions filled. Additionally, a PBM will make sure that you have all of the necessary tools available to support your employees in their health care needs, which reduces the number of hours that you would have to spend creating that information from scratch.
3) Encouragement of medication adherence
PBMs are skilled at finding out why employees might not follow their prescription drug plans properly. In other words, a PBM will look at all possible reasons why an employee may fail to stay on his or her prescription regimen. Perhaps an employee stopped taking a certain medicine as prescribed due to undesirable side effects. In another instance, an employee may simply forget to take the medication. Regardless of the reason, failure to correctly use medicines will lead to drug waste. This will also eventually cost more to your business in downtime if an employee becomes too sick to work due to a lack of proper medication adherence. PBMs create ways to help employees remain on track and stay healthy, including affordable prescriptions, better drug therapy, and strategies to make adherence easier.
Hiring a PBM contractor will help you rest easy in the knowledge that your organization's health insurance plan is offering the very best prescription prices and benefits to your employees.Share
18 November 2020
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