The Hidden Cost-Saving Opportunities in Your PBM Contract
Posted in: Employee Benefits
Did you know that pharmacy claims are the number one health care expense for most businesses due to specialty drugs? At a recent PSA Partnership seminar, Ken Huber CPBS, Executive Vice President of Employee Benefits at PSA, pulled back the curtain to explain what’s going on in today’s market with specialty drugs in your Pharmacy Benefit Management (PBM) contract and how that affects your business’ bottom line.
As a plan sponsor providing employee benefits to your employees, there are some typical goals you probably set for PBM contracts and plan administrators, but it’s likely you should be demanding more. But before we discuss what terms and conditions you should be negotiating in your PBM contract to achieve greater transparency and better cost-savings for your health plan, let’s discuss what most businesses are looking for typically in PBM contract negotiation.