If your company provides health care for your employees, the health plans you are offering may contain a prescription drug component. Today, more and more employers are choosing to hire a PBM, or Pharmacy Benefit Manager, to oversee the company's prescription drug health plans. A PBM is a third party that acts as a go-between for the health care companies and drug providers and the people receiving the drugs, or in other words, your employees. Here's how contracting with a PBM can help you, your business, and your employees.
Find More Affordable Pharmacies for Your Employees
Once your company is working with a PBM, you'll be able to take advantage of PBM contracting to get lower drug prices for your employees. PBMs may be able to seek out or find more affordable pharmacies for your employees to get what they need. A good PBM is also adept at knowing when a patient can be given generic drugs instead of name brand without any loss or reduction in treatment benefits.
Home Delivery Options
Getting your company fully onboard with PBM may also open up alternative options for getting medication besides going to a pharmacy in person. Many PBMs work with pharmacies that can offer mail delivery, making the ordering of needed drugs as easy as ordering something from any other reputable website. In an era where the coronavirus continues to be a problem, giving your employees some options to get the medication they need without any face-to-face contact may be a good idea.
Better Savings for the Employees Who Need It Most
If you have employees who need specialty drugs, these employees might be paying a large amount of money out of pocket under your current plans. When you work with a PBM that is connected throughout the pharmacy industry, you may be able to get your employees better or more affordable options for sourcing specialty medications.
Find Additional Rebates
In some cases, a PBM may cut a deal directly with a drug manufacturer. The PBM then passes on a rebate offer directly to your employees. Imagine being able to get the mediations you need at a significant percentage lower than what you are currently paying after the rebate offer is turned in. Because most PBMs works with many other companies like yours and has such a large network of clients, they have the negotiating power to get a good deal direct from the manufacturers.
For more information about PBM contracting, contact a local PBM or pharmacy professional.
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