Pharmacy Benefits Management

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With drug costs skyrocketing, now is the time
to assess your pharmacy benefits plan

Pharmacy is one of the most highly valued and utilized benefits in your employee benefits package – and also one of the most costly. Developing an employee benefits plan with a cost-effective pharmacy solution is critical to your organization’s bottom line. We can help you with all the ways you can reduce pharmacy costs while continuing to provide critical drug treatments that your employees need.

Let’s work together to develop a tailored pharmacy benefits management strategy for your organization.

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Learn more about how to manage costs with a strategic pharmacy plan.

On average, pharmacy is 20% or more of the medical plan cost for active employee groups and 30% or more for plans with retirees. A HUB pharmacy benefits consultant can help you bring your pharmacy spend under control with a pharmacy benefits management (PBM) assessment.

Pharmacy benefits contract reviews can provide big savings, offset rising costs

It’s no surprise that rising pharmacy costs, especially for specialty drugs, are an ongoing point of pain to employers trying to manage their overall healthcare costs. What is a surprise, however, is the underutilization of a simple and non-disruptive fix: taking a look under the “hood” of their pharmacy benefits management contracts.

3 Ways to Strengthen Cost Management for Pharmaceutical Benefits

Pharmaceutical costs, especially for specialty drugs, continue to be an issue for patients and benefit plans alike. There is no silver bullet to rising drug costs, but there are ways to minimize the pain.

Case study: Finding an Rx for Escalating Pharmacy Costs

See how HUB helped the City of Fort Collins save over $1 million annually by carving out its pharmacy benefits management contract.

If you answer “no” or “I don’t know” to any of these questions, you should request a contract review.

Q: Do you know the terms of your PBM contract and if they’re optimal in today’s market?

WHY IT MATTERS: If your medical carrier manages your pharmacy benefits, you probably don’t know the specific contract terms. If you haven’t reviewed your contract in the last 12–18 months, you’re likely missing out on opportunities for major savings.

Q: Does your PBM contract guarantee pricing terms and rebates?

WHY IT MATTERS: To ensure that you’re getting the most for your pharmacy dollar, you need a transparent, one-year contract term that holds your pharmacy benefit management accountable for results.

Q: Are your contract’s pricing terms auditable, with a recovery process for any shortfall in performance?

WHY IT MATTERS: As part of an aggregated purchasing model, you get the most competitive arrangements with the top pharmacy benefit managers, and your results are audited against contract terms and conditions to ensure you realize the promised savings.