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Pharmacy Benefits Management

Let’s develop a strategy to manage
cost and maximize value

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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 manager

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.

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pharmacy benefits managers

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.

Three Key Questions

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.

Pharmacy Benefits Management FAQ's

What is Pharmacy Benefits Management Consulting?
As a pharmacy benefits management consultant or advisor, HUB helps organizations assess their PBM contract to ensure the most efficient spend on prescription drug costs, and overall plan design. We help organizations develop strategic plans that address increasing specialty drug costs and offer employees easily accessible ways to save on prescriptions.

What is a pharmacy benefits manager? What is the difference between a PBM and insurance?
When an organization purchases a health insurance plan with prescription drug coverage, a pharmacy benefits manager (PBM) manages the drug costs for the insurance company. The PBM is an outsourced and specialized third party entity that acts as a middleman between the insurance company, pharmacies, and drug manufacturers to secure discounts.

Is HUB a PBM? How does HUB work with PBMs?
No, HUB is not a PBM. HUB works with PBMs to help organizations assess their pharmacy benefits program. HUB helps organizations navigate the changing landscape of pharmacy coverage to manage costs and address issues that may impact drug plans such as specialty drugs and therapies.

What is a Pharmacy Benefits Management Assessment?
A pharmacy benefits management assessment is a deep dive evaluation into an organization’s pharmacy plan performance. This may include research into the organization’s population, clinical data, and current benefit usage to formulate cost-saving strategies.

In the assessment, we can work with your PBM to reduce drug costs by:

Offering home delivery of medications and creating select networks of more affordable pharmacies

Encouraging the use of generics and more affordable brand medications

Negotiating rebates from drug manufacturers and discounts from drugstores

Managing high-cost specialty medications

Can HUB assess my PBM plan to be sure my employees are getting the most from their pharmacy benefits?
Yes, HUB can assess your PBM contract. We develop tailored cost savings solutions to meet your organization’s goals and help your employees save money on pharmacy benefits costs.