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.