Pharmacy benefit management plays a critical role in controlling health insurance costs and improving member health outcomes. But not all PBMs are created equal. The right PBM won’t be just another vendor in your benefit suite but a true partner that has your best interests in mind.
Pharmacy benefit management is evolving, and so are the expectations of employees and plan sponsors. Rising drug costs, complex rebate structures, and member experience challenges make choosing the right PBM partner more critical than ever. But what does the modern, new-age PBM look like? Here's your checklist for success.
1. Transparent Pricing & A Modern PBM Model
PBM models have been under the microscope for some time now. The larger, legacy PBMs that operate on a traditional, spread-based model are no longer the primary option. Instead, modern, alternative PBMs offer a transparent, pass-through model that prioritizes upfront pricing and fee structures.
Look for a modern PBM that offers clear, auditable contracts and pass-through pricing that puts the plan sponsor in the driver’s seat. You might also consider the age of the PBM; buy-outs, mergers, and acquisitions are common in the PBM market, so it’s best to ensure your prospective PBM has deep-seated roots in the pharmacy space and has no plans to sell.
2. Data That Delivers
Data drives decisions and empowers decision-makers like you. Your PBM’s transparency should encompass claims data and performance. As the plan’s sponsor, look for real-time access, actionable reporting, and data dashboards that you can customize to display the metrics most important to you and your team.
At MedOne, we believe in “your data, your way.” Employers and plan sponsors need real-time insights to make informed decisions. Our technology platforms give you the visibility into the utilization, cost trends, and member engagement you need to take control of your pharmacy spend. But we don't stop at dashboards; our team walks you through the data so you can act with confidence, leveraging all the levers available to you, which brings us to…
3. Service That Stands Out
With so many moving parts, your PBM should be accessible to both you and your members. For your member population, Look for a knowledgeable, professional, and accessible customer service center, staffed with industry experts who are equipped to answer any questions your membership may have about their pharmacy benefit. Flexible hours, translation services, chat features are all additional features members appreciate.
On the HR side of things, the “set it and forget it” mindset doesn’t fit the bill anymore. Your PBM should proactively provide you with insights into your pharmacy spend as well as actionable recommendations for how you can achieve the goals of your benefit philosophy. This can only be achieved with a standard of service that really stands out. Your PBM should be responsive to questions and quick to resolve issues, even outside of regularly scheduled meetings. High-quality service is the new standard.
4. A Member-First Mentality
Cost savings matter, but not at the expense of member health. Look for a PBM that prioritizes evidence-based decisions and offers programs to improve adherence and drive positive clinical outcomes. Managing a formulary isn't just about cost; it's about ensuring members have access to 1) safe, effective, and appropriate medications 2) at the best price.
It's easy to lose sight of the big picture when vetting out vendors, but don’t lose track of your members and the experience they can expect with this PBM; they’re the reason you offer the benefit in the first place! Look for a member-centric and experience-oriented PBM that will deliver satisfaction over frustration. Throughout the entire interaction.
5. A Culture You Can Trust
Ready for one of the best tricks of the trade when evaluating your PBM? The measuring stick you can use? Look at the employees who work for this PBM. Are they happy? Do they look forward to coming to work? Are they in it for the right reasons? It might seem unconventional to look into a vendor’s company culture, but it feeds the cycle. If those employees love what they do, they’ll bring that same level of respect and commitment to serving you, their clients.
A PBM's company culture matters. Choose a PBM whose culture mirrors your own. This makes for an aligned business relationship upon which collaboration, innovation, and partnership can thrive.
Choosing a PBM partner is one of the most important decisions you'll make for your health plan. Setting the checklists and the pros and cons aside, at the end of the day, your decision should come down to this one thing: Do you trust this PBM partner? Do they do things the right way? Do they keep their word? Would you look forward to working with this PBM day in and day out? Based on how often we’re in touch with our clients, we sure hope so! Answering this one question might just whittle down your prospect list. Once you have this answer, you can then go down your checklist.
Ready to start checking the boxes?
Chat with our Sales team to get a feel for what it’s like working with MedOne: sales@medone-rx.com.