Why do Pharmacy Analytics matter?
Introduction to PBM Challenges |
Part 2 - Solutions & Case Studies |
Recommended PBM management best practices
Ryan Czado, PharmD presenting at NEEBC's Rx trends forum
- Engage in benchmarking, marketing and ongoing audits with your broker, consultant or independent 3rd party such as Lockton
- Use consultants whose team includes pharmacists and clinicians with first-hand PBM knowledge and experience
- Standardize all definitions, performance guarantees, calculations and terms to best industry practices
- Collect and analyze all of the data and information that affect the plan-sponsor cost and risk
- Require bidders to consent to consistent and auditable, dollar-for-dollar performance guarantees that are independently reconciled
- Require individually reconciled minimum discount and rebate guarantees on a dollar-for-dollar basis
- Perform a rigorous financial valuation and comparison of markets
- Engage in competitive contracting before binding coverage
- Ongoing clinical programs analysis
- Ongoing financial performance audits including
- Ensure PBM performance is consistent with guarantees and claims adjudication follows contract terms
- Penalty payments are collected and passed on to plan sponsors when the PBM performance falls short of the contractual guarantees
Why Lockton?
Lockton is a leading-edge expert with the resources to manage your pharmacy program effectively, contain cost, improve employee well-being and be accountable for the results. We are the next generation; we are the solution.
We’re the fair and impartial mediator between health plans, self-funded employers, TPAs and other payers and their PBM firms.
We help:
Specializing in creating and managing:
We’re the fair and impartial mediator between health plans, self-funded employers, TPAs and other payers and their PBM firms.
We help:
- Optimize the pharmacy benefit management (PBM) marketplace;
- Leverage improved PBM and vendor arrangements;
- Identify additional opportunities for cost savings;
- Develop sound strategies that will keep pace with the dynamic marketplace.
Specializing in creating and managing:
- Customized medication management solutions;
- Outpatient PBM programs;
- Medical pharmacy (physician-administered) medications solutions.
Lockton Pharmacy Newsletters
Clicks links below
Second Quarter 2022
- Humira Savings on the Horizon?
- Are Limited Distribution Drugs Limiting Your Savings?
- The Affordable Insulin Now Act
- Some Good News Due to Upcoming Generics
- Industry Titans Make a Media Splash with Low-Cost Drug Approaches
- To Bag or Buy - That is the Question
- Medication Adherence: Is is a Waste of Money?
- Shifting Focus: From COVID Vaccines to Easily Accessible Treatments
- Value Based Contracting is Starting to Evolve with Pfizer's New Warranty Program for Oral Cancer Therapy Xalkori
- Diabetes: What's Driving Non-Specialty Trend?
- Gene Therapies: Looking Back and Looking Ahead
Curious about this rapidly evolving market and Lockton's approach? Please reach out to [email protected]