Did you know that a truly effective PBM should be able to do much more than simply lower the plan’s medication costs?
Here are 3 things that an MVP PBM can provide:
Serve as a Retention and Hiring Tool
“How are the benefits?” It’s such a common question that HR managers across the nation receive on a regular basis. The answer can either help you find and retain top talent or leave you with a revolving door of employees. Benefits are extremely personal, especially pharmacy benefits. It seems hard to believe, but the interaction employees can anticipate having at the pharmacy, and with their PBM, can determine how likely they are to stay with their employer. A truly effective PBM will meet you where your goals are when it comes to using your benefits as an HR tool!
A PBM that doesn’t want people to take medications? Yes, it really happens. A good PBM knows that for a plan to work most effectively, you don’t want to just lower drug costs, you want to remove unnecessary pharmacy spend! That includes working with members to make sure they’re receiving the treatment that will be most effective for them and the plan. Plan can utilize a PBM that proactively recommends alternative therapies, or even offers personalized health coaching. Through personalized health coaching, pharmacists can help members with lifestyle changes, goal setting, and step-therapies to get them to a place where they no longer need medication.
We’ve shared how building a high-performing self-funded plan can save money. That’s because rather than having to pay the same premium every month, regardless of claims activity, employers pay based on the actual claims. This means that an effective PBM partner can help you save money, but also invest the money you save back into your business and benefit plan.