5 ways to supercharge your PBM search
By: Prescryptive Health
Employers, it’s RFP season! Are you looking for a PBM upgrade?
According to research commissioned by Prescryptive Health and undertaken by Cascade Insights in 2021, 65% of self-insured employers are dissatisfied with their pharmacy benefits manager, or PBM, with cost as a driving factor.
If you’re unhappy with your current PBM, it might be time to supercharge the RFP process and find the PBM you deserve.
65% of self-insured employers are dissatisfied with their pharmacy benefits manager
How supercharged should your PBM search be?
The answer: As supercharged and thorough as you can make it. Finding the right PBM plays a key role in keeping your employees engaged and your costs under control.
Whether you’re managing the RFP process on your own or working with a broker/consultant, taking the time for a detailed search will help you find a PBM partner you can trust and rely on. In the end the results are all about your real bottom line: Happier, more engaged employees.
If you’re planning on embarking on a new PBM search, put these five timely tips in your RFP toolbox:
Goal alignment.
Clearly communicating your goals up front and confirming a PBM is aligned to those goals allows candidates to differentiate themselves and helps you narrow down your choices.
Insist on transparency.
There is power in honesty. With transparency and trust comes loyalty and a stronger relationship, right from the start.
Find a fiduciary.
A PBM acting as a fiduciary puts your best interests ahead of their own profits. And they won’t play games with your trust or business needs.
Get more for your money.
Finding added value has never been more important. All PBMs provide the same core functions, but many charge for every service, program, report, etc. To get the most for your money, look for a PBM willing to provide additional service offerings at no additional cost.
Go beyond the “Big 3“.
Finding a smaller player doesn’t mean you have to make sacrifices. For better pricing, dedicated customer service and more flexibility, it pays to extend your search beyond the big brands you already know about.
Want even more cost-saving, employee-engaging insights? Download our free white paper “5 questions to ask your pharmacy benefits consultant to drive down costs.”