PBM satisfaction drops to new low. Is it time for a change?
A recent report shows PBM satisfaction at its lowest level since 2014. Here's how to find a Pharmacy Benefit Manager with a better member experience.
By: Prescryptive Health
PBM satisfaction is in decline.
The PSG 2023 Pharmacy Benefit Manager (PBM) Customer Satisfaction Report shows overall satisfaction at its lowest point since 2014. The survey sampled 229 benefits leaders representing employers, health plans, health systems, and unions to present in-depth insight into the landscape of customer satisfaction with the management of prescription drug programs.
Meaningful reform may be on the way, but in the meantime, the member experience leaves a lot to be desired.
Pharmacy Benefit Manager satisfaction survey snapshot:
- Overall satisfaction plunged to its lowest level in nearly a decade
- Likelihood to renew continued a downward trend that began in 2021
- Overall Net Promoter Score (NPS), a common measure of general customer satisfaction and loyalty, decreased to 8 in 2023. This is notable compared to the NPS of 38 just two years ago.
- The Big 3 PBMs — CVS Health, Express Scripts, and OptumRx — hold almost 80% of the market.
- Satisfaction for customers of Big 3 PBMs was consistently lower:
- 3: The NPS score for the Big 3
- 22: The NPS score for “Other PBMs”
The PBM marketplace is more competitive than ever, and the unbundling of pharmacy benefits means more companies are embracing new models. So, if you’re ready to make a change, there’s a better PBM relationship out there, waiting to be discovered.
De-stress your PBM search
Looking for a new PBM doesn’t need to be nerve-racking. Take the time to map out your must-haves and before you know it, you’ll be well on your way to finding a PBM that fits your needs, better.
4 tips for landing the PBM you deserve:
Push for transparency:
Transparency builds trust, right from the start. Knowing more up front can lead to increased employee engagement and bigger plan savings down the road.
Expect empowerment:
A pharmacy benefit solution should not only save your business money, but it should also empower your employees to make informed decisions about their prescriptions.
Get answers:
Asking questions matters. Asking the right ones matters more. Which medicines on your formulary are driving plan costs? Which meds drive rebates? Are there quality lower-cost alternatives that would be better for plan savings?
Go beyond the “Big 3“:
For better pricing, dedicated customer service, and greater flexibility, it pays to extend your search beyond the big names you already know about.
Not ready to change PBMs?
If you’re not ready to fully move on from your current PBM, our member-empowerment platform, myPrescryptive, can seamlessly plug into your existing plan. Through secure text messages at the point of care, members will understand their prescription drug costs, insurance coverage, payment options, lower-cost alternatives, filling pharmacy, and more.
Top 5 factors in choosing a PBM
1. Pricing/Cost
2. Member experience/customer service
3. Honors guarantees and commitments
4. Formulary and clinical programs
5. Transparency
