Pharmacy Drug Benefits
Through Pharmacy Benefits Management (PMB)
What is Pharmacy Benefits Management?
The component of the employer health plan that manages employees and dependents’ Pharmacy Drug Benefits
Why Should Sourcing Organizations Use Pharmacy Benefit Management?
- Average Total Health Benefits Cost per Employee is $10,000 / Year
- Pharmacy Drug Benefit costs make up 15-20% of health benefits cost
- Pharmacy Benefits average $1,500 -$2,000 / Employee / Year
- Pharmacy Drug Benefit costs are the fastest growing component of Health Care Costs
- Not Traditionally ‘Sourced’ by Many Companies
Highlights of Paladin’s PBM Agreement
- Paladin’s High Volume Contract pricing and discounts are based on 700,000 Covered Lives
- Item by item detailed cost comparison is prepared based on mail & retail purchases
- Detailed formulary comparison performed to determine if any impact on client’s employees
- No requirement to change retail supplier for employees
- Web & Mail ordering available
- Professional seamless rollout by dedicated transition team for client employees to minimize impact
- Coalitions offer best practice sharing forums and watchdog activities such as annual audits of members’ pricing
More Information from Pharmacy Benefits Experts
Pharmacy Benefits Management Client Outcomes
- Implemented 9.5% Savings with Incumbent Pharmacy Benefit Provider with Total Projected Savings over $700,000. - $5 Billion B2B Hardware/Software Supplier
- "The savings that Paladin generates more than cover their fees and expenses and provide a very high return." - PRGX Global Inc.
- "Within eight weeks, Paladin had completed several projects that resulted in immediate savings." - Insight Enterprises