The approach to select a pharmacy benefit manager (PBM) by issuing a request for proposal (RFP) may fall short of the goal of saving money. An RFP does not really tell employers which PBM can provide them with the lowest prescription drug cost, writes Kenneth B. Berry, consultant to HMC HealthWorks.
In Berry’s article, “Choosing a PBM: Is Your Plan Asking the Right Questions?”, which appeared in Benefits Magazine, the trade publication available to members of the International Association of Employee Benefits Plans (www.ifebp.org), much is to be considered.
Plan sponsors could experience an increase in total spending on drugs.
Learn more how that might be by clicking the link here: Choosing a PBM: Is Your Plan Asking the Right Questions?
Reproduced with permission from Benefits Magazine, Volume 54 Number 3, pages 28-33, March, 2017, published by the International Foundation of Employee Benefit Plans (www.ifebp.org), Brookfield, Wisconsin. All rights reserved. Statements or opinions expressed in this article are those of the author and do not necessarily represent the views or positions of the International Foundation, its officers, directors or staff. No further transmission or electronic distribution of this material is permitted. Subscriptions are available for purchase by contacting us at 888-334-3327, option 4 or www.ifebp.org/subscriptions.