Pharmacy costs are one area of healthcare benefits that have significant financial impact on the bottom line of benefit spend. Pharmacy Benefit Manager (PBM) contracts play a critical role in driving accessibility and affordability of prescription medication, and it is important for employers and brokers to have a comprehensive understanding of the contracting process. However, the complex nature of PBM contracts can make it challenging for employers to ensure they are receiving the most favorable terms.
The importance of PBM contract considerations
The nuanced language of pharmacy contracts can leave room for organizations to end up paying more than they should for their pharmacy programs. It is key for brokers and employers to have a comprehensive understanding of contract terms and language to ensure they are receiving industry competitive pricing and favorable terms for both the company and employees.
This eBook, part 2 of the PBM contracting series, offers brokers and employers a clear understanding of the various areas of a PBM contract that can have significant impact to pharmacy programs. With this knowledge, you’ll be better equipped to negotiate competitive contracts and better manage pharmacy costs.
Access Key PBM Contract Considerations
What’s inside the 12 Key Considerations to Optimize PBM Contracts eBook?
Truveris’ 12 Key Considerations to Optimize PBM Contracts eBook is your detailed guide to approaching PBM contract discussions, offering insights into critical pharmacy contract areas. In the eBook, we outline 12 contracting considerations and the impact of each to PBM contracts.
The 12 considerations in this eBook are:
- Guarantee Exclusion
- Specialty Guarantees
- Performance Guarantees
- Rebate Guarantees
- Offsetting Language
- Market Checks
- Contract Termination
- Reconciliation
- Payment Terms
- Allowances & Credits
- Data Rights
- Reservation of Rights
Complex PBM contracting language doesn’t have to stop you from achieving favorable contract terms and saving money for your client or your organization. Leverage this eBook to gain the knowledge you need to confidently take control of your pharmacy program spend, while ensuring quality benefits for your members.
If you haven’t already, be sure to download Part 1 of this eBook series that takes a deep dive into key PBM contract terms brokers and employers need to know.
To learn more about how you can optimize your pharmacy contract, connect with a Truveris pharmacy contract expert here.
