In the past year, the term “fiduciary responsibility” has gained significant traction, especially within the employee benefits space. Though this term is not new, there has been a renewed spotlight on this concept, particularly in regards to pharmacy benefits. Fiduciary duty, especially within healthcare, requires employers to make decisions that serve in the best interest of their members and plan beneficiaries.
Fiduciary Duty in the News
Recently, Johnson & Johnson has been named in a class action lawsuit where an employee has sued the company for allegedly violating their fiduciary duty under ERISA. This major lawsuit has employers reassessing their approach to pharmacy benefits management to ensure they are meeting the needs of their members and the overall organization, while ensuring fiduciary compliance. Under the Employee Retirement Income Security Act (ERISA), employers are now legally bound to fulfill their fiduciary responsibilities to their members.
What’s inside the Navigating Fiduciary Duty in Pharmacy Benefits eBook?
Truveris’ Navigating Fiduciary Duty in Pharmacy Benefits eBook is your guide to learning more about fiduciary duty, a fiduciary’s responsibilities, and the impact on pharmacy benefits at an organization. In this eBook, we take a deep dive into the following areas:
- What is a fiduciary: Learn more about the critical roles of fiduciaries for pharmacy benefits management within organizations and dive into how employers, plan administrators, and other key stakeholders navigate their fiduciary responsibilities.
- Responsibilities of a fiduciary: Gain a clear understanding of the responsibilities incumbent upon fiduciaries in effectively managing pharmacy benefits programs. This includes acting in the best interest of the plan participants, managing plan assets, acting prudently throughout the process, and selecting and monitoring service providers.
- Ensuring fiduciary compliance within pharmacy: Learn about the various strategies that employers can implement to ensure they are meeting their fiduciary responsibilities, specifically around pharmacy benefits. This eBook takes a deeper dive into the importance of understanding your pharmacy contract, implementing PBM oversight, and partnering with independent, objective pharmacy experts.
In today’s rapidly evolving healthcare landscape, effectively managing pharmacy benefits is key for both the financial impact to an organization and the needs of plan participants. Employers can reduce risks by ensuring they possess a thorough understanding of pharmacy contracts, establishing a robust PBM oversight process to monitor plan performance, and engaging with pharmacy experts who can offer support throughout the entirety of the pharmacy contract lifecycle.
