Traditional pharmacy audits are great for analyzing every claim and ﬁnding discrepancies down to the penny. However, not all customers have the need, time, or resources necessary to complete these audits. That is why PillarRx created a solution – the TurboAudit!
Like a PillarRx annual pricing audit, we maintain an effective system of controls vital for achieving your business objectives, obtaining reliable financial reporting on your operations, preventing fraud, and misappropriation and minimizing the cost of capital. Our pharmacy benefit management auditing services are built upon proven, reliable technology.
So, what exactly are the 3 components of the TurboAudit? Let’s find out!
Assessment 1 – PBM Contract
PillarRx’s contract assessment begins with a thorough review of your current PBM contract. Our review team of experienced professionals has completed hundreds of PBM contracts for customers of all sizes. A PillarRx contract review identifies gaps in contract language and financial performance. Upon analysis, PillarRx will determine if your PBM is performing up to agreed-upon contract terms or if they are falling short.
Assessment 2 – Quantitative Comparison
To make a sound financial validation of your current PBM’s performance, PillarRx compares the following:
- Current contract rates
- Actual PBM claims data pricing
- Benchmarked PBM rates for similar-sized clients
Assessment 3 – Financial Benchmarking
Price benchmarking is a critical measure to ensure that the PBM is maintaining competitive pricing, by comparing rates against other contracts in the market of similar size and demographics. All results are provided as a net cost comparison and percent savings, allowing for easy “apples to apples” comparison.
Curious if the TurboAudit is right for your organization? Contact us today to find out!