There are many reasons companies really need pharmacy benefit consultants to help address some of the most complex changes facing the pharmaceutical industry. At PillarRx, we understand your pharmacy benefit program is unique. We listen to our clients to gain an understanding of their needs and goals. Then we provide independent guidance and services to meet those needs to best optimize their pharmacy benefits program. Our practical guidance can help you maximize your financial outcomes, eliminate pharmaceutical waste and abuse, and increase member satisfaction.
That is why in today’s blog post, we are sharing the top three reasons why you should hire a pharmacy benefit consultant!
- Industry Expertise
A pharmacy consultant is focused on pharmacy. There are many changes occurring on-going in the pharmacy space and keeping up with those changes can be challenging. Pharmacy consulting can bring detailed and in-depth expertise needed by clients in order to make the best and most effective decisions on behalf of their pharmacy benefits program. A good consultant will proactively bring industry changes, specific program observations and share the latest trends and developments in the field.
Another significant area of support pharmaceutical consultants can provide is PBM or third-party vendor evaluation support and guidance. There are many facets and components that should be evaluated as part of any pharmacy vendor relationship evaluation. These include general operations, customer service, financial impacts, and contractual obligations. There are many caveats, exclusions, definitions, terms, etc. that need to be considered and evaluated properly to provide a factual analysis in which clients can make sound decisions for their best future outcomes. The pharmacy industry is constantly evolving and you want to work with a consulting partner that has the pulse on those changes and can help bring the information needed to make informed decisions to bring the best value to the pharmacy benefits program.
The pharmacy industry is complicated and you need someone in your corner that understands and maintains a level of knowledge of changes that are constantly occurring within the market that could impact your pharmacy benefits program financially and operationally.
- Pharmacy Benefits Program Value Improvement
Your consultant will optimize your pharmacy benefit program by eliminating services your members aren’t utilizing. Conversely, there may be PBM services or programs available to you or your covered lives worth adding to your pharmacy benefit. For example, are members aware of all clinical-type programs that could help them personally save money as well as these same programs can also save the client money? Pharmacy consultants can assist with maximizing the value of the program through optimizing the right clinical programs, benefit rules, formulary management, and plan designs.
- PBM Contract Management
If you would like to know the true position of your current PBM contract, you need to ask the professionals. Automatically renewing your PBM contract, without a thorough review, can have significant negative consequences. A contract review led by an independent pharmacy consultant helps determine if any contractual terms or pharmacy rates need updating. An experienced pharmacy consultant has the skillset to identify potential problems before they impact your bottom line. Utilizing an independent pharmacy consultant, who reviews contract language on a regular basis, will be able to point out specific language that is not in your best interest for most effectively managing your pharmacy benefits program. You want to work with an expert who is familiar with PBM contracts and can help negotiate the best contract arrangement on your behalf. This could save money for the program as well as help to provide more value to the services provided by the PBM.