|RFP or Project Number - Name:
683466 - Pharmacy Benefits Management Program
|Contract Effective Dates:
06/01/2019 - 12/31/2021
SourceRx is a revolutionary Pharmacy Benefits Management (PBM) program competitively solicited and awarded by Sourcing Alliance and Health Action Council (HAC). The longest-standing non-profit PBM and the only nationwide publicly procured PBM contract, SourceRx offers E&I members significant savings on prescription drugs from CVS Caremark and OptumRx.
The SourceRx program provides self-insured employers with a more cost-effective way to provide pharmacy benefits to employees. This contract features aggressive terms designed to provide greater prescription drug stability, extensive flexibility, and budget certainty while also delivering significant savings over any other PBM program available today.
E&I members also benefit from the Member Market Check at no additional cost. This is an apples-to-apples comparison of current plans to the comparable SourceRx plan, which includes an analysis of disruption caused by moving from an existing plan to SourceRx.
- Average savings of 25%, which increases as participation grows
- Three-year rate guarantee
- Member Market Check at no additional cost
- Flexible contract options – transparent, traditional, average script price
- Stable discount rates on a defined list of specialty drugs
- Individual pricing available to all self-insured groups, regardless of size
- Claim-level pricing guarantees apply per claim, per employee, not in the aggregate
- Budget certainty through available stop loss policies
- Publicly procured for seamless adoption in all 50 states
- Quarterly reviews, annual audits, program audits, and market check assessments
PBM is a large component of overall health insurance costs. SourceRx provides members with savings in two ways: by actually lowering PBM costs for most members, and by delivering year-over-year increases far below the industry average.
Download this cost comparison calculator to determine your organization’s potential PBM cost savings by switching to SourceRx.
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