Finding Savings in Response to COVID-19
| By SourceRx
It goes without saying that the COVID-19 pandemic continues to have a significant impact on our communities. Educational institutions are facing a extraordinary challenge of operating with a reduced budget, minimal staffing, and very few resources, all as a result of the pandemic.
When looking for areas to increase savings, one consideration should be your institution’s medical benefits, including your pharmacy benefits management (PBM) program.
A Cost-Effective Way to Provide Prescription Benefits
While identifying savings for immediate needs is important, it is just as critical to discover ways to save in the long run. Rather than cutting resources, consider cutting the costs of one of the largest line items in an institution’s budget: pharmacy benefits.
PBMs such as the publicly procured SourceRx program offer self-insured employers a more cost-effective way to provide pharmacy benefits to their employees. In addition to delivering an average of 25% savings to new program participants, users benefit from greater prescription drug price stability, extensive flexibility, and budget certainty.
At a time when so much is uncertain, having the financial peace of mind of a comprehensive PBM program is one less thing to worry about.
Save Now – And Later
The idea of implementing a new PBM can be daunting. But consider this:
Cost Savings Through Cooperative Pricing
By signing up, your savings increase as the number of participants grows.
Size Doesn’t Matter
The same pricing is available to all employer groups, regardless of size.
How do you combat the rising cost of prescription drugs? With a three-year pricing guarantee.
Flexible Contract Options
Each institution is unique. Transparent, traditional, and average script prices are available to you.
Stop Loss Policies
Budget certainty is a must, and is available through stop loss policies.
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Stable discount rates on a defined list of specialty drugs.
Claim-Level Pricing Guarantees
Applies on a per claim, per employer basis.
A publicly procured program such as SourceRx, provides easy adoption for public sector employers in all 50 states.
Know what’s going on with your program with quarterly reviews, annual audits, and market check.
Still not convinced? With comprehensive contracting expertise, procurement professionals have a unique insight to help ensure their institution has the best PBM program in place. Learn why procurement should care about their institution’s pharmacy benefits management contract.
Not only that, but during this time when many institutions cannot hire outside consultants due to budgetary constraints, SourceRx takes care of that need. Consider getting started with a Member Market Check through SourceRx. This comprehensive comparison will put your current PBM up against E&I’s SourceRx program and will demonstrate if this contract will provide meaningful savings year-over-year for your institution.
About the Author
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.