When evaluating cost-saving strategies, employers should conduct a thoughtful review, assessment and ongoing management of their pharmacy spend. While deductible changes, plan design and contribution adjustments can offer savings, they do not deliver the long-term results employers are seeking in their efforts to rein in costs. Managing pharmacy costs entails much more than simply what is being paid for each prescription.
Why Focus on Pharmacy Cost Management?
Pharmacy benefit costs represent 15 – 20% of overall total health care costs, and have risen approximately 148% since 2005. By taking an active role in managing pharmacy programs, employers can experience double-digit savings along with lowering the ongoing trend rate. Employers need an expert partner to help navigate the complicated pharmacy landscape, and Celedinas/MMA has the experience and programs to help employers not only understand their pharmacy options but to also help them maximize bottom line savings.
MMA Rx Solutions, a unique and exclusive service for our clients offers analytics, pharmacy contract expertise and an employee engagement tool designed for the midsize employer. This program allows real time access to eligibility and claims data and ultimately, more control over the pharmacy program.
With MMA RX Solutions, our clients receive:
- Best in class pricing through management of several million pharmacy claims
- Improved cost and trend management over traditional and specialty drugs through deep-dive proprietary analytics
- Expert review and negotiations on pharmacy contracts
- Innovative solutions specific to pharmacy management
- Increased ability to customize plan contract to reach desired goals
- Performance management of the PBM (Pharmacy Benefit Management)
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