Capital Rx Insights (February 2024)

Mark your calendar! On March 21, Capital Rx’s Bridget Mulvenna , Vice President of Business Development, will share her insights and experience to help everyone level up their pharmacy benefit manager (PBM) procurement processes! Before joining Capital Rx in late 2023, Bridget was the Director of Pharmacy Programs at Erickson Senior Living, where she saved the company millions upon millions of dollars over ~9 years, first on their long-term care side of the business, then on pharmacy benefit program spend.

You won’t want to miss this, as Bridget will walk through (at least) five practical ways to improve your PBM procurement process.

Read on for the usual roundup of news and insights from the Capital Rx team, and CLICK HERE to RSVP!

Related Content

?? AH002 - A Former Pharmacy Program Director's View on Controlling Pharmacy Costs?

?? Benefits Pro: 5 ways to improve your PBM procurement process in 2024?

Astonishing Healthcare

If you haven’t yet, visit our Astonishing Healthcare Podcast page or subscribe on Apple or Spotify!?

• AH006 – Pharmacy Benefits 101: Clinical Care Teams with Amy Stockton, PharmD (2/23/24)?
• AH005 – Star Ratings, MTM, & CMS Translation Requirements with Jay Tran (2/16/24)?
• AH004 – Data, Fiduciary Responsibility, and Reversing Trend with Jeffrey Hogan (2/9/24)?
• AH003 – What’s New in the Partner Channel with Brian TenEyck (2/3/24)?

Capital Rx’s enterprise health platform, JUDI? , combines all the pharmacy benefit-related administrative workflows into one intuitive, highly efficient, open platform.?

Click here to download our whitepaper: The Upside of Modern Technology vs. Legacy Claims Processing Systems!

Knowledge Exchange?

What does New York City FC and Capital Rx Announce Sleeve Partnership mean for the local NYC community? Well, that depends. If you’ve got an MLS team in your area, be on the lookout for the Capital Rx team and any events. We’re working in concert with a like-minded partner to raise awareness of our brand on a national scale and in the local NYC community.

In How Our Favorite New JUDI? Features Aid Pharmacy Benefit Administration, we highlight 9 of our favorite features of JUDI and their capabilities. Karen Dierker , Capital Rx’s Senior Vice President of Product Management, explains how these features, in their own ways, help users increase their operational efficiency at a lower cost.?

Drug Pipeline & Clinical Update - January 2024: The Capital Rx Clinical Team highlighted one new approval - Zelsuvmi? topical gel - three new notable expanded indications, one biosimilar approval (Udenyca Onbody?), and one notable generic launch (Prolensa?) to start 2024.?

Consultant Corner: What Matters Most?

Channel Partners,? ?

To follow up on my episode of The Astonishing Healthcare Podcast, it’s worth emphasizing three key things:?

1. Relationships matter, a lot. Engage your vendors to build a true partnership. For example, I want to keep our partners informed about PBM trends and rely on them to inform me on the latest trends happening in their regions – this information exchange is truly valuable.?
2. Monitor your PBM’s PMPM performance. Brokers must start auditing and monitoring more than contractual performance (discounts and rebates). A PBM can hit all contractual obligations, but the plan’s spend could still be up 12%. The innovative consulting firms are now monitoring PBMs based on year over year PMPM spend.?
3. Engage your clients early for their pharmacy RFP. Oftentimes, we receive inquiries 2 months before the plan date and two things happen:?a. You lose negotiating power with your current provider, and?b. You put the plan, the brokerage firm, and awarded PBM at risk of completing a tight implementation, leaving no room for errors or delays.?

It’s time to demand more! After all, your plans are paying the PBM to MANAGE their pharmacy spend.

Brian TenEyck , Director, Consultant Relations || [email protected]

Most Read News at Capital Rx

• J&J worker accuses employee health plan of drug benefits mismanagement (2/5; Becker’s)?
• Capital Rx Named to the 2024 New York Digital Health 100 (2/8; Capital Rx)?
• Why Does the United States Pay, by Far, the Highest Prices in the World for Prescription Drugs? (2/8; US Senate) / For a summary: Senate Hearing Challenges Pharma CEOs on Drug Pricing (2/12; Pharma News Intelligence)?
• Who Owns Medicare And Medicaid Data? We The People (2/18; Forbes)?
• US health tech giant Change Healthcare hit by cyberattack (2/21; TC)?
• West Virginia Senate passes PEIA drug price reform bill (2/21; WOWK)?

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If you are looking, or know anyone looking, for a new role in the PBM industry, please click below to visit our careers page.

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