Is Your PBM Acting In Your Best Interest?
You're busy running your business, managing employees, and ensuring everything runs smoothly. Amidst all the hustle, you entrust certain aspects of your operations to professionals who promise to have your back. One crucial partnership is with your Pharmacy Benefit Manager (PBM), but have you ever stopped to wonder if your PBM is truly looking out for you?
The problem with trying to figure out if your PBM is looking out for you or serving their own interests lies in the subtle yet significant distinction between verbal promises and contractual obligations.
Sure, your PBM might promise transparency, but transparency is just a pledge to share information, not necessarily to act in your best interest. It is simply a promise to share something, not everything. It’s not a promise to act in any particular way.
This oversight can lead to employers unknowingly shelling out more than necessary, all while assuming they're getting a fair deal on prescriptions.
For instance, some brokers may accept compensation as per-script fees, which can soar as high as $5 per prescription. While this may seem harmless, it can cloud judgment and lead to decisions that benefit the PBM more than the employer. The employer ends up paying more than necessary.
So, how can you ensure that your PBM is truly working in your favor? It all boils down to understanding their operations' legal and ethical framework.
When you sign a contract with a PBM, it's not just about legalities; it's about securing your financial interests. Choosing a PBM that operates as a fiduciary means they are legally bound to prioritize your interests above all else. They must make decisions that benefit you, free from any financial conflicts of interest. This level of accountability ensures that every action they take is geared toward maximizing your benefits and minimizing costs, saving you significant amounts of money in the long run.
At DisclosedRx, when we sign a contract with our clients, we MUST act in their best interests. Why? We are a Fiduciary and Fully Disclosed.
What does that mean?
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We are legally obligated to act in the best interests of our clients. We have to operate free from any financial conflicts of interest.
As a Fully Disclosed PBM, all parties in a transaction have access to all material facts related to that transaction.
And because we are a fiduciary, we are protecting the broker from exposure, as well.
No one else can say that.
By partnering with us, employers can rest assured that they're maximizing their investment to provide their employees with exceptional benefits.
We take pride in fulfilling that commitment.
Don't settle for menial promises of transparency from your PBM. Demand accountability, insist on fiduciary standards, and prioritize partnerships with PBMs who are committed to acting in your best interests. After all, when it comes to your pharmacy benefits, anything less than unwavering dedication to your employees well-being is simply unacceptable.
Ready to ensure your PBM is truly working for you? Contact us today to learn more about how DisclosedRx can maximize your pharmacy benefits and protect your interests.