Pharmacy Management: the most highly encountered medical benefit is also a growing driver of reinsurance expense, especially specialty pharmacy. Currently, 9 specialty medications cost over $200,000 per year. By 2016, specialty pharmacy is expected to equal more than 50% of overall pharmacy expense.
When it comes to reducing your pharmacy costs, there’s no better company than Excelsior Solutions. In fact, this Minneapolis-based pharmacy consulting firm has never saved a client less than $2.50 per prescription, with no cost-shifting to members.
- Is staffed by former PBM C-level Executives who know the “other side” extensively.
- They look to improve upon clients’ existing relationships with their current PBM, rather than change them to another, and have never accepted payment from a PBM for placing their business.
- Manages more than 21 million lives, making it the largest pharmacy consulting firm in the health plan space, providing leverage for all their clients and insight into best practices.
- Averages a 1 percent annual pharmacy cost increase compared with a national average of 9 percent.
- Performs a complimentary review of your pharmacy program.
A growing regional health plan’s pharmacy expense was running low in comparison to other health plans in its state. But what bothered management was the high trend in this expense category. In came Excelsior Solutions. Over the past several years, this plan has transitioned to a new PBM with a truly transparent pass-through model, and Excelsior Solutions has assisted in re-engineering almost every element of the plan’s pharmacy model. The result has been a 20 percent reduction in per-member-per-month (PMPM) pharmacy costs (in the face of pharmacy inflation over the previous 24-month period) without a material change in member mix. Excelsior Solutions continues working with this plan on their PBM relationship and provides the continued oversight necessary to manage this complicated and critical component of medical expense.
Call Re-Solutions to see how Excelsior Solutions can start reducing your pharmacy costs.