What is Pharmacy Benefits Management and Why is it Important

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Pharmacy Benefits ManagementThere are a lot of reasons why you would seek out the help of a pharmacy benefits manager. If you are a self-funded employer, an insurer, a managed care organization, or even a governmental agency, you should not do without pharmacy benefits management

What is a Pharmacy Benefits Manager?

A pharmacy benefits manager like crystalclearrx.com can accurately and effectively calculate the pharmacy benefit that the client needs to offer as well as the drugs that can be covered by this benefit.

The pharmacy benefits manager also assists the client in administering the pharmacy benefit to the members or the employees covered. There are substantial advantages to having access to pharmacy benefits management services.

Why is Pharmacy Benefits Management Important?

One of the reasons why you need pharmacy benefits management is that it can help you minimize your costs in offering pharmacy benefits to your members or employees. In addition, pharmacy benefits managers can automate administrative services, negotiate large discounts on drugs, as well as manage drug use. This is why insurance companies increasingly depend on the help of the pharmacy benefit managers to process and pay prescription drug claims at lower prices for insurers.

According to a report by the consulting firm Visante, pharmacy benefits managers can save companies, Medicare, and even the consumers millions of dollars through their activities. Pharmacy benefits managers have collective buying power used to negotiate costs, so that consumers can get discounts from pharmacies and receive rebates from drug manufacturers. Without this power, an ordinary company can hardly negotiate with pharmacies and drug manufacturers to get substantial discounts on drug prices and give these discounts to the insurance companies.

The pharmacy benefits manager mainly calculates the beneficiary’s cost-sharing requirements as well as the necessary pharmacy network. To do all these without assistance can be a lot to take on, not to mention risky.