In a feature article for BenefitsPRO, RxBenefits’ Vice President of Clinical Solutions, Mark Campbell, PharmD, shared how HR leaders can take important steps clinically to reduce prescription drug benefits costs without leaving their employees vulnerable. The article includes strategies that employee benefits consultants can use to help their self-insured clients navigate pharmacy benefits in a cost-efficient, member-first way. Following is a brief excerpt; you can read the full article here.
How To Prepare Self-Insured Businesses For Rising Pharmacy Costs
HR leaders can find themselves caught between a rock and a hard place – attempting to reduce benefits costs without leaving employees vulnerable. Benefits consultants and advisors are in a unique position to help their clients make this decision.
The high and growing cost of prescription drugs already imposed a financial burden on employees and employers who sponsor health benefits. But now pharmacy benefits alone account for 21 cents of every health care dollar, on average.
With benefits being one of the highest cost drivers affecting bottom lines, it is one of the first areas businesses tend to look to when needing to reduce expenses. However, HR leaders can find themselves caught between a rock and a hard place – attempting to reduce benefits costs without leaving employees vulnerable. Benefits consultants and advisors are in a unique position to help their clients make this decision – a particularly important role as our economy tightens – and enable them to reduce the cost of their pharmacy benefits without reducing value for employees.
