The Employer's Guide Blog for Overseeing PBMs

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Mastering PBM Negotiations with Effective Strategies for Employers and Benefits Consultants

The video “Unlocking the Secrets of PBMs: Strategies to Navigate Their Profit Tactics” is an insightful 59-minute presentation designed to equip employers and benefits consultants with the necessary tools to effectively manage and negotiate with pharmacy benefit managers (PBMs). Over the course of the video, viewers are introduced to the various profit-making tactics employed by PBMs and the impact these can have on pharmacy costs and patient outcomes. Mastering PBM negotiations is an essential tool for CHROs, CFOs, and benefits consultants.

Key sections of the video delve into understanding the opaque pricing models that PBMs often use, which can obscure actual drug costs and complicate efforts to ensure fair pricing. The video provides practical strategies to unveil these hidden costs and leverage this transparency in negotiations. It also discusses the importance of contract clarity and how to ensure contracts are devoid of loopholes that could increase costs unexpectedly.

Furthermore, the video highlights the significance of staying informed about industry trends and regulatory changes that can affect PBM contracts. It advises on building a collaborative relationship with PBMs while maintaining a vigilant stance that prioritizes fiduciary responsibilities. For employers and benefits consultants, this video is an essential tool, offering actionable advice on how to reduce pharmacy costs without compromising on the quality of patient care.

Tyrone Squires, MBA, CPBS

I am the proud founder and managing director of TransparentRx, a fiduciary-model PBM based in Las Vegas, Nevada. We help health plan sponsors reduce pharmacy spend, by as much as 50%, without cutting benefits or shifting costs to employees.

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