Benefits Pro recently published “5 Pharmacy Benefit Trends on Every Employer’s Mind.” The article claims half of employers feel very knowledgeable about pharmacy benefits. From my unique perspective, this figure is exaggerated, and the real percentage is closer to 10%. If you’re skeptical, let’s confirm it together. Embark on this brief quiz to discover the truth. When employers are truly knowledgeable about pharmacy benefits, it often leads to better healthcare decisions for employees and more cost-effective management of benefits. Here are critical pharmacy benefit questions to ask for HR.
Human Resources (HR) professionals can improve their knowledge of pharmacy benefits management (PBM) by following these steps:
- Education and Training: Enroll in courses or workshops that cover the basics of PBM, including understanding drug pricing, pharmacy networks, formulary management, and the regulatory environment.
- Industry Research: Stay updated with industry reports and publications from reputable sources to keep track of trends, innovations, and changes in PBM practices and regulations.
- Networking: Join professional HR and PBM groups and forums to exchange knowledge, experiences, and best practices with peers and experts in the field.
- Vendor Partnerships: Work closely with PBM vendors to understand the specifics of contracts, cost management strategies, and to receive tailored training on their platforms and services.
- Employee Feedback: Gather feedback from employees about their experiences and challenges with the current pharmacy benefits to identify areas for improvement.
- Compliance Understanding: Ensure a deep understanding of compliance requirements, such as those related to the Consolidated Appropriations Act (CAA), Health Insurance Portability and Accountability Act (HIPAA), and the Affordable Care Act (ACA), which can all affect pharmacy benefit managers.
- Use of Technology: Leverage technology and data analytics to understand usage patterns, cost drivers, and to evaluate the effectiveness of current PBM strategies.
By focusing on these areas, HR professionals can develop a well-rounded expertise in pharmacy benefits management (PBM) that can contribute to better healthcare decisions, more cost-effective and employee-friendly benefits plans.
