Question: What happens when our pharmacists focus on ditching unnecessary expenses and help our members streamline their pharmacy benefit plans?
Answer: Our members save $9.97 MILLION in one year.
A Savings Strategy That Works
Keep dental and medical benefit costs covered their own benefit plans.
This ensures that drugs are billed appropriately. How much did our members save compared to CVS Health’s employer book of business? $0.48 per participant per year.
Differentiate medical devices from drugs covered.
Medical devices are not approved by the FDA drug approval process and they may be able to be purchased on a direct basis for a fraction of the cost billed to insurance. Implementing a thorough vetting process resulted in the removal of select medical devices and saved our members $0.34 per participant per year.
Design your plan to replace high cost products with lower cost alternatives.
Strategic plan design and personalized clinical programs resulted in saving $18.35 per participant per year.
Remove pharmacy service providers that employ questionable antics.
Our in-house pharmacists work to remove questionable pharmacy providers, saving $3.72 per participant per year.
“Our team of on-staff pharmacists is another factor that sets us apart from the competition. Their drive to provide top-notch benefits to participants while saving employers money knows no bounds”
-Deb Thomsen, VP of Coalition Development
Don’t cover medical foods.
They are not approved by the FDA as drugs and do not require a prescription. Not covering them under the pharmacy benefit saved $0.31 per participant per year.
Encourage the use of authorized generic drugs.
Authorized generics are identical in all aspects to their brand name counterpart. Encouraging authorized generics saved members $4.10 per participant per year.
Strategies That See Results
Totaling up the strategies, our members saved $23.20 per participant per year over the CVS Health employer book of business, resulting in an aggregate annual savings of more than $9.97 million in 2021 alone.