Drum roll, please! The final numbers are in, and we are excited to share that National CooperativeRx was able to distribute $6.1 MILLION to our members in patronage, retired equity, rebate true-up and audit recoveries.
Our unique Cooperative model enables us to provide our members with 100% of rebates, 100% of money received from the annual claims audit performed on our PBM vendor, and revenue not needed to operate the Cooperative.
National CooperativeRx can do what we do because our members come together as one and purchase into one pharmacy benefit management contract. With 375,000 covered lives and growing, our purchasing power is strong and allows our membership to see the direct benefit of our model through additional contract value and the return of these dollars.
What Exactly Did Our Members Receive?
2020 Patronage: $826,578
2019 True-Up: $4,002,754
2011 & 2012 Retired Equity: $600,355
Independent audits were conducted on Cooperative business and our pharmacy benefit manager. The claims audit assures that all mail, retail, specialty, and other financial guarantees are met. The National CooperativeRx 2019 audit recoveries came out to $1.3 million. National CooperativeRx also engaged the services of an independent consultant to audit rebates collected by CVS Caremark and these recoveries added to the true-up amount.
When employers and plan sponsors become a member of National CooperativeRx, they can rest assured their pharmacy benefit dollars are used effectively and efficiently. Thank you to our valued members and we look forward to providing the same financial peace of mind next year.