Millions to Membership
The results are in and we are happy to announce National CooperativeRx paid out $3.7 MILLION to our members in rebate true-up and patronage this year.
National CooperativeRx is unique because our members come together as a group and purchase into one pharmacy benefit contract. With 364,000 covered lives and growing, our purchasing power is strong and is the reason our members receive these benefits.
Our 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 100% of net income.
2018 True-Up: $2.8 million
2019 Patronage: $906,676
The claims audit was performed for 2017 and 2018 and no returns for global guarantees were found. We would like to credit CVS Caremark for their work in meeting these guarantees. An independent consultant is currently auditing 2019 with results to be announced next year. The Cooperative has also engaged services of an independent consultant to audit rebates of CVS Caremark and the results of that project will be announced at a later date.
We pride ourselves on providing PBM oversight to ensure our members continue to not only save on their overall spend, but also receive the contracted discounts and rebates promised. Thank you, as always, for being a valued member of National CooperativeRx.