Many businesses choose to partner with a pharmacy benefits manager (PBM) to help them provide prescription drug coverage to their employees. But with so many PBMs on the market, how can you be sure you're selecting the right one for your business? Here are a few key factors to consider when making your decision.
1. Company size and needs - The first thing you'll want to consider is the size of your company and what type of prescription drug coverage you're looking for. If you have a large company with employees in multiple states, you'll need to find a PBM that has a nationwide network of pharmacies. On the other hand, if you have a smaller company, you may be able to get by with a regional PBM.
2. Cost - Of course, cost is always going to be a major factor when selecting any type of benefits provider. You'll want to get quotes from several different PBMs to see which one offers the most competitive pricing. Be sure to compare apples to apples, though, and make sure you're looking at the same type of coverage and network size when making your comparisons.
3. Customer service - Once you've narrowed down your options based on cost, it's time to start looking at customer service. You'll want to find a PBM that is easy to work with and who will be responsive to your needs. Be sure to read online reviews and talk to other businesses in your industry to get their recommendations.
Making the decision to partner with a pharmacy benefits manager is a big one. But by taking the time to do your research and compare your options, you can be confident you're selecting the right PBM for your business. Keep the factors mentioned above in mind as you make your decision, and don't hesitate to reach out to us here at Ellerbrock-Norris if you have any questions about choosing a PBM or designing a benefit plan for your employees. We work with PBMs every day and would be happy to connect you.
Questions? Contact us today and let's talk PBMs.
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