Unlocking Healthcare Savings

HR professionals must stay informed about strategies to optimize healthcare costs, particularly pharmacy benefits, which can often be overlooked as a significant expense. To help HR professionals optimize benefit spending, RxBenefits partnered with ASHHRA for this podcast episode. It delves into complex issues surrounding employee healthcare and benefits management.

RxBenefits provides insights and practical solutions to support HR leaders in navigating these challenges and accessing cost savings for their organizations.

• Why are pharmacy benefits important? Pharmacy represents the fastest-rising component of healthcare spending. According to the Centers for Medicare and Medicaid Services, pharmacy benefit costs may increase 3x as high as inflation. Many employers lack a clear understanding of optimizing pharmacy benefits to get the biggest bang for their buck.
• Employers should be more actively involved: Traditionally, the focus of pharmacy benefits has been on manufacturers, distributors, and pharmacies. This podcast highlights how employers pay a significant portion of healthcare costs but are often left out of the loop. Employers (specifically hospitals and healthcare systems) can be crucial in optimizing pharmacy benefits by understanding their options and negotiating better deals. 
• Pharmacy benefits as a procurement contract:  Insights for HR professionals at hospitals and healthcare systems. How can pharmacy benefits be approached as a negotiation opportunity like other procurement processes? Employers can secure better rebates and discounts on prescription drugs by understanding contract terms and negotiating effectively.
• Empowering HR to champion smarter healthcare spending: Pharmacy benefits are often a hidden expense with significant room for optimization. As a client-aligned partner, RxBenefits goes beyond the offerings of PBMs to provide a transparent contract and clinically appropriate savings to achieve better health outcomes for employees.
• The RxBenefits Advantage: Gain a deeper understanding of how RxBenefits empowers HR teams. Our team of experts analyzes claims data, identifies cost-saving opportunities, and provides ongoing support to ensure you’re maximizing the value of your pharmacy plan. 

Listen to the full podcast episode with ASHHRA for more insights on how RxBenefits can help you optimize your pharmacy benefits.

Ask your benefits advisor to contact us; if you don’t work with one currently, we’re happy to speak with you directly to discuss your organization’s needs and requirements.