How We Are Different
We have eliminated all conflicts of interest and are fully aligned with your goals as a plan sponsor.
Unlike traditional pharmacy benefit managers (PBM’s), RxPreferred focuses solely on aligning your goals as a plan sponsor with the design of your prescription drug plan. At RxPreferred we take the time to understand your unique needs and challenges. We work closely with you to custom-tailor a plan that provides the lowest possible pharmacy costs and the most appropriate care–at a price you and your employees can afford.
Our custom care solution eliminates the hidden mark-up on pharmacy claims or “spread.” We do not retain rebates, network discounts or incentives as other PBM’s may do. Instead, we pass through 100% of the savings and rebates to you through a readily verifiable and auditable system sitting right on your desktop.
This strategy of complete transparency ensures our motivation to be a steward of your best interests. We maximize generic savings, select the lowest net cost brands in the formulary decision process, and implement cost-reduction strategies that will save you money and help keep your employees healthier.
Large traditional PBM’s own their own claim processing engine, pharmacy network agreements, rebate contracts, and even pharmacies. This business model does not always result in PBM’s making decisions that are in the best interest of the clients they serve. The RxPreferred platform allows for alignment of goals between the employer, the PBM, and the pharmacy providers.
Other smaller or mid-tier PBM’s do not own their own claims processing engine, instead they utilize another company’s pharmacy network agreements, and ride on to a larger rebate aggregator. As such, these mid-tier PBMs do not have the ability to customize the claims engine, create custom networks, or provide transparent rebates, and they are unable to truly optimize plan design.
Unlike other PBM’s, the software claims adjudication engine can fully customize its functionality. With the help of our plan design specialists, each client has the ability to facilitate the development of a plan designed to accomplish the client’s specific goals and objectives. Our plan design is not a one size fits all, “take it or leave it” package. Employers and plan sponsors can customize every aspect of their plan to optimize effectiveness.
Our clinicians and technicians can assist employers in:
- Aligning the plan design to meet their objectives
- Building the perfect pharmacy network for employee access
- Selecting a value driven, unbiased preferred drug list
- Maximizing generic use and recouping brand rebate dollars where and when they make sense
- Developing reward programs that incentivize positive behavior
- Assembling the business intelligence necessary to manage their healthcare dollar
Through our relationships with pharmacy technology firms, we can develop customized networks that address both access and cost containment. Clients have access to more than 62,000 pharmacies for both traditional prescription filling and value added services such as Medication Therapy Management.