Drug costs are not only the fastest growing component of medical care but also one of the most neglected areas of workers compensation cost control. Proper utilization of pharmacy benefits management (PBM) can result in substantial savings.
It is important for risk managers, insureds, and third party administers to understand how to get the most out of a PBM program.
Why Use Pharmacy Benefits Management?
To protect the employer against inappropriate prescription use.
Risk managers should learn about:
» Authorized drug formulary
» Evidenced based drug guidelines
» How to access medical personal
» Receiving prior authorization of non-formulary drugs
» 3 aspects of program review
» 14 key PBM service points
Additional PBM Factors
- Prospective and retrospective components.
- Prescription monitoring programs
- Toxicology screening
- How to implement a PBM program