Employer-Sponsored Prescription Drug Benefit Support
Our PSyn team ensures that your drug coverage benefits make sense from both a clinical and financial perspective.
Throughout the process, we address potential savings while optimizing your care plans.
By understanding your unique needs, shopping for competitive PBM options, and evaluating Health Plans, we match your organization with the right solution for your members. In turn, we secure the services you need at a price you can afford.
Our Services Include:
- Claims processing
- Benefit customization
- Clinical programs
- Customer service
- Pharmacy network discounts
- Manufacturer rebates
- And more
Pharmacy Benefit Management (PBM) Contract Negotiation
As you handle your day-to-day operations, staying up to date with PBM contracts can become overwhelming. At the same time, overlooked details can cost millions of dollars in wasteful spending.
We break down the true meaning of your contracts and provide tailored recommendations that leave you with the services you expect.
Contract Performance Monitoring
At PSyn, we believe that for exceptional results, you must inspect what you expect. In other words, your contractual agreement must be verified to ensure that the terms are carried out as expected. We verify 360° of PBM contracts on your behalf. Our process includes:
- Monitoring for incorrect prescription claim payments
- Annotating any findings in comprehensive reports
- Working with your team to resolve discrepancies
- And everything in between
Clinical Improvement Strategies
Throughout your workforce, each employee has unique medical needs and considerations. Our knowledgeable team is always current with the latest drug releases, research, and strategies, pairing members with the right medication plans for optimized cost savings. Our expertise includes:
- New to market drugs (generic and brand name)
- Therapeutic class comparisons
- Preferred and unpreferred drug utilizations
- And more
Additionally, we constantly seek out valuable network discounts, pharmacy rebates, and plan benefit designs to maximize your cost savings. At all times, we stay committed to member satisfaction.
Cost Savings Analysis & Interventions
Monitoring prescription drug spending can stop millions of dollars of wasteful spending while saving members countless out-of-pocket costs. Our intervention programs take a personalized approach to ensure continuity of care while implementing cost-effective changes.
Upwards of 30% of healthcare costs are spent at the pharmacy. In turn, monitoring drug claim costs is key to reducing unnecessary spending.
PBM/EGWP Implementation Oversight
We understand the challenges that come with maintaining prescription drug benefits for retirees firsthand. Under Medicare Part D, an Employee Group Waiver Plan (EGWP) keeps retirees covered while reducing your drug spend by upwards of 30%, meaning:
- You can save over $2M annually if you have 1,500+ retirees on your current plan
- Retirees may keep the same benefits they had during their actual employment
- Retirees may even lower their out of pocket costs through subsidies
Here’s how our PSyn team can help you implement a tailored EGWP solution today.