Like the rest of American workers, pharmacy benefit brokers are burning out. Rising healthcare and drug costs, ever-changing policies, and transparency wars are adding to the complexity of benefit plan management.
Fortunately, tools are available that automate time-consuming and tedious processes to make benefits work easier.
Market check and RFP solutions
Historically, procuring a benefits management program takes months or years. Endless paperwork and reporting that drain resources. These processes are being replaced by annual market check tools that provide rate visibility and ease of use.
Built around a marketplace of potential programs, market check and RFP tools give brokers visibility into how their client’s current program aligns with market rates without the hassle of opening a full RFP.
Many of these solutions are also independent, providing key visibility without misaligned incentives.
Our favorite market check tool.
Aggregated plan data and programs
Managing a single client with only a couple of ancillary solutions is simple, but as the BOB grows, client management quickly becomes complex. Figuring PMPM spend alone for a client involves requesting, interpreting, aggregating, and standardizing data from multiple vendors.
Better data management is possible with tools that automatically aggregate program information across vendors, giving benefit brokers the ability to quickly identify program inefficiencies, answer client questions, and make data-driven suggestions for better cost containment and participant engagement.
Reporting
As crucial as aggregated data is to avoiding burnout, standardized reporting might take the cake. Imagine generating comprehensive reports, with validated spend and savings numbers, at a level that clients can easily digest.
Standardized reporting allows brokers to evaluate and validate plan decisions quickly. High-level, whole-plan reports, with the ability to dig down at the claim level, provide reassurance unavailable when reports are hodgepodged together from different sources.
Additionally, the ability to build custom reports that fit specific client needs is invaluable, streamlining tedious processes and giving brokers a competitive edge.
Working to provide your clients with high-level customer support and a high-level benefit plan is exhausting. However, benefits brokers don’t have to do it alone. Make 2023 the year you resolve to change your management strategy by choosing a partner who supports your business growth and your client’s well-being.
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Prescription Care Management (PCM) is a healthtech company dedicated to simplifying pharmacy and medical benefits management for brokers, plan sponsors, and consultants. With analytics, insights, and tools, PCM provides its clients with validated data that supports plan decisions. To learn more about how PCM can help you, click here.