PBMs’ Care Management Programs Driving More Connectivity & Better Patient Outcomes
While PBMs are widely recognized for taking on drug manufacturers to lower costs and deliver results, this success is only one part of the PBM story. Because the pharmacy benefit is typically the most heavily utilized part of a consumer’s health benefit, PBMs serve a crucial role as the hub connecting multiple aspects of the health care system that serves patients. As a result, PBMs’ care management programs play an outsized role in securing improved patient outcomes.
These care management programs are especially vital for the more than 130 million Americans managing chronic illnesses, including cancer, heart disease, hypertension, hyperlipidemia, and diabetes. Chronically ill patients can not only typically face high prices for their medications, especially breakthrough, first-in-class drugs, they often have to see multiple providers and have unique needs.
Novel therapies are changing lives for the better every day, but they require novel approaches to care coordination, delivery, and affordability. Gene therapy, including CAR-T, can easily cost seven figures and overwhelm benefit plans. These therapies require an intensive, highly personalized treatment regimen to be effective, and payers need the assurance that they are delivering value and outcomes for the patients they serve. Plans cover many specialty medications, which only adds to the urgency for more connected care programs that emphasize direct patient engagement linking the pharmacy, hospital, physician, and lab. This is where the PBM comes in.
PBMs’ care management role begins well before prescribing. On behalf of PBMs, independent clinicians carefully evaluate new drugs, review existing drugs, and apply sophisticated drug assessments that promote optimal use of complex medications and the appropriate use of mainstay drugs. PBMs use these assessments when establishing formularies, which creates more competition among drug manufacturers and helps keep overall prescription drug costs lower than they otherwise would be.
PBMs harness data and provide platforms to connect patients, medical professionals, and payers. Real-time prescription benefit technology, used at the point-of-prescribing, informs prescribers and patients about a medication’s formulary placement and cost sharing. Prescribers can include doctors, physician assistants, and nurse practitioners. Utilization management tools are embedded in this technology to help guide patients and their prescribers toward the safest, most cost-effective drugs, to help reduce waste and avoid negative drug interactions.
This real-time prescription benefit technology is linked to electronic prescribing, which enables the prescriber to send the prescription electronically to the pharmacy of the patient’s choice. By jumpstarting this discussion at the point-of-prescribing, PBMs help reduce the hassle factor at the pharmacy counter for all stakeholders and ensure patients get the medications they need at the right time and the expected cost.
Show you care!
Pharmacy benefit managers (PBMs) are your advocates in the health care system, working to lower out-of-control prescription drug costs for patients across the country.