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MedBen Self-funded Clients See Average 8% Rx Spending Drop In 2014

03/30/15

  08:31:00 pm, by MedBen5   , 203 words,  
Categories: Announcements, News, Prescription, Discounts, Cost savings

MedBen Self-funded Clients See Average 8% Rx Spending Drop In 2014

pills

In 2014, MedBen self-funded clients experienced an overall average 8% DECREASE in pharmacy spending per member per month while most employers were experiencing 12% increases.

Employers who worked with MedBen drove higher generic utilization by aligning employee incentives with the plan. When the employee saved money by choosing a generic or lower cost brand name drug, the plan saved as well.

MedBen also passes along the entire discount for drugs, from brands to generics to single-source generics, to clients. So MedBen self-funded clients who made good benefit decisions were able to reap the rewards from those decisions.

“Most of the national pharmacy benefit mangers keep a drug spread... they contract for prescription drugs at one price and pass along a higher price to clients,” said Kurt Harden, President and COO of MedBen. “That is not our business model. Our clients chose self-funding to have greater control over their costs.

Harden cited the "100% pass-through approach" to pharmacy discounts as a distinctive way that MedBen helps clients save money. "It is one of the reasons our experience beat the market again,” he said.

Get more information about the MedBen Rx Advantage by visiting the MedBen website or contacting Vice President of Sales & Marketing Brian Fargus at bfargus@medben.com.

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