Drug costs continue to increase at a rapid rate. They now represent the single largest cost component of most employer sponsored health plans, at over 20% of total costs. Astoundingly, prescription drug costs often exceed the costs of inpatient hospitalizations. The increasing complexity of the Pharmacy Benefit Management (PBM) business layers on additional costs and creates an environment that can be overwhelming for employers to navigate. 360 Rx Solutions was formed from a partnership between Burnham Benefits, The Pharmacy Group, and Bohemia Health to drive greater savings and clarity into drug spending for employers who sponsor health plans.
360 Rx Solutions works with all major PBMs. Employees will maintain convenient access to top pharmacy providers – OptumRx, CVS/Caremark and ExpressScripts – that have perfected their retail and mail order services. 360 Rx Solutions links plans sponsors with their PBM of choice, allowing pharmacy benefit control well beyond what an insurance carrier can offer.
Each 360 Rx Solutions account is managed by an independent PharmD and a team of benefits professionals who can:
- Develop cost-effective formulary and utilization management strategies to reduce drug costs
- Target specialty drug spending
- Recommend better protocols for more effective patient outcomes
- Provide oversight of pharmacy operations and compliance
- Make pharmacy spending decisions more transparent to group benefit plan sponsors
- Educate employees about making better decisions with their prescription drug purchases
Employees covered under their employer’s group plan may never know that 360 Rx Solutions is at work behind the scenes, because they will interface with their chosen PBM for day-to-day services. However, both employers and employees will reap the benefits of having an advocate on their side, helping them attain the best deals on prescriptions and avoid the games drug companies play when it comes to supply, demand and pricing.