Managing Pharmacy Risk
Pharmacy benefits are an essential component of employee healthcare benefits - and a huge driver of cost unless carefully managed.
Pharmacy benefits typically include coverage for prescription medications, including brand-name and generic drugs. Employers can choose from a range of pharmacy benefit designs, such as formularies, which are lists of covered medications, and tiers, which are different levels of coverage based on the cost of the medication. Additionally, some pharmacy benefit plans include features such as mail-order delivery, specialty pharmacy services, and disease management programs.
One of the challenges of pharmacy benefits is managing the rising cost of prescription drugs. Our brokerage works with employers to develop strategies to manage pharmacy costs, such as negotiating with pharmacy benefit managers (PBMs) to lower drug prices and promoting the use of generic medications. We also help employers evaluate different pharmacy benefit plan options to ensure that they are providing their employees with the most cost-effective and comprehensive coverage possible.
Another important aspect of pharmacy benefits is ensuring that employees have access to the medications they need. We work with employers to design pharmacy benefit plans that provide access to a broad network of pharmacies and ensure that employees have access to the medications they need when they need them. Our team of experts can also provide guidance on medication adherence programs and other tools to help employees manage their medications effectively.
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