The duties of pharmacy benefit management (PBM) firms include being trustworthy. They act as the middlemen in transactions. It’s very important that you hire a trustworthy manager. In businesses like this, it is also very important to find strategic middlemen to get the best deals.
But how can you ensure that they are giving you the best deals or that they are true to their words? This is where PBM consultants come in. Here are the most essential duties of a PBM consultant you should take advantage of.
Reconciling bills and payments
Every company has an expense sheet, and the numbers show the company’s profits. By sheer oversight or simple negligence, there are times when the records just don’t match.
The payment may be more than the actual bill or the bill doesn’t reflect the real amount of the payables. It’s important to determine if you have overpayment issues since these excess payments alone can spell great losses for your company. A regular audit will free you of such worries.
Analysis of gains and losses
Transparency is the core of business partnership agreements. This is not the time to hide the numbers or avoid explanations. This also goes for partnerships between pharmacies and PBMs.
A pharmacy benefit management audit can help find additional cost savings that reduces your pharmacy benefit expenditure. This in turn leads to hundreds of dollars in savings per employee.
A PBM also helps minimize the expenditures of your company. With an audit, determine if certain partnerships aren’t working for you and protect your business. Explore your options. See how much money you’re losing and prevent the situation from worsening.
A company cannot survive without profits. To know if your company is profitable, make sure auditing is done right.