360 Rx Solutions Reduces Client’s Pharmacy Benefit Costs by 31%
Industry: Medical Lab Equipment Employees: 155 Locations: Headquartered in Torrance, CA with sales force throughout US Ownership: Privately Held Business Founded: 1983
A combination of industry competition and cultural factors made rich employee benefits essential to this self-funded client.
Like all employers, the organization faced the challenge of balancing ever growing health insurance costs with the costs of benefits offered to employees.
As a self funded employer, the client was engaged in ongoing efforts to identify efficiencies and cost improvement with minimal impact to employee benefits — a mission of paramount importance for their organization.
The most common strategies for managing health care cost increases via plan design changes and employee contribution increases were not feasible in this case.
Determining that a strategic change in vendors could reduce pharmacy benefits costs, the client’s PBM was marketed with several vendors, including 360 Rx Solutions’ PBM.
The client’s PBM at that time was CVS. 360 Rx Solution’s preferred pricing (leveraging 800,000 members) with CVS and OptumRx allowed 360 Rx Solutions to project savings of 31% of the client’s current pharmacy benefits costs while staying with CVS.
360 Rx Solutions’ proactive cultivation of transparency gave the client the ability to fully see and understand all PBM costs.
Greater transparency gave the client significantly more understanding and control over their pharmacy benefits costs.
The client realized a projected $119K in savings on their pharmacy benefits costs, a significant cost savings on prescription drug spend in their health plans.
Included in the projected $119K decrease was a rebate increase of almost $64K .
Because the client was able to continue using CVS with no change in copays, the employee transition was virtually seamless.
The switch to 360 Rx Solutions included a partnership with OneRx, an app providing employee education and tools to find the most beneficial and cost-effective prescription drugs available to them.