Financial transparency in a pharmacy benefit management vendor relationship appears to have emerged as a pivotal factor for employer satisfaction, new data suggest.
In a report by The Pharmacy Benefit Management Institute employers gave their PBMs a weighted average rating of 7.6 out of 10 on Overall Service & Performance, which measured overall satisfaction for all of the services involved in the design, administration and monitoring of a drug benefit program. PBMs garnered a mean rating of 7.5 on Delivering Promised Savings and Delivering Promised Services.
PBMI found that the 26.6% of employers who are Extremely Satisfied with the level of financial transparency gave their PBMs significantly higher ratings on all service functions than those employers who are less satisfied.
What’s more, of the 77.9% of respondents who describe the degree of transparency of their financial relationship with PBMs as Completely Transparent or Somewhat Transparent rate their PBMs higher than those whose relationships are Not Transparent.
Further, nearly one-fourth (23.7%) of employers reported that they were involved in a competitive procurement process during the past six months, allowing them to rate their satisfaction with Request for Proposal process attributes. While employers gave their satisfaction with Responsiveness to RFP Questions high marks at 8.3, they noted a level of dissatisfaction with Clarity of Contract Language by rating it comparatively lower at 7.4.
Of the 81% of employers who provided a rating for Specialty Pharmacy, they rated PBM performance on four specialty pharmacy management activities, ranging from 7.2 to 7.8.
In a promising finding, 66.1% of employers believe their PBMs’ goals are aligned with their own. This alignment drives higher ratings than the 15.4% who perceive goals as not in sync.
Finally, employers have given their PBMs a Net Promoter Score of +13% based on an equation where 41% Promoters – 28% Detractors = +13%.
To purchase a copy of the report visit the PBMI Web site.
