The Situation
A hospital in South Florida with 3,500 member lives had an annual pharmacy benefits cost of $4.5 million. The hospital wanted to optimize its prescription drug program to achieve its financial goals of enhancing margins and its human resources goals of improving employee satisfaction and reducing absenteeism.
The Solution
The hospital partnered with RxBenefits to implement a comprehensive, conflict-free pharmacy benefits solution to address both the contractual and
clinical challenges in the previous PBM arrangement. RxBenefits conducted a Pharmacy Performance Analysis of the plan’s previous arrangement contract to
identify red flags and pinpoint the major trend impacting costs. Working together they created a plan leveraging this data and hospital-focused strategies that
capitalized on owned resources.
The Impact
The hospital gained greater insight and independence over its prescription drug spending through a more competitive contract and the strategic support of a
transparent pharmacy benefits partner. RxBenefits’ comprehensive solution helped the hospital net a trend of 0% year-over-year, compared to a national trend of 10%.
24.4%
contractual savings ($1.1M)
5.5%
additional savings
from clinical
oversight ($250K)
30%
$1.3M combined savings
Originally Published on: October 28, 2020
Updated on: March 22, 2024
