The Whole Truth about PBMs: Formul8 Tells All

News Hour provides a perfect representation of the issues we face in the U.S with respect to the Pharmacy Benefit Manager (PBM).  While PBMs started out by playing an important role on behalf of health plans, their greed has grown to be a burden on the system which has kept drug prices higher for all Americans.  Their lack of transparency is a direct contributor — they are trying to protect their existence on behalf of their shareholders and themselves.  They have lost their way, and most importantly they have lost the trust of their clients.

At Pulse8, where we are known for eliminating waste in the healthcare system, bringing transparency to our health plan clients, and acting as a trusted source of truth.  What has manifested from our values is a solution to mitigate the PBM relationship — Formul8. 

Within the Formul8 solution, you are able to see what PBMs are reimbursing pharmacies and quickly determine where the PBM rate is higher than cash pay rates — and unfortunately there are too many instances of this.  The interviewer, Megan Thompson of News Hour, is 100% correct.  This is proof of PBM obsolescence.

Additionally, Formul8 will allow health plans to quickly compare their costs to the external benchmarks and to identify specific opportunities that will empower payers, providers, and consumers to achieve an appropriate cost.  Once again, the interviewer is correct!  

These are only two of the many extremely influential and game-changing applications built into Formul8.  Formul8 is built to support the total needs of your pharmacy management program to bringing you full transparency for better outcomes.

Don’t fall for the old narrative provided by the PBM representative in this article.  It is terribly outdated and on the brink of a major shift. 

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