As health care costs continue to skyrocket in the U.S., the call to employers to take change into their own hands gets louder.
At the recent CFO Leadership Council conference, Marybeth Gray, senior vice president of health and welfare consulting at Marsh McLennan Agency, spoke about how benefits and finance teams can lower costs with insurance carriers and pharmacy benefit managers (PBMs) with more informed negotiating.
“Yes, three PBMs control over 80% of the market,” Marybeth told CFO Brew. “But they still want and need your business, so you can negotiate better deals if you know how they design their formularies. One example: Some PBMs have tried to charge the name-brand drug price for a generic medication because it was the only one in a certain class of drugs,” she said. “We said, that is absolute nonsense, if it’s a generic, it’s priced as a generic.”
Read the full article to learn more about how to negotiate better deals on health and benefits plans.
