In this episode of “Know Your Risk and Insurance Coverage,” Chip Arenchild welcomes Adam Aguilar from Action Pharmaceutical Consulting to demystify the world of Pharmacy Benefit Managers (PBMs). With healthcare costs rising, understanding PBMs is more critical than ever. Adam explains what PBMs do, why they impact your health plan costs, and how businesses can take control of their healthcare expenses. Whether you’re a broker or a business owner, this conversation provides actionable insights to help you navigate the complex landscape of pharmacy benefits and achieve significant savings.
Timecodes:
00:00 – Introduction and Guest Overview
00:47 – Understanding PBMs and Their Role in Healthcare
02:16 – Current Healthcare Cost Increases and Causes
05:36 – Market Share and Options in the PBM Industry
07:34 – Self-Funding and Cost Management Strategies
10:57 – Characteristics of Plans Suited for Self-Funding
12:15 – Customizing Pharmacy Benefits Plans
18:00 – Ongoing Management and Review Process
21:16 – Future of PBMs and Industry Transparency
23:11 – International Sourcing for Cost Savings
24:02 – Raising Awareness and Providing Options
25:03 – Closing Remarks and Contact Information
Resources:
Become a member at RiskProNet.com
Connect with Adam Aguilar on Linkedin
Connect with Chip Arenchild on LinkedIn
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