February 2nd, 2022

SmithRx collaborates with EHIR and industry leading PBMs to create an employer guide to pharmacy benefits

The use of Pharmacy Benefits Managers (PBMs) is the most common method implemented by employers to facilitate providing a pharmacy benefit to their employees and dependents. Unfortunately, for these employers the inter-workings of a PBM are a black box filled with misaligned incentives and no real insight into the true cost of medications. As a result employers rely on multiple stakeholders
to provide truthful and accurate information to help them manage costs. Through this process employers are subjected to asymmetric market information and are often left not truly knowing if they are getting a good deal.

SmithRx, in collaboration with EHIR and other forward thinking PBMs, created a set of guiding principles to help bring clarity to this otherwise opaque process. The results of this collaboration are two documents designed to help drive exploration by employers into alternative paths more closely aligned with their interests and goals. These documents can be used as a reference to drive meaningful conversations between employers and their consultants or benefit advisors as they move through the PBM evaluation process.

Seeking Alignment and Transparency from PBMs - an outline of areas often overlooked in the PBM evaluation process. This guide provides highlights of these areas and summaries of why they should matter to you as an employer.

Employers Guide to Pharmacy Benefits: Tips for Ensuring that Your Company Is Getting a Fair Deal - designed to help employers think about upcoming PBM projects including RFPs, selection of a pharmacy consultant, and mid-contract reviews of current vendors. This guide contains sample questions that could be added to RFIs or RFPs to elicit information that will support finding a PBM partner that is most aligned with the interests of your organization.

SmithRx is committed to providing pharmacy benefit services in a way that employers deserve. We are hyper focused on reducing pharmacy costs by reimagining the traditional PBM as a Drug Acquisition Platform built on transparent modern technology that aligns with the needs of our customers. The end result is a better experience for members and truly lower pharmacy cost for employers.

Other Recent Posts

SmithRx Announces $20 Million Series B Led by Venrock

San Francisco, California — 10 March 2022, 9:30 AM PT — SmithRx, a next-generation pharmacy benefits management company, today announced the closing of a $20 million series B financing round, following a year of record growth in which the company surpassed 1,100 employer clients.  Venrock led the oversubscribed round and was joined by existing investors,… Continue reading SmithRx Announces $20 Million Series B Led by Venrock

Mark Cuban’s Cost Plus Pharmacy Unpackaged

There has been a lot of buzz recently around the new Mark Cuban Cost Plus Pharmacy. Similar excitement occured last year when Amazon announced the integration and rebranding of PillPack into the Amazon Prime experience as Amazon Pharmacy. The excitement around these known disruptors jumping into the pharmacy ecosystem demonstrates how hungry America’s employers and… Continue reading Mark Cuban’s Cost Plus Pharmacy Unpackaged

SmithRx collaborates with EHIR and industry leading PBMs to create an employer guide to pharmacy benefits

The use of Pharmacy Benefits Managers (PBMs) is the most common method implemented by employers to facilitate providing a pharmacy benefit to their employees and dependents. Unfortunately, for these employers the inter-workings of a PBM are a black box filled with misaligned incentives and no real insight into the true cost of medications. As a… Continue reading SmithRx collaborates with EHIR and industry leading PBMs to create an employer guide to pharmacy benefits

Partnering with SmithRx to provide transparent pharmacy benefits helps us deliver low-cost, high-quality care. Their pass-through model is the best way to ensure prescription drug pricing is fair.

Will Young
CEO at Sana Benefits

My loudest and most challenging group was handled perfectly in the first 30 days post-go-live by SmithRx. If it were up to me, I would put every one of my new groups with SmithRx.

Ken Mensio
Vice President at Risk Strategies

Ready to make the leap?

Ready to make the leap?

99%+

client retention

1,200+

employers served

50%

potential RX savings