Pharmacy Management
Prescription drugs are the fastest growing component of healthcare costs. These costs can be prohibitive, requiring employers to change plan designs and shift even more cost to their employees. This is particularly true for specialty medications that typically represent 50% of drug spend from just 1-2% of drug utilizers.
Unfortunately, many employers don’t have the purchasing power or market leverage to negotiate better pricing. It’s also challenging for employers to identify and access money saving opportunities.
Our Alera Group Pharmacy Solutions practice has a dedicated team of experienced, in-house Pharmacy Benefits Management experts. They offer a full range of pharmacy consulting services, including:
- Prescription drug program evaluations for clients of all sizes and industries
- Comprehensive RFP management renewal, market check and RFI
- PBM contract review and negotiation
- Consultative support to identify and deploy unique cost-mitigation for specialty drug solutions
- Data analytics that enable precise financial and clinical pharmacy benefits consulting and reporting, maximizing the plan value and employee dollars
- All forms of pharmacy benefits auditing, including PBM contract pricing, plan design and clinical
- On-going risk management and cost containment under our Rx Concierge Program
With Alera Group, you have a local partner and a team of experts you can rely on to help you manage pharmacy costs and improve your outcomes today and in the future.
Our Alera Group Pharmacy Solutions experts are backed by leading-edge tools and strategic solutions focused on meeting the needs and expectations of our clients through every stage of the pharmacy process.
Control pharmacy costs
From procurement to prescriptions.
EXPERT EDUCATION
Events and Webinars
Employee Benefits
When Captive Insurance Makes Sense
In this session, our experts will talk about how captives work, the advantages and disadvantages and what you need to know to determine whether they make sense for your organization.
November 21, 2024 at 01:00 pm CT | Virtual
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Employee Benefits
Q4 Compliance Update
Alera Group's quarterly employee benefits compliance roundup will help you stay current on the latest national regulatory developments impacting employers.
December 3, 2024 at 01:00 pm CT | Virtual
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THOUGHT LEADERSHIP
Insights
Employee Benefits
Are You Prepared to Comply With the New Mental Health Parity Final Rule in 2025?
On September 9, 2024, the DOL, IRS and HHS released a final rule for the Requirements Related to the Mental Health Parity and Addiction Equity Act (MHPAEA Final Rule). The MHPAEA Final Rule is similar to the proposed rule released on July 25, 2023, with some marked differences. While the MHPAEA Final Rule is effective as of November 22, 2024, the requirements become enforceable at different times. Most apply to plan years beginning on or after January 1, 2025, with other requirements becoming enforceable for plan years beginning on or after January 1, 2026.
October 25, 2024
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Employee Benefits
Legal Alert: IRS Adjusts Health Flexible Spending Account and Other Benefit Limits for 2025
On October 22, 2024, the Internal Revenue Service (IRS) released Revenue Procedure 2024-40, which increases the health flexible spending account (FSA) salary reduction contribution limit to $3,300 for plan years beginning in 2025, an increase of $100 from 2024.
October 23, 2024
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Legal Alert: RxDC Reporting Due June 1
Reminder: RxDC Reporting Due June 1
With the 2023 reference year RxDC reporting deadline approaching soon, plan sponsors should familiarize themselves with recent updates to the RxDC Reporting Instructions.
March 27, 2024
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Webinar: Weight-Loss Drugs and Group Health Plans | Alera Group
Rising pharmacy costs are among the chief drivers of healthcare expenses for employers and employees, thanks largely to a surge in use of drugs you’ve seen advertised in those ubiquitous commercials. Given the cost of such drugs and their mixed record of success, employers and employees should exercise caution.
February 6, 2024
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