The Lowest Price Doesn’t Always Mean the Greatest Value especially when it comes to choosing a Workers’ Comp PBM.
Workers’ compensation clients are unique. Injured worker populations, injury types, and the impact of industry trends vary from client to client, and these things can influence what a client looks for when choosing their pharmacy benefit manager (PBM). Luckily – or unluckily – the market also has a variety of PBMs. From established brands to startups, clients are met with promises of lower prices, fancy portals, and faster processes. But, for the greatest value and impact, what clients need is a PBM, like MyMatrixx by Evernorth, who manages claims comprehensively with robust solutions that deliver high-touch support, evidence-based clinical oversight, and outstanding customer service.
“Providing a comprehensive approach to pharmacy benefits isn’t easy to do and it isn’t easy to find,” states Mike Cirillo, president, MyMatrixx. Just because a vendor leases a pharmacy network or processes pharmacy transactions, or reviews paper bills doesn’t mean they are equipped to be a PBM.
“A PBM is much, much more...,” stresses Cirillo. “…and a comprehensive PBM, like MyMatrixx, has the in-house solutions in place to manage, monitor, customize, and advise throughout the life of a claim,” explains Cirillo.
In an interview with Risk & Insurance, Mike Cirillo shares the value of a comprehensive PBM vs. a multi-vendor approach and outlines the fundamentals services clients should expect.