To provide the corporate benefit professional a powerful software tool to monitor prescription prices charged by the pharmacy benefit manager (PBM). The application provides unprecedented detail and actionable information necessary to manage prescription costs on an ongoing basis.
PBDS was founded by Dr. Robert I. Garis, a University professor recognized nationally as a leader of PBM reform. Dr. Garis and a team of University colleagues, were the first to document hidden cash flows in the PBM industry (article). Further, he is a leader in the move for "transparency" in the PBM industry.
An overview of Dr. Garis' biography can be accessed at the link Robert I. Garis, Pharmacist, MBA, PhD . In addition, the interested reader may want to search the extent of our PBM activity on the Internet using the terms "garis and pharmacy benefit".
PBDS represents a joint venture between a respected expert in the pharmacy benefit and technology experts. We deliver market intelligence that allows the corporate client to "find where the gold is buried" in their pharmacy benefit and take measures to return these cash flows to the corporate bottom line. Put very simply, the software is designed to replicate what we have done in extensive University research-all in an easy to use application available on demand from the corporate client's personal computer.
PBDS allows the end user to monitor prescription prices in their corporate pharmacy benefit program. The pharmacy benefit is one of the fastest growing components of the total health care bill. Part of the reason for runaway prices can be traced back to middlemen. The middlemen that provide the pharmacy benefit for corporate America are called pharmacy benefit managers (PBMs) or simply "pharmacy card companies". While some PBMs provide good value for the corporate client, many PBMs take undisclosed cash flows that unnecessarily raise the price of the corporate prescription benefit. The Pharmacy Benefit Diagnosis Suite© (PBDS) of products were designed to enable the corporate client to monitor their PBM activity.
Therefore, the corporate client can determine if their PBM is operating in the client's best interest. If the PBM is taking hidden cash flows, PBDS identifies where and how much these cash flows are.
The corporate client has experts to evaluate the value of raw material, human resources and the capital expenditures. Unfortunately, benefit sponsors have not had an in-house expert to evaluate the pharmacy benefit program. PBDS brings to sponsors of all sizes a level of pharmacy benefit expertise previously available to only the largest corporate benefit plan
PBDS allows the user to run the pharmacy-knowledge based software in a quick and efficient manner. The user is allowed access to PBDS servers. The user then loads easily obtainable client Rx data into the PBDS software. An in depth report is generated showing if PBM overcharges are found and if so how much on a per script and cumulative basis.
Corporate America has unnecessarily given up literally billions of dollars to PBM companies each year in the form of hidden cash flows in the corporate prescription benefit. This occurs in spite of seemingly airtight contracts with the PBM.
While there has been some reform in the PBM industry, there remain many questions as to which companies are truly transparent and which are not. PBDS technology provides the sponsor monitoring tools that were previously non-existent. One such tool, the Prescription Audit Tool, shines the light on potential prescription overcharges. Our clients have quickly discovered the benefits of the Prescription Audit Tool with proven results.
PBDS combines the ease of use the busy executive demands with the sophistication one would expect from the national leaders on PBM cash flows.
Corporate benefit sponsors face unique challenges as they attempt optimize their pharmacy benefit program. How does the sponsor monitor PBM business practices when pharmacy pricing can be extremely confusing? The emerging need for transparent PBM business practices was in part due to our efforts. As a natural follow-up on our findings, we offer a solution for the sponsor who wants to monitor their PBM provider. That solution is PBDS software.
For a basic look at PBMs please visit the following page. That short explanation would be PBM BASICS.
For a more in-depth examination of PBMs the reader is invited to check out the links below.