Are Your Drug Costs Out of Control?
By Cristal Moore, Director of Client Services, On-Site Rx
As a self-funded employer, are your prescription drug costs out of control? You may think it adds MORE cost, but here are three (3) ways a full-service workplace pharmacy can help.
It Helps to Recruit and Retain Top Talent
Turnover can be costly. Retaining top talent helps grow and maintain profitability. Can your competitors say that they provide an onsite pharmacy with discounted copays for employees? It creates employee loyalty. Employees prescribed ongoing maintenance medication for chronic conditions, such as diabetes, often take multiple medications. Employees feel empowered through knowledge and direct access to a personal pharmacist who answers questions, helps manage their medication, and provides wellness counseling. When making an offer to a new employee, this benefit may be the deciding factor of a new hire saying yes to the job.
Cost Savings
With an experienced full-service pharmacy management company, a self-funded employer can experience significant savings in drug costs. Copays are lower for employees at the employee pharmacy. Drug costs are passed through to the employer at wholesale prices. When purchasing drugs at wholesale and passing this through to the employer, clients save and are able to reallocate savings towards other initiatives within the organization.
Team Approach
When an on-site (or near-site) pharmacy makes a commitment to their client’s success, it is a win-win for the entire benefits team including employers, wellness vendors, and third-party administrators. Due to the cost of medication in an employer’s benefits plan, it is important to be sensitive to the employer's needs in a proactive partnership. Through reporting measures and consistent communication, it is possible for pharmacy partners to identify growth and improvement opportunities. A pharmacy company with the proper experience, support, competence, and mission, walks alongside its client to communicate with their PBM and health insurer. This opportunity enhances benefit offerings, lowers costs, and serves the client as well as their associates.
On-Site Rx offers full-service pharmacies on or near the workplace large, self-funded employers and Taft Hartley plans. Call us today if you think an employee pharmacy might benefit your business.
