Pharmaceutical Strategies Group (PSG) Reports Record Year
Dallas-based pharmacy benefits consulting firm, Pharmaceutical Strategies Group (PSG), announced this week dramatic business growth in 2007 and record results in achieving savings for its clients through lowering pharmacy trend (the annual, incremental increases in dollars spent on pharmaceuticals).
Dave Borden, co-Principal of PSG, commented that "2007 was a record year for our firm. While increasing our book of business, we continued our trend of realizing significant savings in pharmacy spend for our client base through meticulous scrutiny of PBM operations, aggressive contract negotiations, and closer attention to the specifics of our clients' pharmacy benefit programs."
Between 2006 and 2007, PSG led over 70 competitive procurement engagements and contract negotiations with pharmacy benefit managers (PBMs) on behalf of its clients. Clients included Fortune 500 employers, regional MCOs, BCBS Plans, labor trusts, unions, and government entities. By the end of the year, these engagements had resulted in more than $700 million in pharmaceutical savings.
Continued successes were also realized through PSG's expansion of its contract compliance review services, designed to scrutinize PBMs and ensure that plan sponsors are receiving the pricing and services promised in their contracts.
To this, PSG added an audit services program for plan sponsors using the Medicare/Medicaid Retiree Drug Subsidy (RDS) program. The audit allows PSG's clients to minimize risk by exercising better oversight in the operation and submission of information in compliance with CMS regulations.
PSG also worked to further develop the National Rx Alliance, a national drug purchasing coalition for small- to mid-sized employers that combines aggregated purchasing, full transparency and pass-through pricing, and state-of-the-art plan management, analytics and clinical consulting services to achieve superior results.
The coalition currently has about 50 employers enrolled, representing approximately 110,000 beneficiaries. Between 2006 and 2007, Alliance members consistently saw an average reduction in their pharmacy costs of 11%.
Source : www.marketwire.com
Dave Borden, co-Principal of PSG, commented that "2007 was a record year for our firm. While increasing our book of business, we continued our trend of realizing significant savings in pharmacy spend for our client base through meticulous scrutiny of PBM operations, aggressive contract negotiations, and closer attention to the specifics of our clients' pharmacy benefit programs."
Between 2006 and 2007, PSG led over 70 competitive procurement engagements and contract negotiations with pharmacy benefit managers (PBMs) on behalf of its clients. Clients included Fortune 500 employers, regional MCOs, BCBS Plans, labor trusts, unions, and government entities. By the end of the year, these engagements had resulted in more than $700 million in pharmaceutical savings.
Continued successes were also realized through PSG's expansion of its contract compliance review services, designed to scrutinize PBMs and ensure that plan sponsors are receiving the pricing and services promised in their contracts.
To this, PSG added an audit services program for plan sponsors using the Medicare/Medicaid Retiree Drug Subsidy (RDS) program. The audit allows PSG's clients to minimize risk by exercising better oversight in the operation and submission of information in compliance with CMS regulations.
PSG also worked to further develop the National Rx Alliance, a national drug purchasing coalition for small- to mid-sized employers that combines aggregated purchasing, full transparency and pass-through pricing, and state-of-the-art plan management, analytics and clinical consulting services to achieve superior results.
The coalition currently has about 50 employers enrolled, representing approximately 110,000 beneficiaries. Between 2006 and 2007, Alliance members consistently saw an average reduction in their pharmacy costs of 11%.
Source : www.marketwire.com
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