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"Education is the most logical and effective foundation for achieving maximum value in pharmacy benefit management services."
It is important to realize that while they are serving clients’ needs, PBMs and TPAs are also in business to make a profit. Therefore, the actions that they take may not always be in the best interest of an employer. For that reason and others, employers are increasingly attempting to better understand the prescription drug benefit so to develop new strategies to control pharmacy benefits costs and to maintain an affordable, quality drug plan for their employees.
Simply put, a broad benefits or HR certification is not enough. The Certified Pharmacy Benefits Specialist (CPBS™) designation enhances your company's competitive edge and provides unique opportunities for professional development to select individuals in the field of employee benefits. The CPBS™ designation sets professionals apart. Read what some recent students said about the CPBS™ program:
"Thank you so much for being a great teacher. I learned so much!"
Amanda Johnson, Pharm.D.
"...Thanks so much. I enjoyed the class and learned a lot."
Keith McNeil, CLU, CEBS, GBDS
"I can't express enough, how invaluable your class was for me."
Joseph Thomas, Pharm.D.
Due to the complexity of prescription drug benefit programs, it is an attractive option to simply turn over management of the employee prescription drug benefit to a PBM or TPA and then rely on standard or customized third party reports to evaluate PBM performance. This is the status quo and will lead to excessive remuneration (overpayments) to PBMs thus higher net plan costs. The best solution is to become a sophisticated purchaser of PBM services by registering today and becoming a Certified Pharmacy Benefits Specialist™.
A key strategy to controlling prescription drug benefit costs is to understand and better manage the relationship with pharmacy benefit managers. Yet most HR executives, brokers, consultants and even chief financial officers alike admit "off the record" they don't know enough about the PBM industry to make any sustainable cost reductions. Consequently, you rely on outside experts. Here's the rub...
"PBMs will provide transparency and disclosure to a level demanded by the competitive market and generally rely on the demands of prospective clients for disclosure in negotiating their contracts. The best proponent of transparency is informed and sophisticated purchasers of PBM services. The purchaser needs to understand not only what they want to achieve in their relationship with their PBM but also the competitive market and their ability to drive disclosure of details on services important to them. Assessing transparency will be more effectively done by a trained eye with personal knowledge of the purchaser’s benefit and disclosure goals." URAC
In order to improve on the job execution and career growth, benefits consultants, finance managers,
procurement and HR professionals must expand their PBM knowledge beyond a functional role and
understand exactly how each domain works together within the pharmacy distribution and
reimbursement system. The best answer, become a better steward of PBM services and costs by
earning the Certified Pharmacy Benefits Specialist (CPBS™) designation.
• Enhance your resume and candidacy - one out of two recruiters prefer job applicants with an HR certification
• Stay competitive in the workforce and raise your professional value
• Network with other employee benefits professionals
• No or low out-of-pocket costs; employer may pick up portion of the costs
• Earn 8 recertification hours towards your HRCI or SHRM credential
• Internal career advancement for certified staff which reduces hiring and onboarding costs
• Clients have more confidence in the results of certified staff
• Certified professionals drive business goals through increased self-motivation, empowerment and confidence
• Uphold or gain competitive advantage in the marketplace because of the PBM mastery held by human capital
Given the projected growth of traditional and specialty pharmacy expenses, employers should be educated and work directly with the PBM to ensure appropriate use according to best practice guidelines and elimination of waste, and should strive for a relationship that provides the best outcomes and lowest net cost. Earning the CPBS™ bestows many benefits for both employees and employers. The achievement demonstrates to colleagues and competitors that you are a recognized expert and have mastered the core PBM principles.
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