{"id":2661,"date":"2022-04-29T04:18:00","date_gmt":"2022-04-29T04:18:00","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/?p=2661"},"modified":"2024-07-01T09:51:31","modified_gmt":"2024-07-01T13:51:31","slug":"innovative-pharmacy-benefit-administration-service","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/innovative-pharmacy-benefit-administration-service\/","title":{"rendered":"Innovative Pharmacy Benefit Administration Service"},"content":{"rendered":"

No one would deny that drug costs are out of control. It is expected that total U.S. net spending on medications will reach $380 to $400 billion in 2025. These costs will be further driven by steadily escalating specialty drugs which now account for over 50% of all drug spending. While pharmacy benefit managers (PBMs) have a role in drug cost containment, more is needed. Entering the field is Amalgamated Employee Benefits Administrator, a third party administrator providing AEBRx, an innovative Pharmacy Benefit Administration (PBA) service.<\/p>\n

\"Documentation<\/figure>\n

Applying  Clinical Protocols with Alternative Payer Sources for Specialty Drugs<\/h2>\n

AEBRx is an end-to-end PBA service designed to help plan sponsors and Taft-Hartley trust funds better manage high-cost and specialty drugs, while providing excellent service and access to a national network of retail pharmacies with mail order capabilities. To deliver this PBA service, Amalgamated Employee Benefits Administrators partnered with Magellan Rx Management, a full-service pharmacy benefits management division of Magellan Health, Inc. (NASDAQ: MGLN). Taft-Hartley trust funds and plan sponsors will be able to achieve significant cost savings from the standard inclusion of both the Payer Matrix and ELMCRx Solutions\u2019 Tesser Health program. These two programs combine to create an advanced specialty drug cost management program and high cost (typically $2,500+) drug prior-authorization clinical and financial auditing service that identifies alternative and more clinically sound and\/or cost-effective high-cost drugs. The combined results of these programs have been shown to deliver a 40 to 50% average savings on specialty and high cost drugs while also limiting stop loss liability.<\/p>\n

User-Friendly Platform<\/h3>\n

AEBRx\u2019s user-friendly platform, powered by Magellan Rx Management, is easy to navigate and features engaging dashboards, intuitive functionality, and real-time data accessible online. To support plan members, AEBRx offers robust tools that connect them on a 24\/7 basis to drug and related healthcare information, easily accessed on their mobile devices and desktops. Using AEBRx\u2019s responsive member portal and quick response (QR) codes on select specialty prescription labels, plan members can easily access information and medication videos on demand, as well as obtain refill reminders with real time alerts.<\/p>\n

A PBA Service with Broad Resources<\/h4>\n

Plan sponsors and Taft-Hartley trust funds can expect a high-level experience using AEBRx. The PBA service helps remove the headaches associated with pharmacy benefit management and treats high drug costs. It offers:<\/p>\n