There's a long list of reasons why data ownership is a must, but these three should be enough to convince any employer to take action:

A clear understanding of what you're really paying. Without plan data, employers are left in the dark about the true costs of medication, utilization, and more. Access and analytics shine a light on what you need to know.

Enhanced plan performance. Data helps you find opportunities to cut costs without affecting quality, enhance engagement, and more. The insights you gain will put employers and brokers down the path to building a better pharmacy benefits experience for employees.

You save money by not paying extra for what's yours. When you own your data, you won't pay a PBM's high fees for access. And there's no tracking down data just to ask a third-party to audit it. The results: a much smoother audit process and better cost outcomes.

Blockchain could be the answer

To fully free data, a pharmacy benefits program built on blockchain may be the answer. This technology eliminates the need for third-party intermediaries, streamlines complicated processes, and offers control over information, which provides trust that the information is accurate. Because blockchain tracks every record, the technology is auditable in real-time. That means no more painful pharmacy benefit audits. And by offering the added advantage of data ownership, plan sponsors save money. For these reasons and more, a blockchain-based platform that connects employers, insurers, pharmacies, and consumers, stands to replace the costly, centralized reimbursement model we know now.

Instant Insights /

3 reasons why owning pharmacy benefits data matters

More From HR Executive

Related Stories

Recommended For You