Results of Comprehensive PBM Customer Satisfaction Research Released by Pharmaceutical Strategies Group
PSG’s Pharmacy Benefit Manager (PBM) Customer Satisfaction report explores more than 40 dimensions of PBM customer satisfaction from the viewpoint of employers and health plans
DALLAS--(BUSINESS WIRE)-- The most comprehensive customer satisfaction report in the PBM space launches today. It delivers detailed intelligence to enhance the ability of payers and plan sponsors to manage pharmacy benefits strategically.
The 2020 PBM Customer Satisfaction Report is developed by Pharmaceutical Strategies Group (PSG), an EPIC company. This annual report summarizes overall satisfaction with PBMs and augments understanding of best practices.
“Selecting a PBM is a high-pressure decision,” said Sharon Phares, PhD, MPH, Senior Vice President of Research and Data Innovation at PSG. “Plan sponsors are locked into three-year contracts, and the cost of choosing incorrectly can be high. It can cost the sponsor and member money, frustration, and maybe even impact health outcomes.”
“Effective management of the significant investment in pharmacy benefits requires an in-depth understanding of the PBM landscape,” said Michael Lonergan, RPh, President of PSG. “Satisfaction is a crucial factor in PBM decisions, and that’s why I’m proud of the research we’re releasing today. Sharon and her team are providing valuable information that will inform crucial decision-making, strategic planning, and proactive management of member experience.”
Key takeaways from the 2020 PBM Customer Satisfaction Report include:
- 90 percent of respondents feel their PBM financial relationship is somewhat/completely transparent
- Likelihood to renew their PBM contract averaged 8.0 on a 10-point scale
- Highest-rated core PBM function is retail network options
- Highest-rated noncore PBM function is the account team acts as a strategic advisor
- Highest-rated specialty management function is customer service for patients using specialty medications
- Highest-rated PBM service dimension tied between meets financial guarantees and PBM staffing adequate to meet customer needs
Download the 2020 PBM Customer Satisfaction Report: https://www.psgconsults.com/pbmsatisfaction
About the 2020 PBM Customer Satisfaction Report
This annual report summarizes overall satisfaction with pharmacy benefit managers (PBM) and satisfaction with over 40 PBM functions and services beyond overall satisfaction. It is the most comprehensive research of its type for the PBM space. This report is widely recognized for the comparative information it provides to benefit executives responsible for researching, selecting, and managing PBMs.
Pharmaceutical Strategies Group, an EPIC company, relentlessly advocates for clients as they navigate complex and ever-changing drug cost management challenges. PSG’s innovative drug management solutions, including the proprietary data and analytics platform, Artemetrx, deliver actionable insights with exceptional financial and clinical value. PSG functions as a strategic partner through industry-leading intelligence and technologies to realize billions of dollars in drug cost savings for clients every year.
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Marketing Director, PSG
Source: Pharmaceutical Strategies Group
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