PBMI Research shows Overall PBM Satisfaction Score Reaches All-Time High of 8.0
PLANO, Texas, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Plan sponsors give an overall PBM satisfaction score of 8.0—the highest in five years, according to the 2018 PBM Customer Satisfaction Report released today by the Pharmacy Benefit Management Institute (PBMI). The report captures overall satisfaction scores and measurement of satisfaction with PBM functions and service dimensions. A new section focused on PBM reporting was added this year.
“We’ve seen reporting come up as an area for improvement by plan sponsors in other PBMI research data. For benefit decision makers to fully understand how well their drug plan is performing, they must have access to reporting which can help them make informed decisions,” says Jane Lutz, Executive Director, PBMI.
Plan sponsors rely on reporting to help monitor their drug benefit as well as identify areas for improvement. Most respondents receive reporting on the following metrics: non-specialty drug utilization and costs (87%); place of service (80%), and specialty drug utilization costs (80%). In each of these areas, plan sponsors rated them an 8.0 or an 8.1 score on a scale of 1 to 10 where 10 is the highest in terms of satisfaction.
Although most respondents are satisfied with the reporting they receive from their PBMs, some areas need improvements such as customization and greater flexibility, improved accuracy, predictive modeling for plan design changes, dashboards, and more.
Other key findings from the report include:
-- Retail networks (8.5), formulary management (7.9), delivery of promised savings (7.9) and meets financial guarantees (8.1) ranked the highest in the areas of PBM function, PBM service, specialty management function, and service dimension respectively -- Respondents who think their goals are aligned and have a somewhat or complete transparent relationship have remained consistent year-over-year. o Goal alignment - 84% in 2018; 84% in 2017; and 83% in 2016 o Financial transparency - 92% in 2018; 91% in 2017; and 91% in 2016 o These respondents are also more likely to renew their PBM contract
The report is available for purchase online.
About PBMI The Pharmacy Benefit Management Institute (PBMI) is the leading, unbiased industry voice that informs, advises, and influences the market on relevant industry topics related to drug cost management. For more information, please visit www.pbmi.com.