People who know Pharmacy Benefit ManagementEmployers Enjoy PBM Savings & Negative Rx Trends - NJHA
Press Release For Immediate Release PRINCETON, N.J., March 11, 2008 /PRNewswire via COMTEX/ -- Mary Ellen Sheehy, an executive with the New Jersey Hospital Association (NJHA), presented three case studies for success at the Marcus Evans Corporate Benefits Summit at the Arizona Biltmore Resort and Spa in Phoenix, AZ yesterday. The presentation was titled "A Prescription for Successful Rx Trend Management and Plan Savings." Highlighted were three employers -- Christ Hospital of Jersey City, NJ; Valley Hospital of Ridgewood, NJ; Newton Memorial Hospital of Newton, NJ and a Pennsylvania school district. The selected employers participate in NJHA pharmacy benefit program that has received to date extremely positive press about its outstanding performance. The outline of the presentation included: How to make effective choices, competitive co-pays without cost shifting to employees, benefits of the Association/Coalition pricing structure, new alternatives, financial components, the benefits of developing benchmarks and savings estimates and comparing the projections verses actual experience, performed by their consultant ARMSRx and the advantage of utilizing monthly audits, and maintaining consistency for the future.The analysis findings indicate that the NJHA's 2007 Per Member per Month cost increased by only 2.6% over the entire book of business as compared to a 6% increase seen on the major PBMs' book of business. The majority of NJHA employers do not employ mandatory generic programs, however the overall generic fill rate was up from 51.1% to 55.7%. The most impressive discovery is that over 25% of the active 2006 & 2007 clients have negative trends! The NJHA program offers leverage, aggressive pricing, stringent performance guarantees and formulary alignment that far exceed programs currently offered in the marketplace. Originally developed for the NJHA member hospitals, the program has evolved to include non-hospital employers due to broker and consultant demand to place other clients on this well received "New Generation of Pharmacy Benefit" program.
ARMSRx (Administered Risk Management Services Rx), Pharmacy Benefit Consultants, the health care industry's leader in transparent pharmacy benefits negotiation and assessment, has performed an annual audit and review for The New Jersey Hospital Association's (NJHA) Employee Benefit Prescription Program. ARMSRx represents the association, its member hospitals, third party administrators and employers participating in its PBM program and provides quarterly/annual audits, savings analysis, and plan modeling for prospective and existing employers. For more information contact Jennifer Kingsley Wilson -- CEO ARMSRx at 800-578-9714, or visit www.ARMSRx.com
SOURCE ARMSRx URL: http://www.armsrx.com www.prnewswire.com Copyright (C) 2008 PR Newswire. All rights reserved -0- KEYWORD: New Jersey INDUSTRY KEYWORD: MTC