Digital Disruption| September 26, 2020
How Self-Insured Employers Can Get Amazing Health Coverage & Control Costs At The Same Time
This week on the Healthcare Weekly podcast, Codrin Arsene interviewed Bryan Statham. He is the CEO of RxBenefits, a pharmacy adviser to employee benefits consultants and an established pharmacy benefits solution provider for self-insured employers. The company was founded in 1995 and Bryan began working there in 2005.
This episode gets stated by discussing the difference between a PBM and a PBO.
We hear about 3 things self-insured companies should look for when negotiating benefits coverage options for their employees: the contract, clinical elements, and the service.
The employees of RxBenefits work as a health insurance accountant: they read over contracts, make suggestions, and help employers optimize their benefits plan.
Bryan explains that some of the big benefits providers sometimes use tactics trying to upsell employers. They may offer an add-on, preying on the employers’ lack of knowledge to tell them that they require more than they really do. Companies must do their due diligence before settling on a plan.
Listen to the podcast to learn about:
- The difference between a PBM and a PBO.
- 3 things companies who are self-insured should look for in their benefits coverage.
- How companies can negotiate the price of a healthcare coverage contract and optimize cost over time without reducing quality of care.
- What the employees of RxBenefits do.
- How big benefits providers sometimes prey on employers’ lack of knowledge.
- The value and importance of understanding health benefits coverage offered under an insurance plan
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You may also be interested in reading our previous in-depth guides on telemedicine and AI in healthcare. Also, check out the “38 Best Healthcare Startups to Watch in 2020“ and our guide to Big Data in Healthcare.