Local company now manages the pharmacy benefit for more than 45 percent of the Western New York market, becoming the 20th largest PBM in the U.S.
AMHERST, N.Y. (April, 2015) — Pharmacy Benefit Dimensions, a pharmacy benefit management (PBM) company that operates as a wholly-owned subsidiary of Independent Health, announced it has expanded its customer base to more than 500,000 members.
Pharmacy Benefit Dimensions provides a high-quality, high-value pharmacy benefit service for subscribers and non-subscribers of Independent Health’s medical plans.
"As many of our competitors have undergone mergers and acquisitions in order to grow, Pharmacy Benefit Dimensions has been able to succeed and grow organically by operating on strong principles of quality service, lowering net costs, and maximizing member satisfaction," said Mike Reilly, president, Pharmacy Benefit Dimensions. "Our efforts focus on reducing pharmacy costs through selection of a high-quality, cost-effective drug benefit, and a coordinated approach between the PBM and health plan, which maximizes efficiency and translates to savings for our customers. Our 99-percent client retention rate demonstrates Pharmacy Benefit Dimensions' efficacy in realizing savings for employers."
The company, the only in-house PBM offered by a health plan in Western New York, now ranks as the 20th largest PBM for commercial business in the country and manages the pharmacy benefit for more than 45 percent of the Western New York market. The steady growth Pharmacy Benefit Dimensions has experienced since its founding in 2005 has solidified its place as the dominant player in the regional pharmacy-benefit-management market.
The company provides formulary development and management, claims processing, Drug Utilization Review (DUR), contracting and rebate management, pharmacy network management, and academic detailing and reporting for 4,000 employer groups.
Independent Health's in-house PBM capability enables better care coordination, which helps keep costs low and increases the efficiency of pharmacy benefit management. Its focus on smarter prescription drug utilization management and pricing effectively lowers employers' overall drug spend, while maximizing quality and service.
On average, new customers save 15 to 25 percent over their previous year's drug spend in their first year with Pharmacy Benefit Dimensions. In addition, Pharmacy Benefit Dimensions has a more than 90 percent satisfaction rating among members, employers and pharmacies, according to a 2014 Independent Health customer satisfaction surveys.
Dr. Cropp, president and CEO of Independent Health, explained Pharmacy Benefit Dimensions' focus on enhanced care coordination addresses a key action essential to achieving lower cost trends in pharmacy and overall health care.
"In an industry beset by rapidly rising, unsustainable costs, Independent Health's Pharmacy Benefit Dimensions helps transform health care at the local level, saving money for employers and members," said Dr. Cropp. "It's a primary part of Independent Health's active mission to provide quality, coordinated care and superior service to help make Western New York a high-performing health care community."
Realizing the importance of ensuring quality service and managing the cost of drugs in today's high-cost health care environment, Independent Health originally established Pharmacy Benefit Dimensions to help manage the pharmacy benefits of its members. Over time the successful model enabled Independent Health to diversify its portfolio to extend pharmacy benefits to employers who may not offer its health plans. This has allowed Pharmacy Benefit Dimensions to evolve and find a niche with companies with 500 to 5,000 employees, including school districts, health systems, self-funded employer groups and the public sector, including several towns and counties.
About 370,000 customers of Pharmacy Benefit Dimensions are members who receive prescription coverage as part of their medical benefit through Independent Health. The remaining 130,000 members are from employer groups who self-fund their pharmacy benefits separately from their medical coverage.
As the only local health plan with an in-house PBM function, Independent Health can offer its customers a streamlined approach to pharmacy management and a unique advantage over other contracted PBMs, and it can help employer groups that self-fund their pharmacy benefits better manage those benefits and achieve optimum prescription savings and control, explained Reilly.
"We treat pharmacy management as a service, not a commodity, as most out-of-town, for-profit companies do to meet profit margins and please shareholders. This allows us to focus on smarter prescription drug utilization management and pricing, and effectively lower employers' overall drug spend," said Reilly. "All of our employees, servicing and operations are right here in Amherst. This familiarity with the local marketplace, including employers, pharmacies and health care providers, and our local presence allow us to respond more quickly to our members' needs, resulting in a superior level of service."
For more information about Pharmacy Benefit Dimensions visit www.pbdrx.com.