DALLAS--(BUSINESS WIRE)--The most comprehensive customer satisfaction report in the PBM space launches today. Pharmaceutical Strategies Group (PSG), an EPIC company, developed the 2021 PBM Customer Satisfaction Report.
This proprietary research delivers detailed intelligence to enhance the ability of payers and plan sponsors to manage pharmacy benefits strategically. It explores more than 40 dimensions of PBM customer satisfaction from the viewpoint of employers and health plans.
Back by popular demand: PBM-specific analysis
“A misstep when selecting a PBM can cost a plan sponsor and their membership money, frustration, and maybe even impact health outcomes,” said Sharon Phares, PhD, MPH, Senior Vice President of Research and Data Innovation at PSG. “Back by popular demand this year, the report dives into a thorough analysis of PBM-specific satisfaction.”
Likelihood to renew the PBM contract without a competitive RFP
“The average likelihood to renew the PBM contract without a competitive RFP for PBMs with more than 20 million members was 7.6 compared to 8.5 for PBMs with 20 million or fewer members. The high-level perspective is useful; however, this report blows past that level of detail and dives into PBM-specific insights across an expansive set of functions that matter to plan sponsors.”
Special spotlight feature: Utilization Management (UM)
“UM programs are a vital tool in the clinical and cost management of drugs,” said Tracy Spencer, Senior Vice President and Practice Leader of Employer Groups, Labor, and Health Systems at PSG. “More than two-thirds of respondents reported they currently use prior authorization (88%), formulary exclusions (87%), step therapy (85%), and opioid management programs (69%).”
“UM satisfaction is highest for the UM programs that provide cost-savings for plan sponsors without significantly impacting their members at the pharmacy counter or interrupting therapy. Plan sponsors need to balance the cost savings and member experience. It is a tricky balancing act.”
This research identified what needs improvement for UM:
- Lower cost or no cost for UM programs
- More relevant and detailed reporting so plan sponsors know what they are getting
- Improved member experience
Key takeaways from the 2021 PBM Customer Satisfaction Report include:
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31% increase in Net Promoter Score (NPS)
- 29 in 2020, 38 in 2021
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8% decrease in perception of transparency in the financial relationship with their PBM
- 38% in 2020, 30% in 2021
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.2 increase in likelihood to recommend
- 7.9 in 2020, 8.1 in 2021
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.2 increase in overall satisfaction
- 8.0 in 2020, 8.2 in 2021
Download the 2021 PBM Customer Satisfaction Report: https://www.psgconsults.com/pbmsatisfaction
About the 2021 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.
About PSG
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.
