With pharmacy expenses amounting to nearly 20% of benefit programs, managing these costs effectively depends largely on pairing each company with the right plan design and benefit manager. Cypress Benefit Administrators takes a proactive approach to pharmacy cost management.
We work with a variety of organizations – including Restat, ClearScripts, Navitus, and WisconsinRX – to ensure that employers are getting the best possible discounts, access, and service through their prescription drug programs. We also have a unique partnership with BidRx/PartnersRx that can save consumers up to 85% off prescription prices. With any of our pharmacy cost solutions, employers can expect to work with aggressive formulary structures that lead to major savings by eliminating high-cost drugs, including mandatory generic utilization, therapeutic subbing, and tablet splitting.
Prescription Plan Design
On-line Pharmacy Auction Program
Combining the stability of traditional prescription benefits with information and
cost-based decision-making of the future, our on-line pharmacy auction program is
another revolutionary approach to controlling drug costs by arming consumers with the information needed and options available in purchasing the most cost-effective prescriptions.
Members can register on-line, transfer card information and enter other details, start an auction, and become an informed consumers before purchasing by learning more about similar medications that cost less. From there, they get instant competitive bids from participating pharmacies nearby or across the nation.
More on controlling prescription prices:
Read Article: TPA Finds Member Education an Effective Way to Help Combat Rising Prescription Costs
Read Tom’s Take: Why do prescription costs continue to climb at such an unprecedented rate?