PBM Fee Transparency Affects Employers' Performance Perception

November 6, 2006 (PLANSPONSOR.com) - A recent survey has found a link between perceived financial transparency of pharmacy benefit managers and client satisfaction.

The 2006 Pharmacy Benefit Manager Customer Satisfaction Report by the Pharmacy Benefit Management Institute (PBMI) found that employers who are “extremely satisfied” with financial transparency of their PBM (26%) gave their PBMs an average overall service rating of 8.9 on a 10-point scale, while employers that were “somewhat satisfied,” gave performance ratings averaging 7.8. For those that were “somewhat dissatisfied” or “extremely dissatisfied” with financial transparency, the performance rating continued to drop to 6.7 and 6.2, respectively.

Slightly more than half of the survey respondents (56%) see their relationships with their pharmacy benefit manager (PBM) as “somewhat transparent,” while 28% say their relationship is “completely transparent,” according to a press release on the survey.

Fifty-seven percent of respondents said they are “somewhat satisfied” with the degree of transparency and 26% are “extremely satisfied.

The PBMI report includes the survey responses for 540 employers and can be purchased at http://www.pbmi.com