SOURCE: Pharmacy Benefit Management Institute
PLANO, TX--(Marketwire - Feb 20, 2013) - Navitus Health Solutions was named the sole winner of the 2013 PBMI Rx Benefit Innovation Award. This award was presented yesterday at PBMI's 18th Annual Drug Benefit Conference held in Las Vegas.
Navitus Health Solutions is being recognized for its efforts in formulating a collaborative partnership with Vanderbilt University to provide a program that offered flexibility in custom formulary decision-making, leveraging utilization of their in-house pharmacies for retail, mail and specialty prescriptions, and the ability to self-direct the pharmacy benefit management program.
"Navitus illustrated transparency and alignment by engaging in a non-traditional PBM model that led to significant savings for the health plan and its members," says Brenda Motheral, PhD, Executive Director of PBMI.
Through this non-traditional model, Vanderbilt recognized significant plan savings. In the first two years, Vanderbilt saved $12.7 million. A tiered plan design ($1 a month and $3 for three months on generic medications) was implemented to incentivize members to use Vanderbilt's pharmacies. Member cost decreased by 18.2% ($1.7 million in savings) as well.
About The Pharmacy Benefit Management Institute (PBM)
PBMI provides research and continuing education to help health care purchasers work effectively with pharmacy benefit managers and other industry professionals to improve pharmacy benefit programs and control costs. Read case study on award winner at www.pbmi.com.